Business
Veritone Reports Financial Results for the Fourth Quarter and Full Year 2019
Q4 2019 SaaS Revenues Grew 22% Sequentially; Revenue Growth and Adjusted EBITDAS Improvement Exceeded Expectations COSTA MESA, Calif.--(BUSINESS WIRE)--
About this update from Veritone, Inc.
[{"type":"text","content":"\nQ4 2019 SaaS Revenues Grew 22% Sequentially; Revenue Growth and Adjusted EBITDAS Improvement Exceeded Expectations\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 fourth quarter and year ended December 31, 2019.\n\n\n“The Veritone team delivered better than expected results in the fourth quarter of 2019, with strength in aiWARE SaaS and Advertising offsetting the normal seasonal softness in content licensing,” said Chad Steelberg, CEO and Chairman of Veritone. “The business realignment we implemented in November is already yielding streamlined product development and improved customer engagement, and our initiatives to improve margins, reduce costs and accelerate our path toward profitability are ahead of schedule and tracking to the high end of our expectations. We are off to a strong start in 2020, and our pipeline of new opportunities leads us to expect solid growth this year across all of our businesses.”\n\n\nRyan Steelberg, President of Veritone, said, “In the fourth quarter, we posted record net revenues in both aiWARE SaaS and Advertising, which were up 18% to $2.9 million and up 9% to $6.5 million, respectively, on a year-over-year basis. Our SaaS bookings continued to reach all-time highs, with several of our license agreements now extending over multiple years. Our Advertising business has continued its strong momentum so far in 2020, with a number of customer renewals and expansions in addition to new business, and we expect our recently launched VeriAds offering to accelerate the revenue growth and cash generation in this business throughout this year as it continues to develop. In addition, we plan to continue to expand our content licensing business, both through increased licensing of our existing content libraries and the addition of new libraries. We are pleased with our progress to date on our more streamlined and targeted approach to growing our business. More than ever, we believe that our business realignment and recent enhancements to aiWARE will accelerate our long-term revenue growth and cash flow improvement.”\n\n\nFourth Quarter 2019 Financial Highlights: \n\n\n\nNet revenues grew 14% to $12.4 million, compared with $10.9 million in Q4 of 2018.\n\n\naiWARE SaaS net rev...