Veritone Inc · Q2 2021 earnings

Briefing

Reported record Q2 results and raised guidance for fiscal year 2021.

Veritone reported a record revenue of $19.2 million in Q2 2021, up 45% year over year, driven by strong growth in aiWARE SaaS Solutions and Advertising. The company's GAAP net loss was $12.7 million, while non-GAAP net loss improved to $3.9 million. Veritone also raised its full year 2021 guidance, increasing midpoints in revenue from $81 million to $100 million and in Non-GAAP Net Loss from $15.5 million to $7.0 Million.

• aiWARE SaaS Solutions revenue increased 86% year-over-year.
• Gross profit increased 47% year over year to $14.0 million.
• Non-GAAP net loss improved 32% year-over-year to $3.9 million.
• Signed a definitive agreement to acquire PandoLogic Ltd, an intelligent hiring platform.

Headline financials

Revenue & EPS history

The company expects revenue to be in the range of $21.5 million to $22.5 million for Q3 2021, representing a 40% increase year over year at the midpoint. Non-GAAP net loss is expected to be in the range of $4.5 million to $3.5 million, representing a 7% improvement year over year at the midpoint. For full year 2021, revenue expectations are increased to be in the range of $96.5 million to $103.5 million, representing a 73% increase year over year at the midpoint with aiWARE SaaS Solutions revenue expected to grow over 200% year over year. The company narrowed its 2021 non-GAAP net loss expectations to be in the range of $8.5 million to $5.5 million, representing a 66% improvement year over year at the midpoint.