Response from Investor Relations This is the response I got from investor relations regarding the stock price:
Thank you for reaching out. The company is building into its next momentum cycle post external macro and micro-situations that created operational headwinds last two years. The whole industry went up side down during Covid and the Great Resignation cycles but all of that is now incrementally in the mirror view with recovery well underway. Quarterly filings are a snapshot in the past and improved situation will emerge as next round of filings come in.
The technology AI Workflow Platform (NetScribe aiAssist) is now in place across all regions with the remaining clients in Australia and UK scheduled for migration by end of January. US region is fully migrated. Upon reaching that milestone, a new financial profile will emerge along with clarity for shareholders on the many competitive long term sustainable growth pillars that the company has put in place during the last period.
Equity value goes through many cycles. Some painful and some favorable as we witnessed in 2021. Many see the current heavily distorted price as opportunities ahead of next cycle given the industry dynamics VIQ is in and what lies ahead in terms of Technology, AI and client needs. The size of the market VIQ is in is expected to grow significantly in the years to come following an accelerated path to digitization among customers. Net new bookings below are evidence of such acceleration where older workflows and older ways to do things with audio and video legal documentation in Law Enforcement, Insurance, Courts and Media are clearly obsolete. Everything important is now recordable and instantly eligible for legal documentation. The challenges are accuracy, security, complex formatting and leveraging the human in the loop for final legal verification alongside machine learnings which is what VIQ solutions solve for its customers and partners globally.
A few key data points to consider:
$5.2M USD in recent net new bookings. This is a key early measure ahead of 2024 to demonstrate the competitiveness of VIQ.
Processed 20M minutes of audio and video content last 12 months. This ties to the AI learnings models deployed commercially for each vertical and region the compare operates in.
$1M in unrecognized bookings last few months.
Delisting from Nasdaq means reduced costs along with restructurings.
Post migrations of each global region onto the platform
Foreign Language is now part of VIQ solution. English, Spanish, Dutch, German, and other languages are being rolled out. This will have profound growth and market share implications throughout 2024.
If you are interested to schedule a call with the company directly, please let us know. Many have reached out lately as distorted price compounded with tax loss selling, year-end exits by some generated opportunities for many to build and double down on their positions ahead of next cycle as evidenced by the higher volumes lately.
Thank you for your continued support.
Please note all of the above can be found in the company various continuous disclosures.
Team at VIQ