Veritone, Inc. reported a revenue of $92.6 million for the fiscal year ending December 31, 2024, a decrease of 7.4% from $100.0 million in the previous year. The decline was primarily attributed to reduced consumption-based revenue from key customers, including Amazon, and a lack of one-time software sales that had previously bolstered revenue figures. The company’s Software Products & Services revenue fell to $61.1 million from $68.4 million, while Managed Services revenue remained stable at $31.6 million. The net loss for the year was $37.4 million, an improvement from the $58.6 million loss reported in 2023.
In a significant strategic shift, Veritone completed the divestiture of its full-service advertising agency, Veritone One, on October 17, 2024, for a total purchase price of up to $104 million. This divestiture is expected to enhance the company's focus on its core AI solutions and improve financial liquidity. The net cash proceeds from the sale were approximately $55.9 million, which were partially used to repay $30.5 million of the company's outstanding term loan. The divestiture has been classified as discontinued operations in the financial statements, impacting the overall revenue and operational focus of the company.
Operationally, Veritone's total Software Products & Services customer count decreased to 3,237, a decline of 6.4% compared to the previous year, largely due to the planned migration of legacy customers off the Broadbean software platform. The company has been actively investing in expanding its customer base and enhancing its product offerings, particularly through the integration of its aiWARE platform with new applications and services. The company also reported a significant increase in international revenue, with 32% of total revenue coming from customers outside the U.S., up from 13% in 2023.
Looking ahead, Veritone faces challenges related to its liquidity and ongoing operational restructuring. As of December 31, 2024, the company had cash and cash equivalents of $16.9 million, down from $46.6 million the previous year. Management has indicated substantial doubt about the company's ability to continue as a going concern over the next twelve months, primarily due to historical negative cash flows and debt service obligations. To address these challenges, Veritone is exploring various funding strategies, including potential equity financing and further operational restructuring to enhance revenue growth and reduce expenses.
About Veritone, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.