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• It's like Dun & Bradstreet for identity and fraud solutions.
• It's like Experian for business identity verification and risk management.

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• CORE: A comprehensive investigative platform providing identity resolution and risk assessment through vast public and proprietary data.
• FOREWARN: A mobile-first safety solution empowering client-facing professionals with instant risk assessment information on individuals.
• idSCAN: An identity verification and authentication solution designed to prevent fraud and ensure regulatory compliance.
• AURUM: A suite of APIs offering programmatic access to Red Violet's data and analytical capabilities for seamless integration into existing systems.

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Red Violet (RDVT) primarily sells its data and analytics solutions to other companies (B2B model) rather than directly to individuals. Their services are utilized across a wide range of industries for purposes such as risk assessment, fraud prevention, identity verification, due diligence, and investigative research.

According to Red Violet's annual filings with the SEC (most recently, their 2023 Form 10-K), no single customer accounted for 10% or more of their total revenue for the years ended December 31, 2023, 2022, and 2021. Therefore, Red Violet does not have "major customers" in terms of revenue concentration that would require individual disclosure.

Instead, Red Violet serves a diverse and broad base of business customers across various sectors. The categories of companies that utilize Red Violet's services include:

• Financial Services and Insurance: Companies in these sectors use Red Violet's data for fraud detection, risk assessment, identity verification, underwriting, and collections.
• Law Enforcement, Government, and Legal Professionals: Government agencies, law enforcement entities, and legal firms leverage their platforms for investigative purposes, due diligence, and skip tracing.
• Real Estate, Background Screening, and Private Investigations: Real estate professionals (often via their brokerages or associations), background check providers, and private investigators use Red Violet's tools for identity verification, assessing risk, and locating individuals.

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Derek Dubner, Chairman and Chief Executive Officer

Derek Dubner has served as Red Violet's Chief Executive Officer since its formation in August 2017 and was appointed Chairman of the Board in April 2020. He has over 25 years of experience in the data and analytics industry. Prior to Red Violet, Mr. Dubner was the CEO of Fluent, Inc. from March 2016 until Red Violet was spun off in March 2018. He previously served as General Counsel for TLO, an information solutions provider, from its inception to its sale to TransUnion in December 2013, after which he became General Counsel for TransUnion Risk and Alternative Data Solutions, Inc.

Daniel MacLachlan, Chief Financial Officer

Daniel MacLachlan has served as Chief Financial Officer of Red Violet since its inception. He brings over 15 years of experience as CFO of data-driven technology companies. Mr. MacLachlan was the Chief Financial Officer of TLO from its inception to its acquisition by TransUnion in December 2013, and subsequently served as Director of Finance and Chief Financial Officer at TransUnion. Before TLO, he was the Chief Financial Officer of JARI Research Corporation and, prior to that, a Special Agent in the Federal Bureau of Investigation (FBI).

James Reilly, President

James Reilly has served as President of Red Violet since its inception and is also the company's principal operating officer. He was part of the initial leadership team that guided Red Violet after its spin-off, transitioning from roles within the predecessor business segment at Cogint.

Angus Macnab, Chief Technology Officer

Angus Macnab brings over 15 years of experience in data science, engineering, and scientific computing. Since joining Red Violet in 2015, he has held various roles, including Senior Vice President of Data Science and Engineering and Vice President of Analytics and Seattle Operations, and has been instrumental in building and designing significant portions of the company's data fusion, entity resolution, and data matching capabilities.

James Frasche, Chief Operating Officer

James Frasche has more than 15 years of experience in the information solutions industry across sales, product, marketing, and executive leadership roles. Before joining Red Violet, he served as Executive Vice President of Product and Business Development at GeoPhy (acquired by Walker & Dunlop). He also held senior positions at Equifax, including Chief Client Officer and General Manager of its Property Data & Analytics division, and managed the product portfolio and go-to-market strategy at IntelliReal (acquired by Equifax).

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Key Business Risks for Red Violet (RDVT)

1. Intense Competition: Red Violet operates in a highly competitive data analytics industry, contending with both well-established players like TransUnion and Thomson Reuters, as well as new entrants vying for market share. This competitive landscape necessitates continuous innovation and differentiation to maintain and grow its customer base.
2. Regulatory Scrutiny and Data Privacy Laws: As a company deeply involved in identity intelligence and data analytics, Red Violet is exposed to the increasing regulatory scrutiny surrounding data privacy. Stricter data privacy laws and regulations, particularly with the acceleration of AI adoption, could significantly impede its growth and operational flexibility.
3. Market and Platform Concentration: A substantial portion of Red Violet's revenue is concentrated in the U.S. market, making the company susceptible to specific macroeconomic and regulatory conditions within the country. Furthermore, while the company is diversifying, there is still a reliance on its core platform and certain market verticals, such as real estate (though Forewarn shows diversification within this sector), which could pose a risk if those areas face significant headwinds.

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The rapid advancement and market adoption of AI-native identity verification and fraud prevention platforms, exemplified by companies like Socure, that leverage sophisticated machine learning and alternative data sources to provide higher accuracy, speed, and real-time decisioning. These platforms pose an emerging threat by potentially setting new industry standards for performance and challenging the market share of companies relying on more traditional data aggregation and linking methodologies.

