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Sep 30, 2021
Veritone Q3 2021 Earnings Report
Veritone's Q3 2021 results were announced, featuring record revenue and growth in Software Products & Services, driven by the acquisition of PandoLogic.
Key Takeaways
Veritone reported record revenue of $22.7 million, a 44% increase year-over-year, driven by Software Products & Services growth and the acquisition of PandoLogic. The company's GAAP net loss was $11.4 million, while non-GAAP net loss improved to $2.3 million. Veritone raised its full-year 2021 guidance, expecting revenue to be in the range of $103.0 million to $105.5 million.
Record revenue of $22.7 million, up 44% year-over-year.
Software Products & Services revenue grew to $9.0 million, up 169% year-over-year.
Gross profit increased to $16.8 million, up 50% year-over-year.
Non-GAAP net loss improved by 46% year-over-year to $2.3 million.
Veritone
Veritone
Forward Guidance
Management increased its full year 2021 guidance, reflecting the expedient acquisition and efficient integration of PandoLogic. Fourth Quarter 2021 Revenue is expected to be in the range of $43.8 million to $45.3 million, representing a 165% increase year over year at the midpoint. Non-GAAP net income is expected to be in the range of $8.5 million to $10.0 million, versus a non-GAAP net loss of $3.9 million in the fourth quarter of 2020. The Company increased its 2021 revenue expectations to be in the range of $103.0 million to $105.5 million, representing a 81% increase year over year at the midpoint. The Company narrowed its 2021 non-GAAP net loss expectations to be in the range of $1.5 million to breakeven, versus a non-GAAP net loss of $20.6 million in 2020.
Positive Outlook
- Fourth Quarter 2021 Revenue is expected to be in the range of $43.8 million to $45.3 million, representing a 165% increase year over year at the midpoint.
- Non-GAAP net income is expected to be in the range of $8.5 million to $10.0 million, versus a non-GAAP net loss of $3.9 million in the fourth quarter of 2020.
- The Company increased its 2021 revenue expectations to be in the range of $103.0 million to $105.5 million, representing a 81% increase year over year at the midpoint.
- The Company narrowed its 2021 non-GAAP net loss expectations to be in the range of $1.5 million to breakeven, versus a non-GAAP net loss of $20.6 million in 2020.
- Expedient acquisition and efficient integration of PandoLogic.