Veritone Q3 2023 Earnings Report
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.
Veritone
Veritone
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.