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VIQ Solutions Reports Third Quarter 2021 Financial Results Reconfirms Goals Dependent Upon Timing of Close of Auscript Acquisition PHOENIX , Ariz .-- ( BUSINESS WIRE ) -- November 9 , 2021 -- VIQ Solutions Inc. ( " VIQ " or the " Company " ) ( TSX and Nasdaq : VQS ) , a global provider of secure , AI - driven , digital voice and video capture technology and transcription services , today reported its unaudited financial results for the three and nine month periods ended September 30 , 2021. Results are reported in US dollars and prepared in accordance with International Financial Reporting Standards ( " IFRS " ) . " Now that we have executed the majority of our major corporate initiatives this year to fortify our strong foundation , we are firmly positioned to accelerate disruption . Our focus is on executing our growth plan by investing in and enabling organic growth and accelerating the M & A transactions in the pipeline . This includes closing the Auscript acquisition in the fourth quarter , integrating our recent acquisitions and the continued improvement of our technology enabled productivity gains and expansion of our geographic footprint . " said Sebastien Paré , VIQ's Chief Executive Officer . " We made meaningful progress this year in refining operations , driving significant improvements in services gross margin through the migration and deployment of NetScribe ™ technology , and we continue to execute new and renewed contracts to drive organic growth and upsell opportunities as we add our new products to renewal contracts . We will begin to see the impact of FirstDraft in the overall competitive landscape and in margin attainment . As we track and report KPI's next year and following the integration of the Auscript and TTA acquisitions , the positive impact on operations will become evident in our results , " said Susan Sumner , VIQ's President and Chief Operating Officer . Third Quarter 2021 Financial Highlights : • . • Revenue of $ 7.1 million compares to $ 8.2 million in the same quarter of 2020 . Approximately , $ 0.6 million of the decrease in revenue was due to slower recovery in the United States from COVID - 19 resulting in lower transcription revenue mostly from media and criminal justice verticals and the extended Australia shutdown . The remaining decrease of $ 0.5 million of revenue is related to a one - time transcription project revenue recorded in 2020 ; Gross profit of $ 3.6 million represented 51 % of revenue compared to $ 4.9 million , or 60 % of revenue , in the same quarter of 2020. In addition to revenue decline , the decrease in gross margin for the three months ended September 30 , 2021 , versus the same period of the prior year was primarily due a $ 1.1 million reduction in COVID - 19 wage subsidies received and higher operating costs due to labor shortages in the United States . This was partially offset by improved efficiency gains following the transition to machine versus human first drafts through the use of NetScribe , powered by aiAssist ™ ; Adjusted EBITDA was negative $ 3.1 million versus the same quarter in the prior year Adjusted EBITDA of positive $ 2.0 million . In addition to the reduction in gross profit previously mentioned , the decrease in Adjusted EBITDA was driven by higher Selling and Administrative expenses in the quarter , which increased by $ 2.6 million primarily