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Sep 30, 2023
Veritone Q3 2023 Earnings Report
Reported a decrease in revenue and an increase in net loss compared to the same quarter last year, but also highlighted progress in strategic initiatives and cost savings.
Key Takeaways
Veritone reported Q3 2023 revenue of $35.1 million, a 6% decrease year-over-year, and a net loss of $20.9 million, compared to a net loss of $4.9 million in Q3 2022. The company highlighted progress in strategic initiatives, partnerships, and over $24 million in annualized cost savings year-to-date.
GAAP revenue was $35.1 million, a 6% decrease compared to Q3 2022.
Software revenues were $20.4 million, a 29% decrease compared to pro forma Q3 2022.
Managed Services revenue was $14.8 million, compared to $16.4 million in Q3 2022.
Annual Recurring Revenue (ARR) was $98.6 million, down 24% compared to Q3 2022.
Forward Guidance
Veritone expects Q4 2023 revenue to be in the range of $33.0 million to $34.5 million, and non-GAAP net loss to be in the range of $5.5 million to $6.5 million. Full year 2023 revenue is expected to be in the range of $126.4 million to $128.0 million, and non-GAAP net loss is expected to be in the range of $36.0 million to $37.0 million.
Challenges Ahead
- Revenue is expected to be in the range of $33.0 million to $34.5 million, as compared to $43.9 million in the fourth quarter of 2022.
- 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 $2.2 million in the fourth quarter of 2022.
- Revenue is expected to be in the range of $126.4 million to $128.0 million, as compared to $149.7 million for fiscal 2022.
- Non-GAAP net loss is expected to be in the range of $36.0 million to $37.0 million, compared to non-GAAP net loss of $15.9 million for fiscal 2022.
Historical Earnings Impact
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