Business
Veritone Reports Fourth Quarter and Fiscal Year 2022 Results
- Fiscal Year 2022 Revenue of $149.7 Million, Up 30% Year Over Year - - Grew Ending Software Customers to 642, Up 21% Year over Year - - Record New Bookings
About this update from Veritone, Inc.
[{"type":"text","content":"\n- Fiscal Year 2022 Revenue of $149.7 Million, Up 30% Year Over Year -\n\n- Grew Ending Software Customers to 642, Up 21% Year over Year -\n\n- Record New Bookings in Q4 2022 of $20.0 Million, Up 141% Year over Year -\n\n- Retired $60 Million of Debt in Q4 2022 in exchange for $39 Million of Cash -\n\n- Ended 2022 with $184 Million in Cash and Cash Equivalents(1) -\n\n DENVER--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI), creator of aiWARE™, and a leader in enterprise AI software and services, today reported results for the fourth quarter and fiscal year ended December 31, 2022.\n\nRyan Steelberg, CEO & President of Veritone commented, “Veritone made significant strategic progress in 2022 and positioned the company for disciplined growth. Q4 new bookings reached another record of $20 million, up 141% year over year. Our year over year customer count grew 21% to 642 and our Gross Revenue Retention continued to be strong in the high 90th percentiles, providing a resilient foundation. As new management, we plan to capitalize on this customer-based momentum in 2023. We will continue to responsibly invest in growing the business while also leveraging our partners to expand market opportunities.”\n\nFull Year 2022 Financial Highlights:\n\n\nRevenue of $149.7 million, an increase of $34.4 million or 30% year over year on a GAAP basis and 1% on a Pro Forma basis.\n\n\nLoss from operations of $38.0 million, an improvement $23.4 million or 38% year over year.\n\n\nNon-GAAP gross profit of $122.3 million, an increase of $29.1 million or 31% year over year.\n\n\nNet loss of $25.2 million, an improvement of $39.4 million or 61% year over year on a GAAP basis.\n\n\nNon-GAAP Net Loss of $15.9 million, as compared to Non-GAAP Net Income of $6.8 million in fiscal year 2022.\n\n\nCash and cash equivalents(1) were $184.4 million as of December 31, 2022, as compared to $254.7 million as of December 31, 2021.\n\n\nFiscal Quarter Q4 Financial Highlights:\n\n\nRevenues of $43.9 million, a decrease of $11.3 million or 20% year over year.\n\n\nLoss from operations of $10.0 million, a decline of $2.9 million or 40% year over year.\n\n\nNon-GAAP gross profit of $37.2 million, a decrease of $11.7 million or 24% year over year.\n\n\nOn a GAAP basis, Net Income was $5.0 million, an improvement of $14.9 million from a Net Loss of $9.9 million in Q4 2022,...