Business
Veritone Exceeds Top- and Bottom-Line Guidance for Q1 2021, Reporting Record Revenue up 54% Year over Year
Q1 aiWARE SaaS Solutions and Advertising Revenue up 51% and 72% year over year, respectively Posted Record Revenue in Q1 of $18.3 Million, Up 54% Year over
About this update from Veritone, Inc.
[{"type":"text","content":"\nQ1 aiWARE SaaS Solutions and Advertising Revenue up 51% and 72% year over year, respectively\n\n\nPosted Record Revenue in Q1 of $18.3 Million, Up 54% Year over Year \n\n\nGrew Q1 aiWARE SaaS Solutions and Advertising Revenues to $4.7 Million and $10.3 Million, Respectively\n\n\nIncreased Q1 Gross Profit 56% Year over Year to $13.5 Million\n\n\nGAAP Net Loss in Q1 of $30.6 Million, including $25.0 Million of Charges Related to Stock-based Compensation and a Facility Sublease\n\n\nImproved Q1 Non-GAAP Net Loss 41% Year over Year to $3.9 Million\n\n\nImproved Full Year 2021 Guidance \n\n\n \n\n DENVER--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI), a leading provider of artificial intelligence (AI) technology and solutions, today reported results for the first quarter ended March 31, 2021.\n\nVeritone reported record revenue of $18.3 million for the first quarter of 2021, reflecting its fourth consecutive quarter of record contributions from aiWARE SaaS Solutions and Advertising. For the first quarter of 2021, GAAP net loss was $30.6 million, including $21.6 million in non-cash stock-based compensation expenses and $3.4 million in one-time charges related to a facility sublease. Non-GAAP net loss was $3.9 million, improving $2.8 million compared with the first quarter of 2020.\n\n“With a tremendous start to 2021, Veritone is in the strongest position in our history. We have over $125 million in cash, no debt and a rapidly growing pipeline,” said Chad Steelberg, Chairman and CEO of Veritone. “Our total year-over-year revenue growth accelerated to 54% in Q1, compared with 35% in Q4. Underpinning this growth, and everything we do at Veritone, is aiWARE, the world’s leading operating system for AI. aiWARE’s unique architecture enables unparalleled scalability and deployment flexibility, delivering over 500 machine learning models, dozens of applications and a developer suite that accelerates enterprise AI adoption. The market is rapidly shifting their focus to aiWARE, as more and more organizations come to realize the need for an operating system for their machine learning applications and solutions.”\n\nRyan Steelberg, President of Veritone, added, “The first quarter was truly exceptional. Our AI-driven advertising business grew 72% year over year, and our aiWARE SaaS business grew 51% year over year, with particular strength fr...