11:29 AM EDT, 03/28/2024 (MT Newswires) -- VIQ Solutions Inc. ( VQSSF ) overnight Wednesday reported fourth-quarter 2023 net loss of US$2.9 million, widening from a loss of US$2.2 million in the year-ago quarter.

Adjusted EBITDA was a loss of US$655,138, narrowing from a loss of US$1.2 million in the prior-year period. Revenue also rose 1.7% year over year to US$10.3 million.

"Revenue increased marginally during the fourth quarter of 2023 compared to the previous year after normalizing for the previously disclosed changes to the [Queensland Courts Department of Justice and Attorney General] contract in Australia," said VIQ CEO Sebastien Pare. "We also retained a solid level of net new bookings during the quarter, and improved productivity in all regions while implementing comprehensive cost-cutting measures throughout the company."

VIQ in 2022 signed a contract with DJAG to provide monitoring and transcription services.

VIQ at last look lost 6.3% in early Thursday trading.

Price: 0.23, Change: -0.02, Percent Change: -6.25