The following is a summary of the Veritone, Inc. (VERI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Veritone reported Q1 2024 revenue of $31.6 million, up 4.5% from Q1 2023.

• The company's non-GAAP net loss improved by more than 20% to $7.6 million, outperforming its high-end guidance.

• Subscription-based Annual Recurring Revenue improved, generating $48.6 million out of the total ARR of $72.1 million.

• The company held cash and restricted cash of $91.7 million at the end of March, up from $80.3 million at the end of December 2023.

• Q2 revenue guidance has been set between $31 million and $32 million, indicating a 13% improvement year-over-year.

• For full year 2024, the company increased the base end of revenue guidance to between $136 million and $142 million, representing a 9% year-over-year increase.

Business Progress:

• Veritone launched its integrated AI consulting and services group, with a positive outlook for revenue growth from this new offering by 2024.

• Veritone Hire saw a near 10% increase in subscription-based ARR in Q1, showcasing the results of the Broadbean acquisition.

• The company made significant operational strides, securing several new business wins, executing 14 renewal deals in Q1, welcoming 19 new customers in the public sector and launching new AI solutions.

• The company aims to reach non-GAAP profitability as early as Q4 2024, showing substantial progress towards profitability.

• The company is scheduled to present at notable investor conferences including the 19th Annual Needham Technology, Media, & Consumer Conference and the EF Hutton Annual Global Conference in May 2024.

More details: Veritone IR

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