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Mar 31, 2024
Veritone Q1 2024 Earnings Report
Veritone's Q1 2024 revenue outperformed guidance, driven by strong customer retention and strategic restructuring.
Key Takeaways
Veritone reported Q1 2024 revenue of $31.6 million, exceeding the high end of its guidance range. The company focused on restructuring efforts, which are expected to yield over $13.0 million in annualized savings and accelerate non-GAAP net income as early as Q4 2024. ARR reached $72.1 million.
Total revenue reached $31.6 million, outperforming the high end of guidance.
Total ARR (SaaS and Consumption) was $72.1 million from 3,384 total software products & services customers.
Total new bookings in Q1 amounted to $13.0 million.
Restructuring efforts are forecasted to result in over $13.0 million in annualized savings.
Veritone
Veritone
Veritone Revenue by Segment
Veritone Revenue by Geographic Location
Revenue by Segment
Software Products & Services Revenue
CapyFin.comManaged Services Revenue
CapyFin.comRevenue by Geographic Location
Commercial Enterprise Revenue
CapyFin.comPublic Sector Revenue
CapyFin.com Forward Guidance
Veritone anticipates revenue between $31.0 million and $32.0 million and a non-GAAP net loss between $5.5 million and $6.5 million for Q2 2024. For the full year 2024, revenue is projected to be between $136.0 million and $142.0 million, with a non-GAAP net loss between $11.0 million and $15.0 million.
Positive Outlook
- Revenue is expected to be in the range of $31.0 million to $32.0 million, as compared to $30.0 million in the second quarter of 2023.
- Non-GAAP net loss is expected to be in the range of $5.5 million to $6.5 million, compared to non-GAAP net loss of $13.0 million in the second quarter of 2023.
- Revenue is expected to be in the range of $136.0 million to $142.0 million, as compared to $127.6 million for fiscal 2023.
- Non-GAAP net loss is expected to be in the range of $11.0 million to $15.0 million, compared to non-GAAP net loss of $37.5 million for fiscal 2023.
- Q1 restructuring of organization resulted in over $13.0 million in forecasted annualized cost savings, accelerating non-GAAP net income to as early as Q4 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income