Veritone Q4 2023 Earnings Report
Key Takeaways
Veritone's Q4 2023 results showed a decrease in revenue and software revenue compared to Q4 2022. However, net income increased due to gains from repurchases of convertible notes. The company is focusing on cost reductions and expects profitability to accelerate in the second half of 2024.
Total revenue decreased by 22.1% to $34.2 million compared to Q4 2022.
Software Products and Services revenues decreased by 27.2% to $19.8 million compared to Q4 2022.
Net Income increased to $12.2 million, as compared to $5.0 million in Q4 2022 due to gains from debt repurchases.
Annual Recurring Revenue (ARR) decreased to $82.1 million.
Veritone
Veritone
Veritone Revenue by Segment
Forward Guidance
Veritone anticipates Q1 2024 revenue to be between $30.5 million and $31.5 million, and a non-GAAP net loss between $7.0 million and $8.0 million. For the full year 2024, revenue is expected to be in the range of $134.0 million to $142.0 million, with a non-GAAP net loss between $11.0 million and $15.0 million.
Positive Outlook
- Revenue is expected to be in the range of $30.5 million to $31.5 million, as compared to $30.3 million in the first quarter of 2023.
- Non-GAAP net loss is expected to be in the range of $7.0 million to $8.0 million, compared to non-GAAP net loss of $9.6 million in the first quarter of 2023.
- Revenue is expected to be in the range of $134.0 million to $142.0 million, as compared to $127.6 million for fiscal 2023.
- Non-GAAP net loss is expected to be in the range of $11.0 million to $15.0 million, compared to non-GAAP net loss of $37.5 million for fiscal 2023.
- Announced restructuring of organization in Q1 2024, resulting in forecasted annualized savings of 15% of operating expenses, accelerating projected near-term cash flow profitability to as early as Q4 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income