Red Violet Inc. $(RDVT)$ reported its financial results for the first quarter ended March 31, 2025. The company achieved a 26% increase in total revenue, reaching a record $22.0 million compared to the same period in 2024. Gross profit surged 37% to $15.8 million, with gross margin improving to 72% from 66%. Adjusted gross profit rose 33% to $18.3 million, and the adjusted gross margin increased to 83% from 79%. Net income witnessed a significant growth of 93%, amounting to $3.4 million, resulting in earnings of $0.25 per basic share and $0.24 per diluted share. The net income margin improved to 16% from 10%. Adjusted EBITDA increased by 47% to $8.4 million, with the adjusted EBITDA margin rising to 38% from 32%. Adjusted net income went up by 53% to $4.8 million, translating to adjusted earnings of $0.35 per basic share and $0.33 per diluted share. The company reported a 16% increase in net cash provided by operating activities, totaling $5.0 million. As of March 31, 2025, Red Violet's cash and cash equivalents stood at $34.6 million.
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