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    Veritone Reports First Quarter 2025 Results

    5/8/25 4:15:00 PM ET
    $VERI
    EDP Services
    Technology
    Get the next $VERI alert in real time by email

    – Q1 Total Revenue of $22.5 Million, in line with outlook from preliminary results –

    – Total ARR (SaaS and Consumption) of $58.7 Million from 3,156 Total Software Products & Services Customers, including ARR (SaaS) of $47.5 Million or 81% from Subscription-based Customers –

    – Q1 Total New Bookings of $15.8 Million, up 22% Year over Year –

    – Veritone Data Refinery "VDR" exited the quarter with a qualified and near-term pipeline of over $10.0 Million, up from $5.0 Million in March 2025 –

    Veritone, Inc. (NASDAQ:VERI), a leader in building human-centered enterprise AI solutions, today announced results for the first quarter ended March 31, 2025.

    President and Chief Executive Officer Ryan Steelberg commented, "Veritone delivered solid topline performance in the first quarter of 2025, and continues with strong momentum into Q2, highlighting the (i) stabilization of our business, (ii) our improved financial condition following the completion of previously announced strategic transactions, and (iii) acceleration in the adoption of our Veritone Data Refinery offering.

    Steelberg continued, "Our groundbreaking VDR offering has achieved strong early traction, and we expect this to continue. By converting raw data into high-value assets, we're bridging a critical emerging gap in the AI ecosystem and empowering the continued and enhanced training of both large language and multi-modal models powering the next generation of AI, while providing content owners with new opportunities to manage and monetize their data in ways that have previously been out of reach."

    First Quarter 2025 Financial Highlights

    • Revenue of $22.5 million, a decrease of 7% compared to Q1 2024.
    • Software Products and Services revenues of $14.5 million, a decrease of $0.7 million or 4.8% year over year, driven primarily by lower consumption across our Commercial Enterprise customer base, foreign exchange rates declines in Europe as compared to the US dollar, and economic and geopolitical factors, offset by higher revenue from VDR.
    • Managed Services revenue of $8.0 million, a decrease of $0.9 million or 10.7% year over year.
    • GAAP gross profit of $13.7 million, a decrease of $2.6 million, or 16.0%, year over year; GAAP gross margin of 61.1% as compared to 67.6% in Q1 2024, as a result of higher depreciation and amortization, coupled with year-over-year declines in higher gross margin revenue from consumption-based and one-time software revenue.
    • Non-GAAP gross profit of $14.6 million, a decrease of $2.6 million, or 15.0% year over year; non-GAAP gross margin of 65.1% as compared to 71.2% in Q1 2024, driven largely by year-over-year declines in higher gross margin revenue from consumption-based and one-time software revenue.
    • Loss from operations of $21.6 million, an improvement from a loss of $24.4 million in Q1 2024.
    • Net loss of $19.9 million, as compared to a loss of $25.2 million in Q1 2024.
    • Non-GAAP net loss from continuing operations of $11.1 million, increased 7.6% as compared to Q1 2024.
    • During the quarter, completed a registered direct offering for the definitive purchase and sale of 4,414,878 shares of common stock and pre-funded warrants to purchase up to 3,608,838 shares of common stock for aggregate gross proceeds of approximately $20.3 million for use in the repayment of debt and general corporate purposes.

    About Our Sales Pipeline

    Our sales pipeline represents revenue we expect to receive based on the total fees payable during the full contract term for new contracts outstanding at the end of the quarter and contracts that we believe have a high probability of closing in the next three to twelve months. We include in our sales pipeline fees payable during any cancellable portion and an estimate of license fees that may fluctuate over the term and we do not include any variable fees under the contract (e.g., fees for cognitive processing, storage, professional services and other variable services) and any fees payable after contract renewals or extensions that are at the discretion of our customer. Many of our contracts require us to provide services over more than one year and may include professional fees required to enable our technology in certain environments we do not host or have direct control over. In some cases, our customers may have the ability to terminate our agreements on short notice and our pipeline does not consider the potential impact of any early termination. No assurance can be given that we will ultimately realize our full sales pipeline.

    Unaudited

     

    Three Months Ended

     

    (in $000s)

     

    March 31,

    2025

     

     

    March 31,

    2024

     

     

    Change

     

    Revenue

     

    $

    22,463

     

     

    $

    24,153

     

     

     

    (7

    )%

    Operating loss

     

    $

    (21,634

    )

     

    $

    (24,370

    )

     

     

    (11

    )%

    Net loss from continuing operations

     

    $

    (19,875

    )

     

    $

    (26,200

    )

     

     

    (24

    )%

    Net loss

     

    $

    (19,875

    )

     

    $

    (25,198

    )

     

     

    (21

    )%

    GAAP gross profit

     

    $

    13,714

     

     

    $

    16,327

     

     

     

    (16

    )%

    Non-GAAP gross profit*

     

    $

    14,629

     

     

    $

    17,205

     

     

     

    (15

    )%

    Non-GAAP net loss from continuing operations*

     

    $

    (11,130

    )

     

    $

    (10,344

    )

     

     

    8

    %

    Non-GAAP net loss*

     

    $

    (11,130

    )

     

    $

    (7,619

    )

     

     

    46

    %

     

     

    Three Months Ended

     

    Unaudited

     

    March 31,

    2025

     

     

    March 31,

    2024

     

     

    Change

     

    Software Products & Services Revenue (in 000's)

     

    $

    14,483

     

     

    $

    15,220

     

     

     

    (5

    )%

    Total Software Products & Services Customers(1)

