Red Violet Q1 2026: No Numbers Yet, Wait Mode Intact

What happened

Red Violet announced Q1 2026 results on May 6, but the press release snippet contains no revenue, margin, or customer metrics. The DeepValue master report (Feb 2026) required >20% YoY revenue growth and >35% adjusted EBITDA margin to upgrade from WAIT. Without disclosure, investors cannot confirm whether these thresholds were met or if the 75% contractual mix held. The stock trades around $41, near the report’s $46 base case and above the $38 attractive entry. Until the 10-Q filing provides full detail, the thesis remains unvalidated and the WAIT rating appropriately cautious.

Implication

If Q1 2026 eventually shows strong growth and margins, the stock could re-rate toward $46. But if contractual mix slipped or growth slowed, downside to $38 or below is possible. Until data emerges, the risk/reward favors waiting.

Thesis delta

The Q1 announcement does not change the investment thesis; results are unverifiable. The WAIT rating stands, with key checkpoints (contractual mix, public-sector wins, FOREWARN growth) still unresolved.