Veritone Inc · Q3 2021 earnings

Briefing

Veritone's Q3 2021 results were announced, featuring record revenue and growth in Software Products & Services, driven by the acquisition of PandoLogic.

Veritone reported record revenue of $22.7 million, a 44% increase year-over-year, driven by Software Products & Services growth and the acquisition of PandoLogic. The company's GAAP net loss was $11.4 million, while non-GAAP net loss improved to $2.3 million. Veritone raised its full-year 2021 guidance, expecting revenue to be in the range of $103.0 million to $105.5 million.

• Record revenue of $22.7 million, up 44% year-over-year.
• Software Products & Services revenue grew to $9.0 million, up 169% year-over-year.
• Gross profit increased to $16.8 million, up 50% year-over-year.
• Non-GAAP net loss improved by 46% year-over-year to $2.3 million.

Headline financials

Revenue & EPS history

Management increased its full year 2021 guidance, reflecting the expedient acquisition and efficient integration of PandoLogic. Fourth Quarter 2021 Revenue is expected to be in the range of $43.8 million to $45.3 million, representing a 165% increase year over year at the midpoint. Non-GAAP net income is expected to be in the range of $8.5 million to $10.0 million, versus a non-GAAP net loss of $3.9 million in the fourth quarter of 2020. The Company increased its 2021 revenue expectations to be in the range of $103.0 million to $105.5 million, representing a 81% increase year over year at the midpoint. The Company narrowed its 2021 non-GAAP net loss expectations to be in the range of $1.5 million to breakeven, versus a non-GAAP net loss of $20.6 million in 2020.