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Mar 31, 2023
Veritone Q1 2023 Earnings Report
Reported disciplined growth through strategic priorities execution and demand for AI solutions.
Key Takeaways
Veritone's Q1 2023 revenue was $30.3 million, a 12% decrease compared to Q1 2022. The company grew ending software customers by 19% year-over-year to 667 and increased total new bookings by 57% to $15.0 million. The company is executing against strategic plan to improve operating structure.
Total revenue was $30.3 million, a decrease of 12% year-over-year.
Software revenue was $14.1 million.
Ending software customers grew 19% year-over-year to 667.
Total new bookings increased 57% year-over-year to $15.0 million.
Forward Guidance
Veritone expects Q2 2023 revenue to be in the range of $32.0 million to $34.0 million, compared to $34.2 million in Q2 2022. Non-GAAP net loss is expected to be in the range of $8.5 million to $6.5 million, compared to $7.2 million in Q2 2022. Full year 2023 revenue is expected to be in the range of $158 million to $166 million, compared to $149.7 million in 2022. Non-GAAP net loss is expected to be in the range of $7.0 million to $2.0 million, compared to $15.9 million in 2022.
Positive Outlook
- Revenue is expected to be in the range of $32.0 million to $34.0 million for Q2 2023.
- Full year 2023 revenue is expected to be in the range of $158 million to $166 million.
- Non-GAAP net loss is expected to be in the range of $7.0 million to $2.0 million for full year 2023.
- Company remains on plan to divest its Energy Group before the end of Q2 2023.
- Executed on $10.8 million or close to 80% of the $12 to $15 million in annualized strategic cost reduction initiatives announced in Q1 2023.
Challenges Ahead
- Revenue is expected to be in the range of $32.0 million to $34.0 million for Q2 2023 as compared to $34.2 million in the second quarter of 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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