     

     

    3,156

     

     

     

    3,384

     

     

     

    (7

    )%

    Annual Recurring Revenue (in 000's)(2)

     

    $

    58,717

     

     

    $

    72,574

     

     

     

    (19

    )%

    Total New Bookings (in 000's)(3)

     

    $

    15,835

     

     

    $

    12,964

     

     

     

    22

    %

    Gross Revenue Retention(4)

     

    >90%

     

     

    >90%

     

     

     

     

    (1)

     

    "Total Software Products & Services Customers" includes Software Products & Services customers as of the end of each respective quarter set forth above with net revenues in excess of $10 during the last month of the quarter and also excludes any customers categorized by us as trial or pilot status. Management uses Total Software Products & Services Customers and we believe Total Software Products & Services Customers are useful to investors because it more accurately reflects our total customers for our Software Products & Services inclusive of Broadbean.

    (2)

     

    "Annual Recurring Revenue" is calculated as Annual Recurring Revenue (SaaS), which is an annualized calculation of monthly recurring subscription-based SaaS revenue during the last month of the applicable quarter for all Total Software Products & Services customers, combined with Annual Recurring Revenue (Consumption), which is the trailing twelve months of all non-recurring and/or consumption-based revenue for all active Total Software Products & Services customers. Management uses "Annual Recurring Revenue" and we believe Annual Recurring Revenue is useful to investors because it demonstrates our mix of subscription-based SaaS revenues as compared to consumption-based revenues.

    (3)

     

    "Total New Bookings" represents the total fees payable during the full contract term for new contracts received in the quarter (including fees payable during any cancellable portion and an estimate of license fees that may fluctuate over the term), excluding any variable fees under the contract (e.g., fees for cognitive processing, storage, professional services and other variable services).

    (4)

     

    "Gross Revenue Retention" represents a calculation of our dollar-based gross revenue retention rate as of the period end by starting with the revenue from Software Products & Services Customers as of the three months in the prior year quarter to such period, or Prior Year Quarter Revenue. We then deduct from the Prior Year Quarter Revenue any revenue from Software Products & Services Customers who are no longer customers as of the current period end, or Current Period Ending Software Customer Revenue. We then divide the total Current Period Ending Software Customer Revenue by the total Prior Year Quarter Revenue to arrive at our dollar-based gross retention rate, which is the percentage of revenue from all Software Products & Services Customers from our Software Products & Services as of the year prior that is not lost to customer churn.

    *

     

    See tables below for reconciliation of non-GAAP financial measures to directly comparable GAAP measures and for the definitions used for these and additional Software Products & Services Supplemental Financial Information.

    Commercial Enterprise

    • Veritone Data Refinery "VDR" solution which helps enterprises transform unstructured data into AI-ready assets, has a qualified and near-term pipeline of over $10M, up from $5.0M as of March 13, 2025.
    • Secured over 100 new business and renewal software agreements deals in the quarter, notably including partnerships with Freemantle, Audacy, World Athletics, Cox Media Group, Westwood One, Allrites, Beasley, and Hubbard.
    • Initiated Veritone Hire new co-selling agreement with Workday, our largest Applicant Tracking System "ATS" partner. This collaboration has already generated numerous new Workday opportunities and leads, and has resulted in the swift acquisition of two new clients. We anticipate significant growth in both opportunities and signed clients as this partnership develops.

    Public Sector

    • Public sector solutions gained meaningful traction domestically and globally, with new customer acquisitions and a growing pipeline that now exceeds $110M.
    • Added 8 new State, Local, and Educational "SLED" customers and 40 expansion sales transactions in Public Sector in the first quarter.
    • Moved to the operational stage in Getac partnership and commenced work with joint customers.
    • Added Investigate to the Tradewinds marketplace for the US Department of Defense to augment Veritone's other applications available through Tradewinds.
    • Achieved significant technical and customer support milestones for aiWARE through project with the DLA to deploy the Veritone iDEMS applications and aiWARE on DLA's own private tenant and managed environment, meaningfully expanding the market opportunities for Veritone with Fed Civ and DoD to support with the highest-level security requirements.
    • Working with multiple agencies across DoD, DHS and DoJ to scope requirements and implement proof-of-concept and actual deployments in support of the President's initiative for securing the border and modernizing DoD law enforcement.

    Financial Results for Three Months Ended March 31, 2025

    Delivered first quarter revenue of $22.5 million, a decrease of $1.7 million or 7% from $24.2 million in the first quarter of 2024. Software Products & Services revenue of $14.5 million decreased by $0.7 million or 4.8% year over year, driven by declines in consumption-based revenue across our Commercial Enterprise customer base, foreign exchange rates declines in Europe as compared to the US dollar, and economic and geopolitical factors, offset by higher revenue from VDR. Managed Services revenue of $8.0 million decreased by $0.9 million as compared to $8.9 million in the first quarter of 2024 driven by declines in live event services and VeriAds as a result of the more challenging macro environment.

    GAAP gross profit of $13.7 million decreased $2.6 million from $16.3 million in the first quarter of 2024 primarily due to the decline in revenue, coupled with higher cost of revenue and depreciation and amortization. GAAP gross margin of 61.1% declined 650 basis points from 67.6% in the first quarter of 2024 as a result of higher depreciation and amortization, coupled with year-over-year declines in higher gross margin revenue from consumption-based and one-time software revenue. Non-GAAP gross margin was 65.1% as compared to 71.2%, a decline of 610 basis points.