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Red Violet (NASDAQ: RDVT) operates in several key addressable markets primarily within the United States, focusing on identity verification, fraud prevention, risk mitigation, and due diligence through its proprietary platforms, idiCORE and FOREWARN.

The total addressable market for Red Violet's offerings is estimated to exceed $10 billion globally.

Specific market sizes for their main products and services within the U.S. and North America include:

• Identity Verification: The U.S. identity verification market was valued at approximately $2.9 billion in 2024 and is projected to reach $8.9 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 13.20%. Another estimate places the U.S. identity verification market size at $4.4 billion in 2025, expanding to $16.7 billion by 2034 with a CAGR of 15.9%. Furthermore, the U.S. market for identity verification is projected to grow from $10.9 billion in 2023 to $21.8 billion by 2028. The North American identity verification market, which the U.S. dominated in 2022, was valued at $3,431.55 million in 2022 and is projected to reach $11,119.49 million by 2030, at a CAGR of approximately 15.8%.
• Fraud Detection and Prevention: The U.S. fraud detection and prevention market was valued at $5.6 billion in 2024 and is estimated to reach $13 billion by 2033, exhibiting a CAGR of 9.8%. Other reports indicate the U.S. market generated $9,298.7 million in 2024 and is expected to reach $24,289.2 million by 2030, with a CAGR of 17.9%. The U.S. fraud detection software market alone was valued at $6.6 billion in 2024 and is expected to reach $23.9 billion by 2032. The overall U.S. Fraud Detection and Prevention Market is projected to reach $13.0 billion in 2025.
• Risk Mitigation/Assessment: The United States risk management market size reached $3.3 billion in 2024 and is expected to reach $8.3 billion by 2033, demonstrating a CAGR of 10.4%. Another source values the U.S. risk management market at $5.99 billion in 2024, with an anticipated CAGR of 14.1% from 2025 to 2034. The U.S. risk analytics market was valued at $41.21 billion in 2023 and is estimated to reach around $90.03 billion by 2034.
• Due Diligence: For the broader due diligence investigation market, North America held a dominant share of over 37% in 2024, generating $3.03 billion in revenue, with the United States market specifically accounting for $2.9 billion. The global enhanced due diligence market, which includes services related to identifying and mitigating financial crimes, was valued at $3.20 billion in 2024 and is projected to grow to $10.08 billion by 2034, with North America holding the largest share at 41.54% in 2024.

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Red Violet (RDVT) Expected Drivers of Future Revenue Growth

Red Violet (NASDAQ: RDVT) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Customer Base and User Adoption: The company consistently reports adding new customers to its IDI platform and expanding the user base for its FOREWARN service. This direct customer acquisition and increased user adoption are fundamental drivers of revenue growth. For instance, Red Violet added over 300 customers to its IDI platform and more than 25,000 users to FOREWARN in Q3 2025.
2. Investment in Product Innovation, Platform Capabilities, and AI Integration: Red Violet emphasizes ongoing investments in product introductions, advancements, and the integration of artificial intelligence (AI) across its operations and into its CORE™ platform. These strategic initiatives are expected to enhance existing solutions and introduce new offerings, thereby driving revenue.
3. Go-to-Market Expansion into New Verticals and Enterprise/Public Sector: The company is actively pursuing an expanded go-to-market strategy, which includes entering new verticals such as legal workflows, investigations, collections, and fraud prevention. Management has also highlighted increasing momentum and a strong pipeline in enterprise and public sector opportunities, indicating potential for larger contracts and broader market reach.
4. Organic Growth and Sustained Demand from Diversified Customer Base: Red Violet has consistently demonstrated sustained strength and demand across its diversified customer base, which is indicative of organic growth within its existing relationships. This resilience and relevance of its solutions contribute to continued revenue expansion.
5. Leveraging Growth in Data Analytics and Fraud Detection Markets: Red Violet operates within the rapidly expanding global markets for data analytics and fraud detection and prevention. With the data analytics market projected to grow significantly and the fraud detection and prevention market also showing substantial growth, Red Violet is well-positioned to capitalize on these favorable industry trends.

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Share Repurchases

• Red Violet increased its share repurchase authorization by $15.0 million to a total of $30.0 million on November 5, 2025.
• As of November 3, 2025, approximately $18.9 million remained available under the share repurchase program.
• Since the inception of the program in May 2022, the company has repurchased 538,484 shares for a total of $10.4 million at an average price of $19.36 per share.

Share Issuance

• The number of shares outstanding has remained relatively stable over the last few years, with 13,964,028 shares outstanding as of March 4, 2024, and 13,971,789 shares outstanding as of October 31, 2025.

Capital Expenditures

• Red Violet's capital expenditures are primarily focused on investments in proprietary technologies, data initiatives, automation, and AI to enhance efficiency, scalability, and margins.
• The company consistently allocates capital towards technology, infrastructure, and security to maintain long-term competitiveness and sustainability.
• Capital expenditures include the purchase of property and equipment, and capitalized costs related to intangible assets, as defined in the calculation of Free Cash Flow.