Veritone - VERI STOCK NEWS

Veritone (NASDAQ: VERI) has announced a strategic partnership with Vixen Labs, a premier voice agency, to enhance the adoption of sonic identity for brands through synthetic media and conversational AI. This partnership aims to expand market offerings and improve global reach, leveraging both companies' strengths. According to research, 62% of Americans use voice assistance technologies, indicating significant market potential. The collaboration positions Veritone to enhance its voice AI capabilities and offer innovative solutions that improve customer engagement and brand identity.

Veritone (NASDAQ: VERI) has joined the Smart Electric Power Alliance (SEPA) and the Utility Analytics Institute (UAI) to leverage its AI expertise in addressing complex challenges in the utility sector. With new legislation and a global emphasis on decarbonization, Veritone aims to assist utility decision-makers in navigating the complexities arising from renewable energy sources. The Federal Energy Regulatory Commission’s Order No. 2222, effective February 2022, further highlights the urgency for integration of AI solutions in enhancing energy reliability and reducing operational costs.

Veritone (NASDAQ: VERI) announced that the Environmental Protection Agency (EPA) will utilize its aiWARE™ platform to automate the redaction of personally identifiable information in video and audio recordings. The growing volume of public records requests has made manual redaction impractical, prompting the EPA to adopt Veritone's technology for faster and more accurate processing. This contract complements existing uses of aiWARE within other federal departments. Veritone's solutions, including Veritone Redact, significantly reduce redaction time by up to 90% compared to manual methods.

Veritone, Inc (NASDAQ: VERI) has been recognized in Deloitte’s Technology Fast 500 as one of the fastest-growing technology companies in North America. This accolade reflects Veritone's significant revenue growth from 2017 to 2020. The company continues to innovate with offerings like MARVEL.ai and the acquisition of PandoLogic. Veritone is also notable for its AI adoption in regulated sectors, exemplified by its collaboration with the California DOJ. The company aims to enhance its AI services to support clients, including government agencies.

Veritone, Inc. (NASDAQ: VERI) announced a private placement of $175 million in 1.75% convertible senior notes due 2026, an increase of $25 million from the previous offering. The offering is set to close on November 19, 2021. The notes will accrue interest semi-annually and have an initial conversion rate of 27.2068 shares per $1,000 principal amount, representing a conversion price of approximately $36.76 per share. Net proceeds are expected to be $169.5 million, to be used for general corporate purposes and acquisitions.

Veritone, Inc. (NASDAQ: VERI) has announced its intention to offer $150 million in convertible senior notes due 2026, with a potential additional $22.5 million if initial purchasers exercise their options. The notes are unsecured and accrue semi-annual interest, maturing on November 15, 2026. Proceeds will be used for capped call transactions, general corporate purposes, and investments. The offering is private under Rule 144A and will not be registered under the Securities Act. The company aims to minimize dilution through related financial transactions.

Veritone reported a record revenue of $22.7 million for Q3 2021, reflecting a 44% year-over-year growth. This growth is driven by a 169% increase in software product and services revenue, reaching $9.0 million. Gross profit rose to $16.8 million, up 50% year-over-year. However, the GAAP net loss was $11.4 million, slightly worse than last year. The company raised its full-year guidance, anticipating revenues between $103.0 million and $105.5 million, marking an 81% increase year-over-year, and expects Q4 revenue to reach $43.8 million to $45.3 million.

Veritone (NASDAQ: VERI) will conduct a virtual Analyst Update and Tech Demo on November 19, 2021 at 9:00 am PT/12:00 pm ET. This session aims to provide insights into the company's innovations in AI technology, including new business strategies, customer updates, and key performance indicators. The event follows the successful May 2021 Investor Day and will feature a live Q&A session. RSVP for participation is available through their website.