Revenue and Cash Flow Growth
Q3 revenue was $39.7 million, up 4.5% from Q3 last year. Year-to-date, revenue was $116.7 million, up 2%. The company generated $6.4 million of positive cash from operations.
Significant Improvement in EBITDA
Adjusted EBITDA was positive $1.4 million, a more than $4 million swing from Q2.
Workforce Restructuring
Approximately 100 positions were reduced, saving approximately $12 million annually. A further reduction of 20 positions was executed, expected to strengthen the cost structure in Q4.
Successful Contract Renegotiation
Mediated and renegotiated an underperforming contract that was generating approximately $1 million in monthly losses to be profitable going forward.
Strong Performance in Safety and Enforcement
The unit delivered another quarter of top line growth and gross margins above 40%, with multiple contract wins.
Investment in Next-Gen Technology
Continued investment in a next-generation technology platform to increase recurring, higher-margin software revenue and support growth.