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Mar 31, 2022
Veritone Q1 2022 Earnings Report
Veritone reported first quarter results with GAAP revenue up 88%, Pro Forma revenue up 45%, and new bookings up 292%.
Key Takeaways
Veritone's Q1 2022 results showed strong growth, with GAAP revenue up 88% and Pro Forma revenue up 45%. The company's new bookings increased by 292%, and it held $237.6 million in cash and cash equivalents.
GAAP revenue increased 88% year over year to $34.4 million.
Software Products & Services Revenue increased 288% year over year to $18.2 million.
Gross profit increased 104% year over year to $27.5 million.
Cash and cash equivalents were $237.6 million at March 31, 2022.
Veritone
Veritone
Forward Guidance
Veritone expects revenue to be in the range of $38.0 million to $39.0 million for Q2 2022, and non-GAAP net loss to be in the range of $3.5 million to $2.5 million. For the full year 2022, revenue is expected to be in the range of $180.0 million to $190.0 million, and non-GAAP net income is expected to be in the range of $10.0 million to $17.0 million.
Positive Outlook
- Revenue is expected to be in the range of $38.0 million to $39.0 million for Q2 2022.
- Full year 2022 revenue is expected to be in the range of $180.0 million to $190.0 million.
- Non-GAAP net loss is expected to be in the range of $3.5 million to $2.5 million for Q2 2022.
- Full year 2022 non-GAAP net income is expected to be in the range of $10.0 million to $17.0 million.
- Veritone maintains a rapidly growing pipeline of business.
Challenges Ahead
- The economic disruption caused by the COVID-19 pandemic and the Russian invasion of Ukraine.
- The company’s ability to achieve broad recognition and customer acceptance of its products and services.
- The company’s ability to continue to develop and add additional capabilities and features to its aiWARE operating system.
- The development of the market for cognitive analytics solutions.
- Future economic, competitive and market conditions, particularly those related to its strategic end markets.