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Jun 30, 2021
Veritone Q2 2021 Earnings Report
Reported record Q2 results and raised guidance for fiscal year 2021.
Key Takeaways
Veritone reported a record revenue of $19.2 million in Q2 2021, up 45% year over year, driven by strong growth in aiWARE SaaS Solutions and Advertising. The company's GAAP net loss was $12.7 million, while non-GAAP net loss improved to $3.9 million. Veritone also raised its full year 2021 guidance, increasing midpoints in revenue from $81 million to $100 million and in Non-GAAP Net Loss from $15.5 million to $7.0 Million.
aiWARE SaaS Solutions revenue increased 86% year-over-year.
Gross profit increased 47% year over year to $14.0 million.
Non-GAAP net loss improved 32% year-over-year to $3.9 million.
Signed a definitive agreement to acquire PandoLogic Ltd, an intelligent hiring platform.
Veritone
Veritone
Forward Guidance
The company expects revenue to be in the range of $21.5 million to $22.5 million for Q3 2021, representing a 40% increase year over year at the midpoint. Non-GAAP net loss is expected to be in the range of $4.5 million to $3.5 million, representing a 7% improvement year over year at the midpoint. For full year 2021, revenue expectations are increased to be in the range of $96.5 million to $103.5 million, representing a 73% increase year over year at the midpoint with aiWARE SaaS Solutions revenue expected to grow over 200% year over year. The company narrowed its 2021 non-GAAP net loss expectations to be in the range of $8.5 million to $5.5 million, representing a 66% improvement year over year at the midpoint.
Positive Outlook
- Revenue is expected to increase by 40% year-over-year in Q3 2021.
- Non-GAAP net loss is expected to improve by 7% year-over-year in Q3 2021.
- Full year 2021 revenue is expected to increase by 73% year-over-year.
- aiWARE SaaS Solutions revenue is expected to grow over 200% year-over-year in 2021.
- 2021 non-GAAP net loss expectations are narrowed, representing a 66% improvement year-over-year.
Challenges Ahead
- Net loss is expected to be between $10.9 million and $9.9 million for Q3 2021
- Full year net loss is expected to be between $56.9 million and $53.9 million
- Acquisition of PandoLogic is subject to customary closing conditions and is expected to finalize by late September 2021.
- The company outlook assumes the completion of the PandoLogic in late September 2021.
- Forward-looking statements are based on management's current assumptions, beliefs and information and are subject to various factors that could cause actual results to differ materially.