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VIQ Solutions Q1 loss widens YOY

VIQ Solutions Inc. said its normalized net income for the first quarter was a loss of C$157,530, compared with a loss of C$150,240 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 8.1% from negative 7.8% in the year-earlier period.

Total revenue grew 9.3% on an annual basis to C$2.1 million from C$1.9 million, and total operating expenses increased 5.5% on an annual basis to C$2.3 million from C$2.2 million.

Reported net income came to a loss of C$252,050, or a loss of 0 cents per share, compared to a loss of C$240,380, or a loss of 0 cents per share, in the prior-year period.