    Loss from operations of $21.6 million improved from a loss of $24.4 million year over year, principally driven by improvements made to the operating expense structure over the past two years and a $1.5 million one-time expense in Q1 2024 associated with our former CEO, offset by the decline in revenue. Net loss from continuing operations of $19.9 million improved from a net loss of $26.2 million for the first quarter of 2024 principally due to the improvement in loss from operations, coupled with a $3.7 million gain recorded in Q1 2025 associated with the fair value of the earnout from our Q4 2024 divestiture of our media agency. Non-GAAP net loss from continuing operations of $11.1 million increased 7.6% from a loss of $10.3 million for the first quarter of 2024, driven by the decline in Non-GAAP gross margin, offset by the improvement in loss from operations.

    As of March 31, 2025, Total Software Product & Services Customers of 3,156 was down 6.7% relative to Total Software Product & Services Customers as of March 31, 2024, principally due to planned migration of legacy CareerBuilder customers off the Broadbean software platform over the trailing twelve months, offset by increases in Public Sector. Annual Recurring Revenue of $58.7 million decreased 19.1% year over year, driven by the expected decline in Commercial Enterprise consumption spending from customers.

    Business Outlook

    Second Quarter of 2025

    • Revenue is expected to be in the range of $23.0 million to $25.0 million, as compared to $24.1 million for the second quarter of 2024.
    • Non-GAAP net loss is expected to be in the range of $9.0 million to $8.0 million, as compared to non-GAAP net loss of $9.7 million for the second quarter of 2024.

    Full Year 2025

    • Revenue is expected to be in the range of $104 million to $115 million, as compared to $92.6 million for fiscal 2024, and an 18% implied annual increase at the midpoint.
    • Non-GAAP net loss is expected to be in the range of $30.0 million to $20.0 million, as compared to non-GAAP net loss of $40.8 million for fiscal 2024, and a 39% implied annual increase at the midpoint.

    These updated financial guidance ranges supersede any previously disclosed financial guidance and investors should not rely on any previously disclosed financial guidance.

    Conference Call

    Veritone will hold a conference call to deliver management's prepared remarks on May 8, 2025, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss its first quarter 2025 results, provide an update on the business and conduct a question-and-answer session. To participate, please join the conference call or live audio webcast links or use the following dial-in numbers and ask to be connected to the Veritone earnings conference call. To avoid any delays, please join at least fifteen minutes prior to the start of the call.

    • Conference Call
    • Live Audio Webcast
    • Domestic Call Number: (800) 830-9649
    • International Call Number: (213) 992-4624

    A replay of the conference call can be accessed one hour after the end of the conference call through May 15, 2025. The full webcast replay will be available through May 8, 2026. To access the earnings webcast replay please visit the Veritone Investor Relations website.

    • Domestic Replay Number: (877) 344-7529
    • International Replay Number: (412) 317-0088
    • Replay Access Code: 7885585

    About the Presentation of Supplemental Non-GAAP Financial Information and Key Performance Indicators

    In this news release, the Company has supplemented its financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, including Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP net income (loss), Non-GAAP net income (loss) from continuing operations, Non-GAAP net income from discontinued operations, Non-GAAP gross profit, and Non-GAAP gross margin. The Company also provides certain key performance indicators (KPIs), including Total Software Products & Services Customers, Annual Recurring Revenue, Annual Recurring Revenue (SaaS), Annual Recurring Revenue (Consumption), Total New Bookings and Gross Revenue Retention. The Company has posted additional supplemental financial information on its website at investors.veritone.com concurrently with this press release.

    Non-GAAP net income (loss) is the Company's net income (loss), adjusted to exclude net income from discontinued operations, net of income taxes, interest expense, net, income taxes, depreciation and amortization, stock-based compensation, change in fair value of earnout receivable, contingent purchase compensation expense, foreign currency impact and other, acquisition and due diligence costs, severance and executive transition costs, and non-GAAP net income from discontinued operations. Non-GAAP net income (loss) from continuing operations is net loss from continuing operations adjusted to exclude net income from discontinued operations, net of income taxes, interest expense, net, income taxes, depreciation and amortization, stock-based compensation, change in fair value of earnout receivable, contingent purchase compensation expense, foreign currency impact and other, acquisition and due diligence costs, and severance and executive transition costs. Non-GAAP net income from discontinued operations is net income from discontinued operations adjusted to exclude interest expense, net, depreciation and amortization, stock-based compensation, acquisition due diligence costs, and severance and executive transition costs.

    Non-GAAP gross profit is defined as gross profit with adjustments to add back depreciation and amortization related to cost of revenue and stock-based compensation. Non-GAAP gross margin is defined as Non-GAAP gross profit divided by revenue.

    Reconciliations of each of these non-GAAP financial measures to the most closely comparable GAAP financial measure, including a breakdown of the excluded items noted above are included following the financial statements attached to this news release. These non-GAAP financial measures are not calculated and presented in accordance with GAAP and should not be considered as an alternative to net income (loss), operating income (loss), net income (loss) from continuing operations, net income (loss) from discontinued operations, gross profit, gross margin or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity.

