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Jun 30, 2024
Veritone Q2 2024 Earnings Report
Reported strong Q2 results with revenue in line with guidance and significant year-over-year improvements in operating loss and non-GAAP net loss driven by growth in AI software and services, advertising managed services, strategic partnerships, and cost restructuring actions.
Key Takeaways
Veritone reported Q2 2024 revenue of $31.0 million, aligning with guidance, and experienced significant year-over-year improvements in operating loss and non-GAAP net loss. The company secured 17 new Public Sector customers, achieved a record Public Sector sales pipeline exceeding $100 million, and finalized its largest contract to date with the NCAA.
Total revenue reached $31.0 million, an 11% increase compared to Q2 2023.
Software Products and Services revenues were $15.6 million, up 11% compared to GAAP revenue in Q2 2023.
Managed Services revenue increased by 11% to $15.4 million compared to Q2 2023, driven by advertising growth.
Total new bookings increased by 67% year-over-year to $14.0 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Veritone anticipates revenue between $34.0 million and $35.0 million and a non-GAAP net loss between $2.6 million and $4.0 million for Q3 2024. The company projects full-year revenue between $136.0 million and $142.0 million and a non-GAAP net loss between $11.0 million and $15.0 million for 2024.
Positive Outlook
- Expected revenue in the range of $34.0 million to $35.0 million for Q3 2024.
- Non-GAAP net loss is expected to be in the range of $2.6 million to $4.0 million for Q3 2024.
- Revenue is expected to be in the range of $136.0 million to $142.0 million for full year 2024.
- Non-GAAP net loss is expected to be in the range of $11.0 million to $15.0 million for full year 2024.
- Continued strong advertising momentum, with top-line media bookings increasing 12% year-over-year.
Challenges Ahead
- Revenue for Q3 2024 is expected to be lower compared to $35.1 million in Q3 2023.
- Annual Recurring Revenue decreased 37% year over year.
- Total Software Products & Services Customers decreased 7% year over year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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