Veritone Reports First Quarter 2023 Results

About this update from Veritone, Inc.

[{"type":"text","content":"\n- Q1 Total Revenue and Software Revenue of $30.3 and $14.1 million, Respectively -\n\n\n- Grew Ending Software Customers to 667, Up 19% Year over Year -\n\n\n- Q1 Total New Bookings of $15.0 Million, Up 57% Year over Year -\n\n\n- Executing Against Strategic Plan to Improve Operating Structure -\n\n\n DENVER--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI), a leader in enterprise AI software and services, today reported results for the first quarter ended March 31, 2023.\n\n\n“Veritone drove disciplined growth through executing on our strategic priorities during the first quarter,” said Ryan Steelberg, CEO & President of Veritone. “We have clear differentiation in our key verticals, demonstrated by our new bookings momentum and record customer count. Today, demand for AI has never been higher. World-class companies are seeking our AI applications and solutions that deliver material insights from data sets and enhance workflows to drive growth and efficiency. Veritone is delivering on that demand and is on the right path to opportunistically scale operations while unlocking long-term shareholder value.”\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\nRevenues of $30.3 million, a decrease of $4.1 million or 12% compared to Q1 2022 on a GAAP basis driven by a decline in hiring solutions Software Products & Services.\n\n\n\nManaged Services revenue of $16.1 million, as compared to $16.2 million in Q1 2022.\n\n\n\nEnding Software Customers of 667, increasing 19% compared to Q1 2022 and 4% compared to Q4 2022.\n\n\n\nTotal New Bookings of $15.0 million, up 57% compared to Q1 2022.\n\n\n\nLoss from Operations of $23.4 million, as compared to a loss of $20.8 million in Q1 2022.\n\n\n\nNon-GAAP gross profit of $23.5 million, a decrease of $4.0 or 15% compared to Q1 2022 driven by the decline in Software Products and Services.\n\n\n\nNet Loss of $22.8 million, as compared to $22.1 million in Q1 2022.\n\n\n\nNon-GAAP Net Loss of $9.6 million, as compared to $5.2 million in Q1 2022.\n\n\n\nCash and cash equivalents(1) of $139.7 million on March 31, 2023, as compared to $184.4 million at December 31, 2022.\n\n\n\n\n(1)\n\n\nIncluding approximately $67.9 million of cash received from Managed Services clients for future payments to vendors.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nMarch 31,\n\...

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