    The Company has provided these non-GAAP financial measures and KPIs because management believes such information to be important supplemental measures of performance that are commonly used by securities analysts, investors and other interested parties in the evaluation of companies in its industry. Management also uses this information internally for forecasting, budgeting and measuring annual bonus compensation targets for executive personnel, including the Company's named executive officers. Non-GAAP net income (loss) provides management and investors consistency and comparability with the Company's past financial performance and facilitates period-to-period comparisons of operations, as it eliminates the effect of items that are often unrelated to overall operating performance. Non-GAAP gross profit and Non-GAAP gross margin allow investors and management to analyze the Company's operating performance by excluding expenses that are not directly related to the cost of providing goods and services. Other companies (including the Company's competitors) may define these non-GAAP financial measures differently. The non-GAAP financial measures may not be indicative of the historical operating results of Veritone or predictive of potential future results. Investors should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of the Company's results as reported in accordance with GAAP.

    In addition, the Company defines the following capitalized terms in this news release as follows:

    Software Products & Services consists of revenue generated from the Company's aiWARE platform and Veritone Hire solutions' talent acquisition solutions, any related support and maintenance services, and any related professional services associated with the deployment and/or implementation of such solutions.

    Managed Services consists of revenues generated from content licensing customers, representation services, and, to a lesser extent, from advertising customers and related services.

    About Veritone

    Veritone (NASDAQ:VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone's software and services empower individuals at the world's largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone's leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.

    Safe Harbor Statement

    This news release contains forward-looking statements, including without limitation, statements regarding our expected total revenue and non-GAAP net loss for Q2 2025 and for full year 2025, the stabilization of our business, the performance and function of Veritone Data Refinery, customer acquisition, customer transaction pipelines and the estimated values thereof, including new customer growth related to certain existing customer partnerships, and the impacts of AI at scale on our operations and financial results. In addition, words such as "may," "will," "expect," "believe," "anticipate," "intend," "plan," "outlook," "should," "could," "estimate," "confident" or "continue" or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based on management's current assumptions, expectations, beliefs and information. As such, our actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors. Important factors that could cause such differences include, among other things: our ability to continue as a going concern, including our ability to service our debt obligations as they come due over the next twelve months and beyond; our ability to expand our aiWARE SaaS business; declines or limited growth in the market for AI-based software applications and concerns over the use of AI that may hinder the adoption of AI technologies; our requirements for additional capital and liquidity to support our operations, our business growth, service our debt obligations and refinance maturing debt obligations, and the availability of such capital on acceptable terms, if at all; declines in key customers' usage of our products and other offerings; our ability to realize the intended benefits of our acquisitions, sales, divestitures, and other existing or planned cost-saving measures, including the sale of our full service advertising agency, Veritone One, LLC, and our ability to successfully integrate our acquisition of Broadbean; our identification of existing material weaknesses in our internal control over financial reporting and plans for remediation; fluctuations in our results over time; the impact of seasonality on our business; our ability to manage our growth, including through acquisitions and expansion into international markets; our ability to enhance our existing products and introduce new products that achieve market acceptance and keep pace with technological developments; actions by our competitors, partners and others that may block us from using third party technologies in our aiWARE platform, offering it for free to the public or making it cost prohibitive to continue to incorporate such technologies into our platform; interruptions, performance problems or security issues with our technology and infrastructure, or that of third parties with whom we work; the impact of the continuing economic disruption caused by macroeconomic and geopolitical factors, including the Russia-Ukraine conflict, the Israel-Hamas war and conflict in the surrounding regions, financial instability, inflation and the responses by central banking authorities to control inflation, monetary supply shifts, high interest rates, the imposition of tariffs, trade tensions, and global trade disputes, and the threat of recession in the United States and around the world on our business operations and those of our existing and potential customers; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Certain of these judgments and risks are discussed in more detail in our most recently-filed Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. The forward-looking statements contained herein reflect our beliefs, estimates and predictions as of the date hereof, and we undertake no obligation to revise or update the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events for any reason, except as required by law.

     

    Veritone, Inc.

    Condensed Consolidated Balance Sheets (unaudited)

    (in thousands)

     

     

     

    March 31,

    2025

     

     

    December 31,

    2024

     

    ASSETS

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    16,082

     

     

    $

    16,911

     

    Accounts receivable, net

     

     

    33,823

     

     

     

    31,997

     

    Prepaid expenses and other current assets

     

     

    11,384

     

     

     

    10,498

     

    Total current assets

     

     

    61,289

     

     

     

    59,406

     

    Property, equipment, and improvements, net

     

     

    10,461

     

     

     

    10,052

     

    Intangible assets, net

     

     

    53,546

     

     

     

    59,500

     

    Goodwill

     

     

    53,110

     

     

     

    53,110

     

    Restricted cash

     

     

    287

     

     

     

    407

     

    Other assets

     

     

    20,954

     

     

     

    15,585

     

    Total assets

     

    $

    199,647

     

     

    $

    198,060

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    13,166

     

     

    $

    11,023

     

    Deferred revenue

     

     

    13,463

     

     

     

    12,056

     

    Term Loan, current portion (Note 4)

     

     

    7,750

     

     

     

    7,750

     

    Accrued purchase compensation, current portion

     

     

    1,175

     

     

     

    1,200

     

    Accrued expenses and other current liabilities

     

     

    26,504

     

     

     

    28,928

     

    Total current liabilities

     

     

    62,058

     

     

     

    60,957

     

    Convertible Notes

     

     

    90,281

     

     

     

    90,135

     

    Term Loan, non-current portion (Note 4)

     

     

    20,437

     

     

     

    21,316

     

    Accrued purchase compensation, non-current portion

     

     

    —

     

     

     

    900

     

    Other non-current liabilities

     

     

    12,117

     

     

     

    11,300

     

    Total liabilities

     

     

    184,893

     

     

     

    184,608

     

    Commitments and contingencies (Note 9)

     

     

     

     

     

     

    Stockholders' equity (deficit):

     

     

     

     

     

     

    Common stock, par value $0.001 per share; 75,000,000 shares authorized; 44,863,702 and 40,217,628 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

     

     

    45

     

     

     

    41

     

    Additional paid-in capital

     

     

    502,070

     

     

     

    480,477

     

    Accumulated other comprehensive income (loss)

     

     

    (206

    )

     

     

    214

     

    Accumulated deficit

     

     

    (487,155

    )

     

     

    (467,280

    )

    Total stockholders' equity

     

     

    14,754

     

     

     

    13,452

     

    Total liabilities and stockholders' equity

     

    $

    199,647

     

     

    $

    198,060

     

     

    Veritone, Inc.

