Business
Veritone Reports Second Quarter 2023 Results
- Q2 Total Revenue and Software Revenue of $28.0 and $14.1 million, respectively - - ARR(1) of $108 million from 3,705 Total Software Products & Services
About this update from Veritone, Inc.
[{"type":"text","content":"\n- Q2 Total Revenue and Software Revenue of $28.0 and $14.1 million, respectively -\n\n\n- ARR(1) of $108 million from 3,705 Total Software Products & Services Customers(1), including $47 million from subscription-based customers(1) -\n\n\n- Cost reduction initiatives achieved to date resulting in over $17 million of annualized savings, including successful divestiture of Energy Group in Q2 2023 -\n\n\n- Successfully completed acquisition of Broadbean in June 2023, accelerating revenue growth and market share opportunities across +3,000 HR Solutions customers -\n\n\n DENVER--(BUSINESS WIRE)--\nVeritone, Inc. (Nasdaq: VERI), a leader in enterprise AI software and services, today reported results for the second quarter ended June 30, 2023.\n\n\n“Veritone executed against its strategy through opportunistic topline acceleration and long-term margin expansion initiatives in the second quarter,” said Ryan Steelberg, Chief Executive Officer and President of Veritone. “We remain at the forefront of the global AI transformation and are constantly evaluating avenues to further buildout core competencies, achieve operational excellence and preserve our first mover advantage. The global demand for Veritone’s AI software and services that drive productivity and efficiency gains, as well offer actionable insights from disparate data sources, has never been greater. We believe the company is strategically positioned to capitalize on the opportunities that lie ahead to deliver profitable growth and drive long-term shareholder value.”\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\nGAAP and Pro Forma revenues of $28.0 and $34.7 million, a decrease of 18% and 19%, respectively, compared to GAAP and Pro forma revenues, respectively, for Q2 2022 driven primarily by a decline in one-time nonrecurring Software Products & Services revenue.\n\n\n\nPro Forma Software Products & Services revenues of $20.9 million, a decrease of $5.8 million or 22% compared to Pro Forma Software Products & Services revenue for Q2 2022.\n\n\n\nManaged Services revenue of $13.9 million, as compared to $15.9 million in Q2 2022.\n\n\n\nTotal Software Products & Services Customers(1) of 3,705, flat compared to Total Software Products & Services Customers for Q2 2022(1) and a 1.8% decrease compared to Q1 2023.\n\n\n\nTotal New Bookings(1) of $8.4 million, down 62% compare...