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Mar 31, 2021
Veritone Q1 2021 Earnings Report
Veritone exceeded top- and bottom-line guidance and reported record revenue.
Key Takeaways
Veritone reported record revenue of $18.3 million for Q1 2021, a 54% increase year-over-year. The growth was driven by strong contributions from aiWARE SaaS Solutions and Advertising. GAAP net loss was $30.6 million, while non-GAAP net loss improved to $3.9 million.
Posted record revenue of $18.3 million, up 54% year over year.
aiWARE SaaS Solutions and Advertising revenues grew to $4.7 million and $10.3 million, respectively.
Gross profit increased 56% year over year to $13.5 million.
Non-GAAP net loss improved 41% year over year to $3.9 million.
Veritone
Veritone
Forward Guidance
Veritone provided guidance for Q2 2021 and full year 2021.
Positive Outlook
- Revenue is expected to be in the range of $18.8 million to $19.2 million for Q2 2021, representing a 43% increase year over year at the midpoint.
- Non-GAAP net loss is expected to be in the range of $5.0 million to $4.5 million for Q2 2021, representing a 17% improvement year over year at the midpoint.
- The Company increased its 2021 revenue expectations to be in the range of $78.5 million to $83.5 million, representing a year-over-year increase of over 40% at the midpoint.
- aiWARE SaaS Solutions revenue is expected to grow over 65% year over year in 2021.
- The Company narrowed its 2021 non-GAAP net loss expectations to be in the range of $17.0 million to $14.0 million, representing a 25% improvement year over year at the midpoint.