    Condensed Consolidated Statements of Operations (unaudited)

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31,

    2025

     

     

    March 31,

    2024

     

    Revenue

     

    $

    22,463

     

     

    $

    24,153

     

    Operating expenses:

     

     

     

     

     

     

    Cost of revenue (exclusive of depreciation and amortization shown separately below)

     

     

    7,834

     

     

     

    6,947

     

    Sales and marketing

     

     

    10,105

     

     

     

    9,948

     

    Research and development

     

     

    5,206

     

     

     

    8,425

     

    General and administrative

     

     

    14,004

     

     

     

    15,778

     

    Depreciation and amortization

     

     

    6,948

     

     

     

    7,425

     

    Total operating expenses

     

     

    44,097

     

     

     

    48,523

     

    Operating loss

     

     

    (21,634

    )

     

     

    (24,370

    )

    Interest expense, net

     

     

    2,628

     

     

     

    2,462

     

    Other expense (income), net

     

     

    (4,061

    )

     

     

    413

     

    Loss from continuing operations before income taxes

     

     

    (20,201

    )

     

     

    (27,245

    )

    Income taxes

     

     

    (326

    )

     

     

    (1,045

    )

    Net loss from continuing operations

     

     

    (19,875

    )

     

     

    (26,200

    )

    Net income from discontinued operations, net of income taxes

     

     

    —

     

     

     

    1,002

     

    Net loss

     

    $

    (19,875

    )

     

    $

    (25,198

    )

    Earnings (Loss) per share:

     

     

     

     

     

     

    Loss per share from continuing operations, basic and diluted

     

    $

    (0.44

    )

     

    $

    (0.70

    )

    Earnings per share from discontinued operations, basic and diluted

     

    $

    —

     

     

    $

    0.03

     

    Loss per share, basic and diluted

     

    $

    (0.44

    )

     

    $

    (0.67

    )

    Weighted-average common shares outstanding used in computing loss per share, basic and diluted

     

     

    44,725,682

     

     

     

    37,353,228

     

     

    Veritone, Inc.

    Condensed Consolidated Statements of Cash Flows (unaudited)

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31,

    2025

     

     

    March 31,

    2024

     

    Cash flows from operating activities:

     

     

     

     

     

     

    Net loss

     

    $

    (19,875

    )

     

    $

    (25,198

    )

    Less: net income from discontinued operations, net of income taxes

     

     

    —

     

     

     

    (1,002

    )

    Net loss from continuing operations

     

     

    (19,875

    )

     

     

    (26,200

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    6,948

     

     

     

    7,424

     

    Stock-based compensation

     

     

    1,743

     

     

     

    1,608

     

    Non-cash interest expense

     

     

    1,204

     

     

     

    1,216

     

    Deferred income taxes

     

     

    (547

    )

     

     

    (1,336

    )

    Provision for credit losses

     

     

    420

     

     

     

    234

     

    Reduction in carrying amount of operating lease right-of-use assets

     

     

    204

     

     

     

    251

     

    Change in fair value of earnout receivable

     

     

    (3,654

    )

     

     

    —

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

    Accounts receivable

     

     

    (2,247

    )

     

     

    2,399

     

    Prepaid expenses and other current assets

     

     

    (887

    )

     

     

    (1,058

    )

    Other assets

     

     

    (3

    )

     

     

    (23

    )

    Accounts payable

     

     

    2,144

     

     

     

    (2,519

    )

    Deferred revenue

     

     

    1,407

     

     

     

    602

     

    Accrued expenses and other current liabilities

     

     

    (3,777

    )

     

     

    2,262

     

    Other non-current liabilities

     

     

    (124

    )

     

     

    (758

    )

    Net cash used in operating activities – continuing operations

     

     

    (17,044

    )

     

     

    (15,898

    )

    Net cash provided by operating activities – discontinued operations

     

     

    —

     

     

     

    30,829

     

    Net cash provided by (used in) operating activities

     

     

    (17,044

    )

     

     

    14,931

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (1,353

    )

     

     

    (1,838

    )

    Net cash used in investing activities – continuing operations

     

     

    (1,353

    )

     

     

    (1,838

    )

    Net cash used in investing activities – discontinued operations

     

     

    —

     

     

     

    (63

    )

    Net cash used in investing activities

     

     

    (1,353

    )

     

     

    (1,901

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Repayment of senior secured term loan

     

     

    (1,938

    )

     

     

    —

     

    Proceeds from issuance of stock and pre-funded warrants under registered direct offering, net of offering costs

     

     

    19,944

     

     

     

    —

     

    Proceeds from issuance of stock under employee stock plans, net

     

     

    140

     

     

     

    218

     

    Taxes paid related to net share settlement of equity awards

     

     

    (285

    )

     

     

    (92

    )

    Settlement of deferred consideration for acquisitions

     

