RDVTMEDIUM SIGNALOPPORTUNITY10-K

RDVT demonstrates strong operational momentum with 20% revenue growth to $90.3M and nearly doubled net income, while significantly expanding its AI-driven platform messaging and customer base across both IDI and FOREWARN products.

The company is positioning itself more aggressively around AI/ML capabilities with enhanced messaging about automated workflows and enterprise-scale efficiency gains, suggesting a strategic shift toward higher-value, technology-driven solutions. The substantial customer growth (IDI +12.3%, FOREWARN +28.5%) combined with strong financial performance indicates successful market penetration and product adoption.

Comparing 2026-03-04 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

RDVT delivered robust across-the-board growth with revenue increasing 20% to $90.3M and net income nearly doubling to $13.2M, while operating cash flow grew 22.5% to $29.3M. The balance sheet strengthened considerably with cash rising 19.3% to $43.6M, current liabilities declining 23.6%, and accounts receivable growing 32.7% (consistent with revenue growth). The company also reduced share buybacks significantly from $5.9M to $915K while maintaining strong cash generation, suggesting disciplined capital allocation focused on organic growth opportunities.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+233.1%
$169K→$563K

Capital expenditure jumped 233.1% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
+87.8%
$7.0M→$13.2M

Net income grew 87.8% — bottom-line growth signals improving overall business health.

Share Buybacks
Cash Flow
-84.4%
$5.9M→$915K

Buyback activity reduced 84.4% — capital being redeployed elsewhere or cash conservation underway.

Operating Income
P&L
+65.9%
$7.9M→$13.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Accounts Receivable
Balance Sheet
+32.7%
$8.1M→$10.7M

Receivables surged 32.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
-23.6%
$10.3M→$7.9M

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Cash Flow
Cash Flow
+22.5%
$24.0M→$29.3M

Operating cash flow grew 22.5% — strong conversion of earnings to cash, healthy business fundamentals.

Current Assets
Balance Sheet
+22.4%
$46.2M→$56.5M

Current assets grew 22.4% — improving short-term liquidity or inventory/receivables build.

Revenue
P&L
+20%
$75.2M→$90.3M

Revenue growing 20% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
+19.3%
$36.5M→$43.6M

Cash grew 19.3% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-02-27
ADDED
With artificial intelligence and machine learning embedded directly into CORE s architecture from inception, and integrated with extensive proprietary data assets and regulated workflows, the platform enables customers to uncover actionable insights, accelerate decision-making, and operate at enterprise scale with materially reduced manual effort and operating costs.
These AI-driven capabilities support the streamlining of labor-intensive workflows through automated, intelligence-driven processes that materially enhance efficiency and outcomes across risk management, compliance, and investigative functions.
Our solutions are used today to enable frictionless commerce, enhance safety, and mitigate fraud and the related financial losses across the markets we serve.
As of December 31, 2025 and 2024, IDI had 10,022 and 8,926 billable customers, respectively, and FOREWARN had 390,018 and 303,418 users, respectively.
For the years ended December 31, 2025 and 2024, 76% and 77% of total revenue was attributable to customers with pricing contracts, respectively, versus 24% and 23% attributable to transactional customers, respectively.
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REMOVED
Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society.
As of December 31, 2024 and 2023, IDI had 8,926 and 7,875 billable customers and FOREWARN had 303,418 and 185,380 users, respectively.
For the years ended December 31, 2024 and 2023, 77% and 79% of total revenue was attributable to customers with pricing contracts, respectively, versus 23% and 21% attributable to transactional customers, respectively.
For the years ended December 31, 2024 and 2023, we had revenue of $75.2 million and $60.2 million, net income of $7.0 million and $13.5 million (inclusive of a one-time deferred income tax benefit of $10.3 million in 2023), adjusted EBITDA of $23.6 million and $16.4 million, and adjusted net income of $11.5 million and $8.1 million, respectively.
Adjusted net income is a non-GAAP financial measure equal to net income, the most directly comparable financial measure based on US GAAP, excluding share-based compensation expense, amortization of share-based compensation capitalized in intangible assets, and discrete tax items, and including tax effect of adjustments.
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