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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
Veritone
Veritone
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 of $22.0 million, a decrease of 21% compared to Q3 2023.
- Annual Recurring Revenue (“ARR”) of $63.3 million, down from $89.3 million in Q3 2023