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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