VIQ Solutions Inc.

Q2 2025 revenue was $10.4 million, down 10% year over year. Gross profit margin rose to 48% from 45.5% a year ago. Adjusted EBITDA was approximately $1 million, up 24% year over year from about $800,000. Net loss was $0.9 million, $0.3 million higher than the prior-year quarter, and adjusted operating loss was $0.8 million, down $0.2 million year over year. SG&A declined 11%. For the first half of 2025, revenue was $20 million, down 7% year over year; gross margin was nearly 50% versus 44.9%; adjusted EBITDA was approximately $1.8 million versus about $700,000; net loss was $2.8 million; and adjusted operating loss was $1.5 million. The company ended Q2 with $1.1 million in cash and generated $0.3 million in operating cash flow in the quarter and $1 million in the first half. Management said gross margin expansion is a key step toward reaching free cash flow in fiscal 2025, but did not provide formal next-quarter or full-year revenue/EPS guidance.

No CEO spoke on the call; CFO Alexie Edwards delivered the prepared remarks. Strategically, management emphasized an automation-first, AI-driven platform strategy centered on NetScribe and FirstDraft, with more SaaS adoption and operating leverage as the main growth levers. The tone was constructive and confident, with repeated references to record margins, scalable software deployment, and a path to free cash flow in 2025.

Alexie Edwards highlighted that Q2 gross margin rose to 48% from 45.5% and H1 gross margin was nearly 50%, versus 44.9% last year, citing operational efficiencies and the AI-driven platform. She said SG&A declined 11% due to restructuring and expense discipline, while adjusted EBITDA improved to about $1 million in Q2 and $1.8 million in the first half. Cash ended the quarter at $1.1 million, and the company generated $0.3 million in operating cash flow in Q2 and $1 million in H1. She framed gross margin expansion as central to the company’s goal of achieving free cash flow in fiscal 2025.

There was no Q&A segment; the call ended after the prepared remarks. As a result, no analyst concerns or management rebuttals were discussed. The closest forward-looking point was management’s note that it expects to share Q3 results in November.