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Jun 30, 2022
Veritone Q2 2022 Earnings Report
Veritone's Q2 2022 financial results were reported, showing significant revenue growth and strategic investments in aiWARE.
Key Takeaways
Veritone reported a 78% year-over-year increase in revenue, reaching $34.2 million. The company also saw a 42% pro forma increase in customer count and record new bookings of $14.6 million, up 197% year-over-year. Despite the growth, Veritone experienced a GAAP net loss of $3.2 million and a non-GAAP net loss of $7.2 million.
Revenue increased by 78% year-over-year to $34.2 million.
Software Products & Services revenue increased by 229% year-over-year to $18.4 million.
Managed Services revenue grew by 16% year-over-year to $15.9 million.
Total new bookings reached a record $14.6 million, representing a 197% increase year-over-year.
Veritone
Veritone
Forward Guidance
Veritone expects revenue to be in the range of $34 million to $36 million for Q3 2022, and between $150 million and $160 million for the full year 2022. The company anticipates a non-GAAP net loss in the range of $6 million to $7 million for Q3 2022, and between $10 million and $15 million for the full year 2022.
Positive Outlook
- Revenue is expected to be in the range of $34 million to $36 million, as compared to $22.7 million in the third quarter of 2021.
- Revenue is expected to be in the range of $150 million to $160 million, as compared to $115.3 million in 2021.
Challenges Ahead
- Non-GAAP net loss is expected to be in the range of $7 million to $6 million, as compared to $2.3 million in the third quarter of 2021.
- Non-GAAP net loss is expected to be in the range of $15 million to $10 million, as compared to non-GAAP net income of $6.8 million in 2021.