Overview

* Red Violet Q2 revenue rises 14% to $21.8 mln, beating analyst expectations, per LSEG data

* Adjusted EBITDA for Q2 increases 12% to $7.6 mln, exceeding estimates

* Co added 308 IDI customers and 21,335 FOREWARN users in Q2

Outlook

* Red Violet confident in ability to drive continued revenue growth

Result Drivers

* CUSTOMER ONBOARDING - Strong customer onboarding contributed to revenue growth, per CEO Derek Dubner

* BROAD-BASED DEMAND - Volume expansion across existing customer base drove results

* HIGHER-TIER CUSTOMERS - Accelerated pace of winning higher-tier customers increased total customer spend

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $21.80 $21.40

Revenue mln mln (1

Analyst)

Q2 Beat $7.60 $7.09

Adjusted mln mln (1

EBITDA Analyst)

Q2 Gross 72.0%

Margin

Q2 84.0%

Adjusted

Gross

Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the software peer group is "buy"

* Wall Street's median 12-month price target for Red Violet Inc ( RDVT ) is $56.00, about 21.4% above its August 5 closing price of $44.01

* The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 40 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)