Business
Veritone Reports Fourth Quarter and Fiscal Year 2023 Results
– Fiscal Year 2023 Revenue of $127.6 Million, in line with previously stated guidance – – Q4 Total Revenue and Software Revenue of $34.2 and $19.8 million –
About this update from Veritone, Inc.
[{"type":"text","content":"\n– Fiscal Year 2023 Revenue of $127.6 Million, in line with previously stated guidance –\n\n\n– Q4 Total Revenue and Software Revenue of $34.2 and $19.8 million –\n\n\n– ARR(1) of $82.1 million from 3,460 Total Software Products & Services Customers(1), including $48 million or 58% from subscription-based customers(1) demonstrating diversified & stable revenue streams –\n\n\n– Announced restructuring in Q1 2024 resulting in forecasted annualized savings of over 15% in operating expense accelerating profitability into the second half of 2024 –\n\n\n– Closed $77.5 million four-year Senior Secured Term Debt facility, using $37.5 million of proceeds to repurchase $50.0 million of November 2026 Convertible notes and ended December 2023 with cash and cash equivalents of $79.4 million –\n\n\n DENVER--(BUSINESS WIRE)--\nVeritone, Inc. (Nasdaq: VERI) (“the Company”), a leader in designing human-centered AI solutions, today reported results for the fourth quarter and fiscal year ended December 31, 2023.\n\n\n“I am pleased with our performance in the fourth quarter, and extremely excited about our prospects for 2024. For the balance of the past year, we executed and progressed against the strategic initiatives we set in motion at the beginning of 2023, continuing through the first quarter of 2024, which have resulted in a series of transformative actions, including the execution of significant cost reductions and the realignment of our organization. More importantly, we believe we now have the appropriate talent and investment to meet the current demands of our customers and partners, and to secure our growth in delivering advanced, efficient AI solutions to our customers in the years to come. These actions, coupled with our large and diverse customer base, high gross margins and industry leading AI software and solutions, set Veritone on the path to accelerating profitability into the second half of 2024,” said Ryan Steelberg, Chairman and Chief Executive Officer of Veritone. “Looking to the year ahead, I am confident that our aiWARE-powered solutions, expertise in the core market verticals we serve and renewed sense of focus will position us to be stronger, more competitive and better aligned to capitalize on the opportunities presented by the dynamic AI market for years to come.”\n\n\nFull Year 2023 Financial Highlights\n\n\n\nRevenue ...