Veritone, Inc. develops enterprise artificial intelligence and data solutions for commercial, government and regulated-sector customers. Its updates center on the aiWARE platform, which orchestrates machine learning models for audio, video and other data, along with industry applications such as Broadbean by Veritone for job distribution, iDEMS for investigative digital evidence management, and Discovery Content Intelligence for media archives.
Recurring news also covers Veritone Data Refinery and Veritone Data Marketplace, privacy and redaction tools for unstructured data, customer deployments in public-sector and enterprise markets, technology partnerships, and quarterly operating updates. Company announcements frequently connect its AI software, data services and managed services to hiring workflows, digital evidence, media analysis, data preparation and cloud infrastructure.
Veritone reported a 30% increase in fiscal year 2022 revenue to $149.7 million. Ending software customers grew by 21% to 642, while Q4 new bookings surged 141% year over year, reaching $20 million. The company retired $60 million of debt for $39 million in cash and ended 2022 with $184 million in cash and equivalents. However, Q4 revenue fell 20% to $43.9 million, and the loss from operations increased 40% to $10 million. Full-year net loss improved to $25.2 million. Looking ahead, Q1 2023 revenue is projected between $29.5 million and $30.5 million.
Veritone (NASDAQ: VERI) announced that Audacy (NYSE: AUD) has expanded its use of Veritone Attribute, enhancing analytics for advertising campaigns. This tool provides insights into campaign performance across Audacy's radio brands, helping advertisers measure the effectiveness of broadcast ads compared to other media. Research indicates that advertisers utilizing attribution reporting typically increase spending and reduce campaign cancellations. Veritone Attribute offers detailed metrics on the correlation between ad exposure and website traffic, enabling targeted campaign optimizations. This partnership aims to optimize advertisers' investments and improve their overall campaign outcomes.
Veritone, Inc. (NASDAQ: VERI) has launched Veritone Generative AI, a new enterprise-grade Platform-as-a-Service (PaaS) that integrates public large language models like GPT-3 and ChatGPT alongside domain-specific models. This solution empowers organizations to transform data into custom content and predictive AI-generated material, enhancing engagement and revenue opportunities.
The platform is particularly relevant in industries such as talent acquisition, sports, advertising, and law enforcement, aiming to improve efficiency and reduce costs. Additionally, Veritone plans to expand its capabilities to support image and video generation models by Q2 2023.
Veritone, Inc. (NASDAQ: VERI) has scheduled a conference call for March 2, 2023, at 4:30 pm ET to discuss its Q4 and full year 2022 financial results. This call will include a business update and a Q&A session. Investors can join the call via a live audio webcast or dial-in. Additionally, Veritone's management will participate in the JMP Securities Technology Conference from March 6-7 and the 35th Annual Roth Conference on March 13-14.
Veritone, Inc. (NASDAQ: VERI) announced strategic actions under newly appointed CEO Ryan Steelberg, focusing on enhancing profitability and investments in AI applications. The company aims for annualized savings of $12-$15 million in 2023 by reducing operational costs, divesting its Energy group, and consolidating expenses. A significant achievement includes the repurchase of $60 million in debt at 65% of par value. Steelberg emphasizes Veritone's market leadership in AI software, highlighting strong customer retention and growth as key drivers for future success.
Veritone, Inc. (NASDAQ: VERI) has launched a new Redaction Managed Service, providing organizations with an alternative to its AI-powered Redact software. This service allows agencies with limited resources to outsource the redaction of audio and video files, addressing urgent needs efficiently. The service promises strict adherence to privacy laws and enhances operational efficiency, helping clients reduce FOIA request backlogs. Early adopters have praised the service for its speed and effectiveness. Veritone’s enhanced AI capabilities streamline workflows and maintain the security of sensitive information throughout the redaction process.
Veritone (NASDAQ: VERI) has appointed Seth Greenberg as Chief Marketing & Strategy Officer and Fleming Meng as Chief Information Officer, following Ryan Steelberg's recent promotion to CEO and President. Greenberg brings over 20 years of experience, previously serving as CMO for Alteryx, where he facilitated the company's growth and public offering. Meng, with extensive IT leadership experience in various industries, will enhance Veritone's technology infrastructure. Steelberg emphasized that these leadership changes are crucial for executing the company's growth strategy and advancing its AI technology.
Acacia Research Corporation announces the resignation of CFO Richard Rosenstein, effective January 27, 2023, to pursue another opportunity. Kirsten Hoover, Acacia's Corporate Controller, will serve as Interim CFO starting January 28, while the company searches for a permanent replacement. Rosenstein's departure is amicable and does not pertain to any disputes regarding the company's financial practices. Acacia plans to transition Rosenstein to a consulting role until April 30, 2023, as it continues to enhance its financial strategy.
Veritone (NASDAQ: VERI) has partnered with Cameo to launch Cameo Kids, a platform allowing personalized video messages featuring popular children's characters like Blippi and CoComelon. Utilizing Veritone's AI technology, this service enhances fan engagement by enabling brands to scale personalized experiences without manual recording. Veritone's AI voices, including characters and a Santa Claus, will be included in the Cameo Kids offering. This collaboration aims to diversify revenue streams for IP owners and create new opportunities in family entertainment.
Veritone, Inc. (NASDAQ: VERI) announced a deal to repurchase approximately 30% of its outstanding 1.75% Convertible Senior Notes due 2026, amounting to $60 million in principal. The cash repurchase price is expected to be around $38 million, determined based on stock price fluctuations and accrued interest. The transaction is set to close around December 16, 2022. Post-repurchase, about $141 million of the Notes will remain outstanding, potentially affecting VERI's stock market price.