Business
Veritone Beats Top- and Bottom-Line Guidance with Record Q3 2020 Financial Results
Record Revenue of $15.7 Million, Up 18% Sequentially and 23% Year over Year Grew aiWARE SaaS Solutions Revenue to $3.4 Million, Up 43% Year over Year
About this update from Veritone, Inc.
[{"type":"text","content":"\n\nRecord Revenue of $15.7 Million, Up 18% Sequentially and 23% Year over Year \n\n\nGrew aiWARE SaaS Solutions Revenue to $3.4 Million, Up 43% Year over Year \n\n\nRecognized Revenue of $0.4 Million and Bookings of Over $1.0 Million from New Veritone Energy Solutions \n\n\nIncreased Gross Profit to $11.2 Million, Up 30% Year over Year \n\n\nImproved GAAP Net Loss to $11.0 Million, a 22% Increase Year over Year \n\n\nPosted Non-GAAP Net Loss of $4.3 Million, an Improvement of 56% Year over Year \n\n\nRecorded First Time Non-GAAP Net Income from Core Operations of $0.4 Million, an Improvement of 111% Year over Year \n\n\n COSTA MESA, Calif.--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI), a leading provider of artificial intelligence (AI) technology and solutions, today reported results for the three months ended September 30, 2020.\n\nVeritone reported record revenue of $15.7 million for the third quarter of 2020, reflecting record contributions from Advertising and aiWARE SaaS Solutions. GAAP net loss was $11.0 million and non-GAAP net loss was $4.3 million, improving $3.2 million and $5.4 million, respectively, compared with the third quarter of 2019.\n\n“Across the board, the team performed with skill and agility, helping our customers improve their businesses and build resilience in these challenging times through the adoption of our cutting-edge artificial intelligence solutions, anchored by our powerful aiWARE platform,” said Chad Steelberg, Chairman and CEO of Veritone. “Third quarter revenue increased by 23% year over year and 18% sequentially. Our momentum was boosted by our timely and well received move into aiWARE solutions for energy, which complement our growing presence in the media and entertainment and government, legal and compliance markets.”\n\nRyan Steelberg, President of Veritone added, “Our team performed extremely well in the third quarter, with revenue from each vertical exceeding the expectations we had coming into the quarter. The 43% year-over-year growth in our aiWARE SaaS business reflects both our increasing traction in the government, legal and compliance markets and initial revenue from the energy market. Both of these markets hold enormous potential for Veritone, and we are driving hard to meet the increasing demand for our solutions.”\n\nRecent Business Highlights\n\n\nLaunched Veritone Energ...