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Dec 31, 2020
Veritone Q4 2020 Earnings Report
Veritone's Q4 2020 earnings beat top- and bottom-line guidance with record results, driven by significant year-over-year growth in aiWARE SaaS Solutions and Advertising revenue.
Key Takeaways
Veritone reported record Q4 revenue of $16.8 million, a 35% increase year-over-year, with aiWARE SaaS Solutions and Advertising revenues growing significantly. The company improved its GAAP net loss by 17% and non-GAAP net loss by 51% year-over-year. They also recorded Non-GAAP Net Income from Core Operations of $1.1 Million.
aiWARE SaaS Solutions and Advertising Revenue each up over 50% Year over Year
Record Q4 Revenue of $16.8 Million, Up 35% Year over Year
Increased Q4 Gross Profit 43% Year over Year to $12.7 Million
Improved Q4 GAAP Net Loss 17% Year over Year to $12.4 Million
Veritone
Veritone
Forward Guidance
Veritone expects revenue to range from $17.0 million to $17.5 million and non-GAAP net loss to range from $4.4 million to $3.9 million for the first quarter of 2021. Full year 2021 revenue is expected to be in the range of $76.0 million to $81.0 million and non-GAAP net loss is expected to be in the range of $18.0 million to $14.0 million.
Positive Outlook
- Revenue is expected to range from $17.0 million to $17.5 million, representing a 45% increase year over year at the midpoint.
- Non-GAAP net loss is expected to range from $4.4 million to $3.9 million, representing a 38% improvement year over year at the midpoint.
- Revenue is expected to be in the range of $76.0 million to $81.0 million, representing a year-over-year increase of 36% at the midpoint and over 40% at the high end.
- aiWARE SaaS Solutions revenue is expected to grow 60% to 65% year over year.
- Non-GAAP net loss is expected to be in the range of $18.0 million to $14.0 million, representing a 22% improvement year over year at the midpoint.
Challenges Ahead
- Management also expects to record a one-time, non-cash charge of approximately $16.2 million for stock-based compensation expense related to the vesting of its performance-based stock options.
- Management also expects to record a one-time charge of approximately $4.5 million associated with the sublease of its former corporate headquarters facility in Costa Mesa, California, which includes non-cash write-downs of approximately $1.9 million.
- Net loss ($31.5) to ($31.0) millions
- Lease abandonment $4.5 millions
- Non-GAAP net loss ($4.4) to ($3.9) millions