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Sep 30, 2024
Veritone Q3 2024 Earnings Report
Veritone's Q3 2024 results were reported, with revenue of $22.0 million and strategic divestiture of media agency completed.
Key Takeaways
Veritone reported Q3 2024 revenue of $22.0 million, a 21% decrease compared to Q3 2023. The company completed the divestiture of its media agency in October 2024, focusing on becoming a pure-play enterprise AI company. They announced fiscal 2025 business outlook with up to 30% year over year forecasted revenue growth and over 45% forecasted improvement in Non-GAAP Net Loss as compared to fiscal 2024 guidance led by over $100 million in sales pipeline at Q3 2024
Revenue was $22.0 million, down 21% year-over-year.
Software Products and Services revenues were $14.7 million, a decrease of 28% compared to Q3 2023.
Managed Services revenue was $7.3 million, compared to $7.6 million in Q3 2023.
Completed restructuring through Q3 resulting in forecasted annualized savings of over 15% in operating expense from FY 2023 accelerating expected profitability into fiscal 2025
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Veritone provided full year 2024 and full year 2025 guidance.
Positive Outlook
- Revenue is expected to be in the range of $92.5 million to $93.5 million for full year 2024.
- Non-GAAP net loss is expected to be in the range of $(37.5) million to $(36.5) million for full year 2024.
- Revenue is expected to be in the range of $107.0 million to $122.0 million for fiscal 2025.
- Non-GAAP net loss is expected to be in the range of $(25.0) million to $(15.0) million for fiscal 2025.
- Up to 30% year over year forecasted revenue growth in 2025
Challenges Ahead
- Revenue is expected to be in the range of $92.5 million to $93.5 million, as compared to $100.0 million for the full year of 2023
- Non-GAAP net loss is expected to be in the range of $(37.5) million to $(36.5) million, compared to non-GAAP net loss of $(45.5) million for the full year of 2023.
- Non-GAAP net loss is expected to be in the range of $(25.0) million to $(15.0) million, compared to non-GAAP net loss midpoint of $(37.0) million for fiscal 2024.
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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