COSTA MESA, Calif. — May 8, 2019 — Veritone, Inc. (Nasdaq: VERI), a leading provider of artificial intelligence (AI) technology and solutions, today reported results for the first quarter ended March 31, 2019.
Chad Steelberg, CEO and Chairman of Veritone, commented: "During the first quarter, we delivered strong top line growth across the board, resulting in record net revenues of $12.1 million, above the high end of our guidance range. Advertising net revenues were up 83%, and aiWARE SaaS revenues were up 117%, versus the first quarter of 2018, reflecting both the contributions of our recent acquisitions and organic growth."
First Quarter 2019 Financial Highlights:
Net revenues increased 177% to $12.1 million, compared with $4.4 million in Q1 2018.
Generated net revenues of over $400,000 from Government market customers, the Company's first quarter with meaningful revenue from this market.
Adjusted EBITDAS loss rate improved to 77%, compared with 82% in Q4 2018 and 233% in Q1 2018.
Cash and cash equivalents and marketable securities were $50.9 million at the end of the quarter.
Recent Business Highlights:
Received a 2019 NAB Product of the Year Award in the Best New Radio Technology category for Attribute, Veritone's near real-time media attribution solution.
Received Federal Risk and Authorization Management Program (FedRAMP) Authorization for the aiWARE Government platform. The Department of Justice (DOJ) served as Veritone's initial sponsor agency partner, and aiWARE Government is now available in the FedRAMP Marketplace for additional federal agencies to use.
Launched aiWARE 2.0, enhancing features and adding new customization tools to the world's first operating system for AI. Ready for an even wider range of use cases, aiWARE 2.0 boasts a real-time processing framework, expanded cognitive capabilities, new electronic document support, structured and unstructured data support, and advanced customization options, as well as multiple industry-specific turnkey applications.
To read the full press release, please visit investors.veritone.com.
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About Veritone
Veritone (Nasdaq: VERI) is a leading provider of artificial intelligence (AI) technology and solutions. The company's proprietary operating system, aiWARE™, orchestrates an expanding ecosystem of machine learning models to transform audio, video, and other data sources into actionable intelligence. aiWARE can be deployed in a number of environments and configurations to meet customers' needs. Its open architecture enables customers in the media and entertainment, legal and compliance, and government sectors to easily deploy applications that leverage the power of AI to dramatically improve operational efficiency and effectiveness. Veritone is headquartered in Costa Mesa, California, with over 300 employees, and has offices in Denver, London, New York, San Diego, and Seattle. To learn more, visit Veritone.com.
Product or service names mentioned herein are the trademarks of their respective owners.
*This release was updated on May 10, 2019 to reflect the appropriate contact.
Veritone Investor Relations Contact:
Mary Magnani or Kirsten Chapman
LHA
(415) 433-3777
veri@lhai.com
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