Business
Veritone Beats Top and Bottom Line Guidance with Record Q3 Results, Raises Guidance for Fiscal 2021
- Q3 Software Product & Services Revenue Up 169% Year over Year - Generated Record Revenue of $22.7 Million, Up 44% Year over Year Grew Software Products &
About this update from Veritone, Inc.
[{"type":"text","content":"\n- Q3 Software Product & Services Revenue Up 169% Year over Year - \n\n\nGenerated Record Revenue of $22.7 Million, Up 44% Year over Year\n\n\nGrew Software Products & Services Revenue to $9.0 Million, Up 169% Year over Year\n\n\nIncreased Gross Profit to $16.8 Million, Up 50% Year over Year\n\n\nReported GAAP Net Loss of $11.4 Million, Compared to $11.0 Million in Q3 2020\n\n\nPosted Non-GAAP Net Loss of $2.3 Million, a 46% Improvement Year over Year\n\n\nRaised Full Year 2021 Guidance, Increasing Revenue Midpoint to $104.3 Million and Improving Non-GAAP Net Loss Midpoint to $0.8 Million\n\n\nClosed and Integrated the Acquisition of PandoLogic Ltd., an AI-Enabled Recruitment Platform Company\n\n\n DENVER--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI), creator of aiWARE, a hyper-expansive Enterprise AI platform, today reported results for the third quarter ended September 30, 2021.\n\nVeritone reported record revenue of $22.7 million for the third quarter of 2021, reflecting its sixth consecutive record quarter, driven by greater than 40% growth from its organic Software Products & Services as well as contributions from PandoLogic Ltd., the AI-enabled recruitment platform company acquired on September 14, 2021. For the third quarter of 2021, GAAP net loss was $11.4 million. Non-GAAP net loss was $2.3 million, improving $2.0 million compared with the third quarter of 2020.\n\n“Veritone’s third quarter of 2021 was transformative financially and operationally,” said Chad Steelberg, Chairman and CEO of Veritone. “We acquired PandoLogic, which with just two weeks’ contribution helped drive 44% top line growth year-over-year. Our integration is delivering synergies and providing us confidence to raise our full year 2021 revenue guidance, the midpoint of which represents over 80% growth compared to 2020.”\n\nThe Company’s performance reflects a maturing platform with its more comprehensive suite of Software Products & Services (including PandoLogic) and Managed Services. Accordingly, management has presenting its revenue to report as between these categories as well as by its Commercial Enterprise and Government & Regulated Industries (GRI) customer groups.\n\nRyan Steelberg, President of Veritone added, “We expect to finish 2021 positioned stronger than ever. As a recognized leader in the AI and machine learning ecosystem, Veriton...