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, 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.
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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.
Veritone (NASDAQ: VERI) will co-host a virtual panel on November 9th, titled "US Law Enforcement Agency Transparency & How Technology Can Help." This initiative follows a national survey commissioned by Veritone, addressing LEA transparency and technology usage. The panel, featuring notable law enforcement leaders, aims to discuss survey findings and strategies to enhance transparency through technology. Jon Gacek of Veritone emphasized the increasing demand for tools that enable agencies to address public calls for transparency while managing manual labor requirements for compliance.
Veritone (NASDAQ: VERI) announced the full integration of its MARVEL.ai synthetic voice solution with the Wade & Wendy conversational AI platform, enhancing automated human voice interactions. This development aims to streamline recruitment processes, allowing organizations to make quicker and more informed hiring decisions. Terry Baker, CEO of PandoLogic, emphasized the integration's potential for expansion into virtual realities, while Ryan Steelberg, co-founder of Veritone, noted its ability to improve connections in recruitment and metaverse experiences.
Veritone, Inc (NASDAQ: VERI) has launched Veritone Contact, a software solution that streamlines RIPA (Racial Identity and Profiling Act) data collection for California law enforcement. With over 70 agencies already onboard, Veritone expects nearly 100 agencies to adopt this technology by early 2022, significantly reducing data collection time by 50%. This efficiency could save approximately $30 million annually in officer time, allowing officers to focus more on community safety. The initiative enhances transparency in policing and aids compliance with new state mandates.
Veritone, Inc. (NASDAQ: VERI), a leader in enterprise AI solutions, will participate in several virtual investor events in November and December 2021. Key events include the Stifel Midwest One-on-One Growth Conference on November 11, the Needham Virtual Conference on November 17, and the Roth Technology Event on November 18. Additionally, Veritone will host a Virtual Analyst Update on November 19 and attend the UBS Global TMT Conference from December 6-8. For more details, visit Veritone's website.
Veritone, Inc. (NASDAQ: VERI) has announced its third quarter 2021 financial results conference call, scheduled for November 9, 2021, at 4:30 p.m. Eastern Time. The call will cover the company's financial performance, updates on business operations, and a Q&A session. Investors can participate via a live audio webcast or by dialing in, with pre-registration encouraged to avoid delays. Veritone is known for its aiWARE platform, which provides AI solutions for various sectors, enhancing operational efficiency and decision-making capabilities.
Veritone, Inc. (NASDAQ: VERI) announces an expansion of its aiWARE Government platform across all components of the U.S. Department of Justice (DOJ), achieving widespread Authority to Operate (ATO) for its AI solutions. This development includes support for Microsoft Azure Government, allowing DOJ agencies to efficiently process large data volumes. The federal government is set to invest over $6 billion in AI R&D in 2021, indicating significant growth potential for Veritone as it leads in AI adoption within federal applications.