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VIQ Solutions Reports Strong First Quarter 2021 Results Record $ 8.3M Q1 Revenue and Gross Profits Increase 24 % to $ 4M PHOENIX , Ariz .-- ( BUSINESS WIRE ) -- May 13 , 2021 -- VIQ Solutions Inc. ( “ VIQ ” or the " Company " ) ( TSX : VQS and OTCQX : VQSLF ) , a global provider of secure , AI - driven , digital voice and video capture technology and transcription services , today reported unaudited financial results for the first quarter 2021. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards ( " IFRS " ) . " VIQ Solutions delivered strong first - quarter results driven by substantial gross margin improvement , steady increase in our total revenue , and exponential growth in Australia . The positive response to our unique industry transforming approach to AI - powered solutions has been invigorating . Our product portfolio is gaining momentum and we're keenly focused on strategy and execution , " said Sebastien Paré , Chief Executive Officer . " This is a pivotal year for VIQ as we increase our investment in infrastructure to propel VIQ 3.0 to greater heights using our technology to broaden our portfolio and support the transformation and monetization of the vast amount of digital content recorded within our expanding global markets . " " We continue to see tangible results from our comprehensive strategy flow through our financial statements . We have started to recapture and recognize the backlog revenue as we enter a post pandemic environment . We experienced positive proof in A ustralia , where revenues increased 22.5 % in the quarter to $ 2.4 million versus the prior year , " said Mr. Paré . President and Chief Operating Officer , Susan Sumner reported , " As we emerge from the Covid 19 slumber , and experience the U.S. become fully operational , we expect U.S. revenues to return to growth . In Q1 we saw US revenues decline 8.6 % versus the prior year . However , we saw volumes begin to increase in March , and we expect steady expansion through Q2 as our clients return to pre - pandemic operational levels . By witnessing the reopening improvements in Australia first , we're confident we'll also see it in the U.S. " " Our clients clearly see the value in our ability to implement our integrated solutions and services offerings - powered by cloud and AI - to transform and analyze digital content and securely generate accurate , actionable information . Our FirstDraft ™ launch , following the completion of our Beta test with a number of strategic clients in the first half of the year will provide efficient , cost - effective digitizing of billions of recordings captured each year and significantly expand our total addressable market , " concluded Ms. Sumner . First Quarter 2021 Financial Highlights : Revenue of $ 8.3 million increased 9.4 % compared to $ 7.5 million in the same quarter of 2020. Revenues increased by 22.5 % in Australia versus the prior year while U.S. revenues decreased 8.6 % due to the impacts of the pandemic mainly in Insurance ; SaaS , technology and related sales began influencing the gross margin profile with $ 1.4 million in sales ; ●