     

    —

     

     

     

    (1,800

    )

    Net cash provided by (used in) financing activities – continuing operations

     

     

    17,861

     

     

     

    (1,674

    )

    Net cash provided by financing activities – discontinued operations

     

     

    —

     

     

     

    —

     

    Net cash provided by (used in) financing activities

     

     

    17,861

     

     

     

    (1,674

    )

    Effect of exchange rates on cash, cash equivalents, and restricted cash

     

     

    (413

    )

     

     

    —

     

    Net change in cash, cash equivalents, and restricted cash

     

     

    (949

    )

     

     

    11,356

     

    Cash, cash equivalents, and restricted cash, beginning of period

     

     

    17,318

     

     

     

    80,306

     

    Cash, cash equivalents, and restricted cash, end of period

     

     

    16,369

     

     

     

    91,662

     

    Less: cash, cash equivalents, restricted cash included in discontinued operations

     

     

    —

     

     

     

    (73,300

    )

    Cash, cash equivalents, and restricted cash included in continuing operations

     

    $

    16,369

     

     

    $

    18,362

     

    Non-cash investing and financing activities:

     

     

     

     

     

     

    Stock-based compensation capitalized as part of internal-use software

     

     

    57

     

     

     

    118

     

    Lease liabilities arising from right-of-use assets

     

     

    1,840

     

     

     

    —

     

     

    Veritone, Inc.

    Revenue Detail (unaudited)

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31, 2025

     

     

    March 31, 2024

     

     

     

    Commercial Enterprise

     

     

    Public Sector

     

     

    Total

     

     

    Commercial Enterprise

     

     

    Public Sector

     

     

    Total

     

    Software Products & Services

     

    $

    13,149

     

     

    $

    1,334

     

     

    $

    14,483

     

     

    $

    13,703

     

     

    $

    1,517

     

     

    $

    15,220

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Managed Services:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Representation Services

     

     

    2,771

     

     

     

    —

     

     

     

    2,771

     

     

     

    3,492

     

     

     

    —

     

     

     

    3,492

     

    Licensing

     

     

    5,209

     

     

     

    —

     

     

     

    5,209

     

     

     

    5,441

     

     

     

    —

     

     

     

    5,441

     

    Total Managed Services

     

     

    7,980

     

     

     

    —

     

     

     

    7,980

     

     

     

    8,933

     

     

     

    —

     

     

     

    8,933

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total revenue

     

    $

    21,129

     

     

    $

    1,334

     

     

    $

    22,463

     

     

    $

    22,636

     

     

    $

    1,517

     

     

    $

    24,153

     

     

    Veritone, Inc.

    Reconciliation of GAAP Net Loss to Non-GAAP Net Loss (unaudited)

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31,

    2025

     

     

    March 31,

    2024

     

    Net loss

     

    $

    (19,875

    )

     

    $

    (25,198

    )

    Net income from discontinued operations, net of income taxes

     

     

    —

     

     

     

    (1,002

    )

    Interest expense, net

     

     

    2,628

     

     

     

    2,462

     

    Income taxes

     

     

    (326

    )

     

     

    (1,045

    )

    Depreciation and amortization

     

     

    6,948

     

     

     

    7,425

     

    Stock-based compensation

     

     

    1,743

     

     

     

    1,534

     

    Change in fair value of earnout receivable

     

     

    (3,654

    )

     

     

    —

     

    Contingent purchase compensation expense

     

     

    75

     

     

     

    317

     

    Foreign currency impact and other

     

     

    (416

    )

     

     

    416

     

    Acquisition and due diligence costs

     

     

    268

     

     

     

    903

     

    Severance and executive transition costs

     

     

    465

     

     

     

    3,844

     

    Other non-recurring items(1)

     

     

    1,014

     

     

     

    —

     

    Non-GAAP net loss from continuing operations

     

     

    (11,130

    )

     

     

    (10,344

    )

    Non-GAAP net income from discontinued operations(2)

     

     

    —

     

     

     

    2,725

     

    Non-GAAP net loss

     

    $

    (11,130

    )

     

    $

    (7,619

    )

    (1)

     

    Other non-recurring items for the three months ended March 31, 2025 consists of fees paid to the lenders of our senior secured term loan in connection with the Limited Consent to the Credit Agreement entered into on March 13, 2025.

    (2)

     

    A reconciliation of non-GAAP net income from discontinued operations to GAAP net income from discontinued operations for the three months ended March 31, 2024 is set forth in the table below.

     

    Veritone, Inc.

    Reconciliation of GAAP Net Income from Discontinued Operations to Non-GAAP Net Income from Discontinued Operations (unaudited)

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31,

    2024

     

    Net income from discontinued operations, net of income taxes

     

    $

    1,002

     

    Interest expense, net

     

     

    1,528

     

    Depreciation and amortization

     

     

    77

     

    Stock-based compensation

     

     

    74

     

    Acquisition and due diligence costs

     

     

    38

     

    Severance and executive transition costs

     

     

    6

     

    Non-GAAP net income from discontinued operations

     

    $

    2,725

     

     

    Veritone, Inc.

