Red Violet, Inc.RDVT

Red Violet, Inc. (NASDAQ: RDVT) filed its Q1 2026 results on 6 May 2026, reporting revenue of $25.8 million and net income of $4.4 million for the quarter ending 31 March 2026. Operating income clocked in at $5.4 million, while diluted EPS was $0.30 on 14.4 million shares. Cash and cash equivalents stood at $43.5 million, with total assets of $112.6 million against liabilities of $8.1 million, leaving stockholders’ equity at $104.5 million. Operating cash flow for the quarter was $6.6 million, while capex was a trifling $63,000-barely enough to keep the lights on, let alone build a data-centre. (source: SEC EDGAR 10-Q, https://www.sec.gov/Archives/edgar/data/1720116/000119312526259851/rdvt-20250610.htm)

Red Violet sells identity intelligence and risk management software under brands like IDI and FOREWARN, pitching ‘frictionless commerce’ and ‘fraud prevention’ to corporate clients. The company’s website highlights a ‘comprehensive suite’ of solutions, but the latest filings offer no breakdown of customer counts, contract values, or recurring revenue-just a top-line number and a promise. A May 2026 press release touted ‘record revenue’ and ‘record profitability,’ but revenue recognition rules mean the company only books income once a customer has paid for six consecutive months, so the ‘record’ may owe more to accounting patience than customer growth. (source: Official product/news rail, https://www.redviolet.com/company/news/)

The company’s marketing leans on awards like TIME’s ‘America’s Growth Leaders 2026’ list, where it ranked #107, and a May 2026 deal with Hawaii REALTORS® to make FOREWARN services available to its 10,000-plus members. Neither the badge nor the local partnership changes the fact that the 10-Q contains no segment data, no customer concentration figures, and no disclosure on churn-leaving investors to guess how much of the $25.8 million is sticky recurring revenue versus one-off project work. (source: Official product/news rail, https://www.redviolet.com/company/news/red-violet-named-to-times-americas-growth-leaders-of-2026-list/)

Red Violet’s market capitalisation sits near the $100 million mark, placing it squarely in micro-cap territory where liquidity is thin and sentiment swings on headlines rather than fundamentals. The company’s own materials describe ‘information-driven risk management solutions,’ yet the latest filings do not disclose R&D spend beyond the $63,000 capex line, nor do they break out cash flow by product line or geography. Without deeper disclosure, the story remains stuck between the polished platform language on the website and the plain numbers in the 10-Q. (source: SEC EDGAR companyfacts JSON, https://data.sec.gov/api/xbrl/companyfacts/CIK0001720116.json)

What changed this week: the Q1 2026 filing is the latest available financial document, and the May 2026 press release reaffirmed ‘record’ metrics while noting revenue recognition rules. The Hawaii REALTORS® deal and TIME ranking add PR sheen but no new financial detail. The board’s 13D/A filings show insider share movements, not capital raises or strategic shifts. The gap between the pitch deck and the 10-Q is wider than the company’s capex budget. (source: SEC EDGAR submissions JSON, https://data.sec.gov/submissions/CIK0001720116.json)

What remains unproven: segment performance, customer concentration, recurring revenue mix, R&D intensity, and capex plans beyond the token $63,000. Until the company discloses these, the ‘record’ metrics feel more like accounting artifacts than business momentum. A filing that breaks out customer cohorts, revenue retention, and cash flow by product line would materially deepen the story. (source: Official product/news rail, https://www.redviolet.com/brands/)