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Mar 31, 2020
Veritone Q1 2020 Earnings Report
Veritone's financial performance was reported for Q1 2020, showing resilience amidst the COVID-19 pandemic.
Key Takeaways
Veritone reported a decrease in net revenues to $11.9 million, a 1.8% decrease compared to Q1 2019. However, aiWARE SaaS net revenues increased by 13% year-over-year, and the company managed to improve its loss from operations and net loss compared to the previous year.
Net revenues decreased by 1.8% year-over-year to $11.9 million.
aiWARE SaaS net revenues increased 13% year-over-year to a record $3.1 million.
Advertising net revenues were $6.0 million, impacted by COVID-19.
Loss from operations improved $3.7 million to $12.8 million.
Veritone
Veritone
Forward Guidance
For the second quarter ending June 30, 2020, Veritone expects total net revenues to be in the range of $11.8 million to $12.2 million, and non-GAAP net loss to be in the range of $6.5 million to $6.1 million.
Positive Outlook
- Expects a rebound in its Advertising businesses.
- New client wins.
- Growth in its VeriAds business.
Challenges Ahead
- Cancellations and delays of sporting events impacting its content licensing business.
- Slowness in film and television production impacting its content licensing business.
- Some delays in certain expected SaaS revenues due to the economic shutdown.