    Reconciliation of Expected Non-GAAP Net Loss Range to Expected GAAP Net Loss Range (unaudited)

    (in millions)

     

     

     

    Three Months Ending

     

    Year Ending

     

     

    June 30,

    2025

     

    December 31,

    2025

    Net loss

     

    $(21.5) to $(18.5)

     

    $(80.0) to $(62.0)

    Interest expense, net

     

    $3.0 to $2.5

     

    $12.0 to $10.0

    Income taxes

     

    $— to $(0.5)

     

    $— to $(2.0)

    Depreciation and amortization

     

    $7.5 to $7.0

     

    $30.0 to $28.0

    Stock-based compensation

     

    $2.0 to $1.5

     

    $8.0 to $6.0

    Non-GAAP net loss

     

    $(9.0) to $(8.0)

     

    $(30.0) to $(20.0)

     

    Veritone, Inc.

    Supplemental Financial Information (unaudited)

     

    We are providing the following unaudited supplemental financial information as a lookback of prior years to explain our recent historical and year-over-year performance.

     

     

     

    Quarter Ended

     

     

     

    March 31,

    2024

     

     

    June 30,

    2024

     

     

    September 30,

    2024

     

     

    December 31,

    2024

     

     

    March 31,

    2025

     

    Total Software Products & Services Customers(1)

     

     

    3,384

     

     

     

    3,437

     

     

     

    3,291

     

     

     

    3,237

     

     

     

    3,156

     

    Annual Recurring Revenue (SaaS) (in 000's)(2)

     

    $

    49,064

     

     

    $

    49,223

     

     

    $

    48,269

     

     

    $

    47,549

     

     

    $

    47,494

     

    Annual Recurring Revenue (Consumption) (in 000's)(3)

     

    $

    23,510

     

     

    $

    18,701

     

     

    $

    15,011

     

     

    $

    11,245

     

     

    $

    11,223

     

    Total New Bookings (in 000's)(4)

     

    $

    12,964

     

     

    $

    14,047

     

     

    $

    16,471

     

     

    $

    13,228

     

     

    $

    15,835

     

    Gross Revenue Retention(5)

     

    >90%

     

     

    >90%

     

     

    >90%

     

     

    >90%

     

     

    > 90%

     

    (1)

     

    "Total Software Products & Services Customers" includes Software Products & Services customers as of the end of each respective quarter set forth above with net revenues in excess of $10 during the last month of the quarter and also excludes any customers categorized by us as trial or pilot status. Management uses Total Software Products & Services Customers and we believe Total Software Products & Services Customers are useful to investors because it more accurately reflects our total customers for our Software Products & Services inclusive of Broadbean.

    (2)

     

    "Annual Recurring Revenue (SaaS)" represents an annualized calculation of monthly recurring subscription-based SaaS revenue during the last month of the applicable quarter for all Total Software Products & Services customers. Management uses "Annual Recurring Revenue (SaaS)" and we believe Annual Recurring Revenue (SaaS) is useful to investors because Broadbean significantly increases our mix of subscription-based SaaS revenues as compared to consumption-based revenues and the split between the two allows us to delineate between predictable recurring SaaS revenues and more volatile consumption-based revenues.

    (3)

     

    "Annual Recurring Revenue (Consumption)" represents the trailing twelve months of all non-recurring and/or consumption-based revenue for all active Total Software Products & Services customers. Management uses "Annual Recurring Revenue (Consumption)" and we believe Annual Recurring Revenue (Consumption) is useful to investors because Broadbean significantly increases our mix of subscription-based SaaS revenues as compared to consumption-based revenues and the split between the two allows us to delineate between predictable recurring SaaS revenues and more volatile consumption-based revenues.

    (4)

     

    "Total New Bookings" represents the total fees payable during the full contract term for new contracts received in the quarter (including fees payable during any cancellable portion and an estimate of license fees that may fluctuate over the term), excluding any variable fees under the contract (e.g., fees for cognitive processing, storage, professional services and other variable services).

    (5)

     

    "Gross Revenue Retention" represents a calculation of our dollar-based gross revenue retention rate as of the period end by starting with the revenue from Software Products & Services Customers as of the three months in the prior year quarter to such period, or Prior Year Quarter Revenue. We then deduct from the Prior Year Quarter Revenue any revenue from Software Products & Services Customers who are no longer customers as of the current period end, or Current Period Ending Software Customer Revenue. We then divide the total Current Period Ending Software Customer Revenue by the total Prior Year Quarter Revenue to arrive at our dollar-based gross retention rate, which is the percentage of revenue from all Software Products & Services Customers from our Software Products & Services as of the year prior that is not lost to customer churn.

     

    Veritone, Inc.

    Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (unaudited)

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31,

    2025

     

     

    March 31,

    2024

     

    Revenue

     

    $

    22,463

     

     

    $

    24,153

     

    Operating expenses:

     

     

     

     

     

     

    Cost of revenue (exclusive of depreciation and amortization)

     

     

    7,834

     

     

     

    6,947

     

    Depreciation and amortization related to cost of revenue

     

     

    915

     

     

     

    879

     

    GAAP gross profit

     

     

    13,714

     

     

     

    16,327

     

    Depreciation and amortization related to cost of revenue

     

     

    915

     

     

     

    879

     

    Stock-based compensation

     

     

    —

     

     

     

    (1

    )

    Non-GAAP gross profit

     

    $

    14,629

     

     

    $

    17,205

     

    GAAP gross margin

     

     

    61.1

    %

     

     

    67.6

    %

    Non-GAAP gross margin

     

     

    65.1

    %

     

     

    71.2

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250508827986/en/

    Company:

    Mike Zemetra

    Chief Financial Officer

    Veritone, Inc.

