VIQ Solutions Announces Voluntary Administration of Australian Subsidiaries to Focus on its North American and United Kingdom Operations
Richmond Hill, Ontario–(Newsfile Corp. – March 15, 2026) – VIQ Solutions Inc. (TSXV: VQS) (“VIQ Solutions” or the “Company“) today announced that its Australian division, consisting of VIQ Australia Pty Ltd, VIQ Solutions Pty Ltd, VIQ Solutions Australia Pty Ltd, VIQ Pty Ltd and VIQ Australia Services Pty Ltd (“VIQ Australia“), has been placed into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia). VIQ Solutions is taking this action in order to focus its management and capital resources on the Company’s existing operations in North America and the United Kingdom, which remain the Company’s highest performing business units.
“The decision to appoint voluntary administrators follows a thorough review of Australian operations, including the current challenging business environment in Australia, and the negative impact on the financial results of our overall business,” said Larry Taylor, Chief Executive Officer of VIQ Solutions. “We are disappointed that we were unable to bring the full capability of the Company’s global scalable architecture and best practices to the Australian business. We will support the administrator to ensure that the business of VIQ Australia continues to operate without disruption, given that VIQ Australia supports critical functions of the Australian courts and law enforcement.”
The Company is optimistic that customers will continue to support VIQ Australia through the administration process and while the administrator works to ensure the future of VIQ Australia is secured.
In pursuing voluntary administration, the Company is seeking to realize as much value as possible from VIQ Australia’s remaining assets for the benefit of all stakeholders. The Company will continue to work cooperatively with the administrator, customers, employees, government authorities, and other affected parties throughout the process. The voluntary administration constitutes an event of default under the terms of the credit agreement dated January 13, 2023, as amended, between the Company and Beedie Investments Ltd.
Preliminary Financial Results for Year Ended December 31, 2025
VIQ Solutions’ preliminary unaudited financial results for the year ended December 31, 2025 indicate estimated consolidated revenue of approximately $41 million and Adjusted EBITDA (see “Non-IFRS Measures” below for details) of approximately $5 million. Excluding VIQ Australia, estimated consolidated revenue would be approximately $20 million and consolidated Adjusted EBITDA would be approximately $3 million. VIQ Solutions expects to streamline operations in its North America and the United Kingdom business to improve Adjusted EBITDA in the year ahead.
The above preliminary financial results for the year ended December 31, 2025 are based on management’s estimates and have not yet been approved by the Company’s audit committee or its board of directors. The Company’s final financial results for its fiscal year could differ from these preliminary financial results.
Appointment of New Chief Financial Officer
VIQ Solutions is pleased to announce that it has appointed a new Chief Financial Officer, Michael Wolfe, effective April 1, 2026. Mr. Wolfe has over 30 years’ experience in finance, accounting, private equity and business valuation and has also served as a director for several private and public companies, including as a member of audit and other independent committees. He was previously the CFO of several mid-market Canadian companies including Baylin Technologies Inc., a TSX listed company in the wireless communications industry. Mr. Wolfe also brings a successful track record in acquisitions, management buyouts, growth financings and recapitalizations. Mr. Wolfe is a Chartered Professional Accountant.
In connection with Mr. Wolfe’s appointment, Alexie Edwards has resigned as Chief Financial Officer effective March 31, 2026. It is expected that Mr. Edwards will continue to work with the Company to ensure a smooth transition. The Company wishes Mr. Edwards well in his new endeavors.
CEO Compensation Arrangement
The Company also announced that it has entered into a management services agreement (the “MSA“) with Larry Taylor effective April 1, 2026 to support Mr. Taylor’s transition to full-time Chief Executive Officer of the Company. Mr. Taylor has been Chief Executive Officer of the Company since August 2025, and has received no remuneration as CEO to date, all while supporting the Company through insider-led private placements. Pursuant to the MSA, the Company will pay a one-time management fee of US$50,000 on April 1, 2026, followed by monthly fees of US$25,000 commencing May 1, 2026. The Company has a right to terminate the MSA upon 90 days’ written notice.
For more information about VIQ Solutions, please visit viqsolutions.com. The Company’s head office is located at 35 West Pearce Street, Unit 13, Richmond Hill, Ontario L4B 3A9.
About VIQ Solutions
VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ Solutions offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.
Forward-looking Statements
Certain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
Forward-looking statements typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements regarding the filing of the voluntary administration, the process and outcome of the administration, the ongoing negotiations, expected Adjusted EBITDA improvement, the Company’s strategy to focus on its North American and United Kingdom operations, the Company’s preliminary financial results for the year ended December 31, 2025 and the impact of the administration on the Company. Actual results and outcomes could differ materially for a variety of reasons, including, among others, the outcome of the administration process, including whether a deed of company arrangement or other restructuring solution can be achieved; the ability of the administrator to maintain continuity of services and preserve customer relationships during the administration period; the magnitude of the potential disruption to the Company’s business and operations; the impact of the administration on the Company’s relationships with customers in other jurisdictions, employees, investors, regulators, and governmental authorities; the ability to recover value from VIQ Australia’s remaining assets and apply such recoveries against outstanding obligations; the potential for claims by creditors, employees, or other stakeholders of VIQ Australia; distraction of management or other diversion of resources from business operations in connection with the administration; the potentially material financial impact of the potential loss of revenue and higher expenses associated with the administration, transition-related expenses that may be incurred and borne by the Company; and other factors described in greater detail in the “Risk Factors” section of the Company’s annual information form dated March 31, 2025 and in the Company’s other materials filed on SEDAR+ at www.sedarplus.ca.
These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Non-IFRS Measures
The Company prepares its financial statements in accordance with IFRS. Non-IFRS measures are provided by management to provide additional insight into our performance and financial condition. VIQ Solutions believes non-IFRS measures are an important part of the financial reporting process and are useful in communicating information that complements and supplements the consolidated financial statements. Adjusted EBITDA is not a measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to net income (loss) as determined in accordance with IFRS. For a reconciliation of net income (loss) to Adjusted EBITDA please see the Company’s MD&A for the nine months ended September 30, 2025.
To evaluate the Company’s operating performance as a complement to results provided in accordance with IFRS, the term “Adjusted EBITDA” refers to net income (loss) before adjusting earnings for stock-based compensation, depreciation, amortization, interest expense, accretion, and other financing expense, (gain) loss on revaluation of options, (gain) loss on revaluation of restricted share units, gain (loss) on revaluation of derivative warrant liability, restructuring costs, strategic review costs, loss on modification of debt, impairment of property and equipment, impairment of goodwill and intangibles, other expense (income), foreign exchange (gain) loss, current and deferred income tax expense. We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of the Company.
We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, impairment of goodwill and intangibles, loss on modification or extinguishment of debt, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of the Company’s operating performance.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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