Q2 2024 Veritone Inc Earnings Call Transcript
Key Points
- Veritone Inc (VERI) reported a 10.7% increase in revenue for Q2 2024, driven by growth in software products and services and managed services.
- The company achieved a 47% improvement in non-GAAP net loss year-over-year, reflecting effective cost management and restructuring efforts.
- Veritone Inc (VERI) secured its largest revenue contract to date with the NCAA, highlighting strong performance in the media and entertainment sector.
- The company has a robust pipeline in the public sector, with significant traction and new customer acquisitions totaling over $100 million.
- Veritone Inc (VERI) expanded its partnership with AWS, enhancing AI and cloud innovation across multiple sectors, including media and public services.
- Veritone Inc (VERI) experienced a decline in consumption-based revenue, particularly from major customers like Amazon, impacting overall ARR.
- The company faces challenges in closing larger deals in the public sector, which could affect revenue projections for the second half of 2024.
- Despite improvements, Veritone Inc (VERI) reported a non-GAAP net loss of $6.9 million for Q2 2024, indicating ongoing financial challenges.
- The company is engaged in a formal process to divest non-software assets, but there is no assurance that the transaction will be completed.
- Veritone Inc (VERI) has a high level of consolidated debt, with $166.5 million in principal, which could impact future financial flexibility.
Good day. And welcome to the Veritone Inc., second-quarter 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Stefan Norbom, Investor Relations. Please go ahead.
Thank you. And good afternoon. After market close today, Veritone issued a press release announcing results for the second quarter ended June 30, 2024. The press release and other supplemental information are available on the Investors section of Veritone's website.
Joining us for today's call are Veritone's Chairman, Chief Executive Officer, Ryan Steelberg; and Chief Financial Officer, Mike Zemetra, will provide prepared remarks. And then, open the call-up for a live question-and-answer session.
Please note that certain information discussed on the call today, including certain answers to your questions will include forward-looking statements. This includes, without limitation, statements about our business strategy and
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