    [email protected]



    IR Agency:

    Cate Goldsmith

    Prosek Partners

    914-815-7678

    [email protected]

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      Veritone, Inc. (NASDAQ:VERI), a leader in building human-centered enterprise AI solutions, today announced the details of its first quarter 2025 financial results conference call. Veritone will hold a conference call on Thursday, May 8, 2025, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), to discuss its results for the first quarter 2025, provide an update on the business and conduct a question-and-answer session. To participate, please join the conference call or live audio webcast links or use the following dial-in numbers and ask to be connected to the Veritone earnings conference call. To avoid any delays, please join at least fifteen minutes prior to the start of the call. Conf

      4/25/25 4:44:00 PM ET
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    • Veritone to Hold Fourth Quarter and Full Year 2024 Results Conference Call on March 13th

      Veritone, Inc. (NASDAQ:VERI), a leader in building human-centered enterprise AI solutions, today announced the details of its fourth quarter and full year 2024 financial results conference call. Veritone will hold a conference call on March 13, 2025, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), to discuss its results for the fourth quarter and full year 2024, provide an update on the business and conduct a question-and-answer session. To participate, please join the audio webcast or dial in and ask to be connected to the Veritone earnings conference call. To avoid a delay in dialing in, please pre-register or join the live audio webcast. Pre-Registration* Live Audio Webcast

      2/26/25 5:20:00 PM ET
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    • Veritone Reports Third Quarter 2024 Results

      – Q3 Revenue of $22.0 million, in line with our previous preliminary estimates – – Q3 Software and Managed Services Revenue of $14.7 and $7.3 million – – ARR of $63.3 million from 3,291 Total Software Products & Services Customers, including $48.3 million or 76% from subscription-based customers demonstrating diversified & stable revenue streams – – Completed restructuring through Q3 resulting in forecasted annualized savings of over 15% in operating expense from FY 2023 accelerating expected profitability into fiscal 2025 – – Completed divestiture of media agency in October 2024 for total consideration of up to $104 million, including $59.1 million of cash at closing and up to $18

      11/12/24 8:07:00 AM ET
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    • Ladenburg Thalmann initiated coverage on Veritone with a new price target

      Ladenburg Thalmann initiated coverage of Veritone with a rating of Buy and set a new price target of $6.00

      3/17/25 9:00:19 AM ET
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    • H.C. Wainwright initiated coverage on Veritone

      H.C. Wainwright initiated coverage of Veritone with a rating of Buy

      2/21/25 10:40:24 AM ET
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    • D. Boral Capital initiated coverage on Veritone with a new price target

      D. Boral Capital initiated coverage of Veritone with a rating of Buy and set a new price target of $4.50

      2/3/25 8:34:25 AM ET
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    $VERI
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Morales Francisco was granted 7,500 shares (SEC Form 4)

      4 - Veritone, Inc. (0001615165) (Issuer)

      3/26/25 7:54:48 PM ET
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    • SEC Form 3 filed by new insider Morales Francisco

      3 - Veritone, Inc. (0001615165) (Issuer)

      3/26/25 7:53:37 PM ET
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    • PRESIDENT AND CEO Steelberg Ryan was granted 240,000 shares, increasing direct ownership by 36% to 906,073 units (SEC Form 4)

      4 - Veritone, Inc. (0001615165) (Issuer)

      2/12/25 4:46:15 PM ET
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    $VERI
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • Steelberg Ryan bought $101,992 worth of shares (49,752 units at $2.05) (SEC Form 4)

      4 - Veritone, Inc. (0001615165) (Issuer)

      11/20/23 5:48:15 PM ET
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    $VERI
    Leadership Updates

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    • Veritone Announces Appointment of Francisco Morales to Board of Directors

      Executive Chairman of 5.11 Tactical brings Public Sector and global business operations expertise to Veritone Veritone, Inc. (NASDAQ:VERI), a leader in building human-centered enterprise AI solutions, today announced the appointment of Francisco J. Morales to its Board of Directors, to be effective March 20, 2025. Francisco J. Morales is the Co-founder and Executive Chairman of 5.11 Tactical and its former CEO. Founded in 2003, 5.11 Tactical is widely recognized as a global market leader in tactical apparel, footwear, and gear for law enforcement, military, and first responders, serving thousands of agencies and institutions worldwide. "I am pleased to welcome our new board member, Franc

      3/13/25 4:39:00 PM ET
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    • Veritone Appoints Gus Hunt Public Sector Advisor

      Former Central Intelligence Agency Chief Technology Officer assumes key role to advance Veritone's public sector initiatives Veritone, Inc. (NASDAQ:VERI), a leader in building human-centered enterprise AI solutions, today announced the appointment of Gus Hunt as an advisor for its public sector division. Hunt, a renowned technology and intelligence expert and former Chief Technology Officer for the U.S. Central Intelligence Agency (CIA), will provide strategic guidance to help Veritone enhance and expand its AI offerings for government and public sector clients. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240801233487/en/Ve

      8/1/24 7:00:00 AM ET
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    • Veritone Announces Appointment of Michael Keithley to Board of Directors

      Entertainment executive brings technology and global business strategy expertise to Veritone Veritone, Inc. (NASDAQ:VERI), a leader in building human-centered enterprise AI solutions, today announced that entertainment technology executive Michael Keithley, the former CIO of United Talent Agency and CIO/CTO of CAA, has been elected to its Board of Directors ("Board"). Mr. Keithley brings to the board a wealth of experience and expertise in emerging technologies, entertainment, cybersecurity, customer experience and corporate strategy. Mr. Keithley's appointment further solidifies Veritone's commitment to leveraging AI-powered solutions to empower leaders and talent in the media, entertain

      6/13/24 4:00:00 PM ET
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