Veritone ( (VERI) ) has released its Q4 earnings. Here is a breakdown of the information Veritone presented to its investors.
Veritone, Inc. is a company specializing in human-centered AI solutions, serving industries such as media, entertainment, public sector, and talent acquisition. The company is known for its enterprise AI platform, aiWARE, which transforms data into actionable intelligence.
Veritone reported its financial results for the fourth quarter and fiscal year 2024, noting a total revenue of $92.6 million for the year, which aligns with its outlook. The company highlighted its strategic initiatives, including the divestiture of its media agency and the launch of its Veritone Data Refinery offering.
Key financial metrics showed a 7% year-over-year decrease in annual revenue, primarily due to lower consumption from commercial enterprise customers like Amazon. Software Products and Services revenue fell by 11%, while Managed Services revenue remained flat. The company also reported a net loss of $37.4 million for the year, an improvement from the previous year’s loss.
In terms of strategic announcements, Veritone completed the sale of its media agency for up to $104 million and raised funds through a stock offering and an ATM facility. The company also launched new solutions and partnerships in both the commercial and public sectors, aiming to expand its market reach and enhance its AI capabilities.
Looking ahead, Veritone’s management anticipates revenue growth in 2025, with expectations of reaching between $107 million and $122 million. The company aims to leverage its AI solutions to drive growth, particularly in the public sector, and improve its financial performance by reducing its net loss compared to 2024.