Red Violet, Inc.

Listed Company

RDVTCIK 0001720116NasdaqNon-AcceleratedSmaller ReportingServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$90.25M

Net Income

$13.15M

Total Assets

$112.01M

Equity

$100.93M

Shares Out

14.11M

Op. Cash Flow

$29.35M

Business

Red Violet, Inc. builds proprietary, cloud-native technologies and applies AI/ML-driven analytics to deliver identity intelligence for public and private sector organizations. The company offers identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition solutions, primarily via its CORE platform and branded products IDI (idiCORE) and FOREWARN. Key business units include IDI and FOREWARN, which serve investigative, financial services, insurance, healthcare, law enforcement, real estate, and other industries. Customers access solutions through hosted online interfaces, APIs, batch processing, direct sales, and channel partners including distributors and resellers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	90	75	60	53	44
Cost of revenue (exclusive of depreciation and amortization)	15	14	13	—	—
Sales and marketing expenses	22	18	14	11	9
General and administrative expenses	30	26	22	23	20
Depreciation and amortization	11	10	8	7	5
Total costs and expenses	77	67	58	53	45
Income from operations	13	8	3	361,000	−1
Interest income, net	1	1	1	351,000	−7,000
Income before income taxes	15	9	4	712,000	853,000
Income tax expense	1	2	−10	96,000	198,000
Net income	13	7	14	616,000	655,000
Basic (per share)	0.94	0.51	0.97	0.04	0.05
Diluted (per share)	0.91	0.5	0.96	0.04	0.05
Basic (shares)	14	14	14	14	13
Diluted (shares)	14	14	14	14	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	44	37	32	32	34
Accounts receivable, net of allowance for doubtful accounts of $231 and $188 as of December 31, 2025 and 2024, respectively	11	8	7	6	4
Prepaid expenses and other current assets	2	2	1	771,000	599,000
Total current assets	57	46	40	38	39
Property and equipment, net	882,000	545,000	592,000	709,000	577,000
Intangible assets, net	39	36	34	32	28
Goodwill	5	5	5	5	5
Right-of-use assets	3	2	2	1	2
Deferred tax assets	7	7	10	0	—
Other noncurrent assets	949,000	1	517,000	601,000	137,000
Total assets	112	99	93	77	74
Accounts payable	2	2	2	2	2
Accrued expenses and other current liabilities	4	3	2	2	395,000
Current portion of operating lease liabilities	396,000	406,000	569,000	692,000	617,000
Deferred revenue	1	712,000	690,000	670,000	841,000
Dividend payable	0	4	0	—	—
Total current liabilities	8	10	5	5	3
Noncurrent operating lease liabilities	2	2	2	598,000	1
Other noncurrent liabilities	820,000	0	—	—	—
Total liabilities	11	12	7	6	5
Preferred stock - $0.001 par value, 10,000,000 shares authorized, and 0 shares issued and outstanding, as of December 31, 2025 and 2024	0	0	0	0	0
Common stock - $0.001 par value, 200,000,000 shares authorized, , 14,151,350 and13,936,329 shares issued and outstanding, as of December 31, 2025 and 2024	14,000	14,000	14,000	14,000	13,000
Additional paid-in capital	89	87	94	92	91
Retained earnings (accumulated deficit)	12	−870,000	−8	−21	−22
Total shareholders' equity	101	87	86	71	69
Total liabilities and shareholders' equity	112	99	93	77	74

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	7	6	5	6	7
Write-off of long-lived assets	3,000	85,000	6,000	177,000	32,000
Provision for bad debts	760,000	342,000	1	174,000	95,000
Noncash lease expenses	509,000	556,000	576,000	547,000	500,000
Deferred income tax expense	911,000	2	−10	89,000	198,000
Accounts receivable	−3	−1	−3	−2	−630,000
Prepaid expenses and other current assets	−654,000	−514,000	−342,000	−172,000	−18,000
Other noncurrent assets	199,000	−656,000	84,000	−464,000	2,000
Accounts payable	−150,000	496,000	−598,000	624,000	−470,000
Accrued expenses and other current liabilities	884,000	936,000	100,000	1	−1
Deferred revenue	316,000	22,000	20,000	−171,000	337,000
Operating lease liabilities	−359,000	−570,000	−641,000	−618,000	−552,000
Net cash provided by operating activities	29	24	15	12	9
Purchase of property and equipment	−563,000	−169,000	−122,000	−373,000	−280,000
Capitalized costs included in intangible assets	−11	−9	−9	−8	−5
Net cash used in investing activities	−11	−10	−9	−9	−5
Taxes paid related to net share settlement of vesting of restricted stock units	−6	−4	−2	−5	−3
Repurchases of common stock	−915,000	−6	−4	−878,000	—
Dividend payable	−4	0	—	—	—
Net cash used in financing activities	−11	−10	−6	−6	18
Net increase in cash and cash equivalents	7	4	222,000	−2	21
Cash paid for interest	0	0	0	0	0
Cash paid for income taxes	629,000	607,000	82,000	39,000	0
Share-based compensation capitalized in intangible assets	2	2	2	2	1
Right-of-use assets obtained in exchange for new operating lease liabilities	1	0	2	0	—

Filings

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