Veritone Stock Price, News & Analysis

Veritone, Inc. reported significant growth in Q2 2022, with revenue reaching $34.2 million, up 78% year-over-year. The company experienced a 229% increase in Software Products & Services revenue and a 16% growth in Managed Services revenue. New customer acquisition surged 42% to 594 clients, while total new bookings hit a record $14.6 million, reflecting a 197% increase. Despite a net loss of $3.2 million, Veritone ended the quarter with $220.5 million in cash and equivalents, indicating a strong liquidity position.

Veritone (NASDAQ: VERI) has partnered with AITHERAS to secure a contract with the Department of Justice (DOJ) for its Antitrust Division's (ATR) eDiscovery and litigation services. This contract will utilize Veritone’s aiWARE platform, enabling efficient transcription, translation, and redaction of critical legal data. Veritone’s tools, including Illuminate and Redact, will automate extensive data tasks, saving time and resources. The partnership enhances DOJ operations, streamlining workflows while addressing substantial data management challenges.

Veritone (NASDAQ: VERI) announces that its AI-driven platform, Veritone Voice, will enable entrepreneur David Meltzer to deliver his podcast content in Spanish. This innovation aims to expand Meltzer's audience beyond English-speaking markets, addressing production challenges associated with traditional translation methods. Veritone Voice allows for the creation of synthetic voices, helping to maintain authenticity while reducing costs. Meltzer emphasizes this technology as a means to reach a global audience effectively. Veritone's approach aligns with its mission to empower users through innovative AI solutions.

Veritone has announced an extension of its collaboration with Amazon and AWS to enhance services for Media & Entertainment clients. The partnership aims to transform how content creators manage and monetize assets using aiWARE, Veritone's AI platform, combined with AWS capabilities. This extension reaffirms Veritone’s commitment to modernizing content production. With services like Digital Media Hub, M&E brands can streamline data management and uncover valuable content while capitalizing on new revenue opportunities.

Veritone, Inc. (NASDAQ: VERI) has announced a strategic partnership with AINS, LLC to enhance its FOIAXpress platform. This collaboration will automate the redaction of sensitive information in audio and video records, accelerating public records requests while ensuring compliance with FOIA privacy laws. The integration of Veritone Redact will streamline the workflow, significantly reducing time and costs for government agencies handling over 800,000 FOIA requests annually, with a notable rise in multimedia data due to new surveillance technologies.

Veritone (NASDAQ: VERI) announced that Positive Energy has selected its iDERMS Forecaster to enhance sustainability through accurate predictions of EV battery lifespan. This collaboration aims to repurpose EV batteries for second-life applications and improve energy service efficiency. Veritone's AI technology will provide essential insights into battery health, enhancing operational oversight. Both companies emphasize the importance of addressing climate challenges and maximizing battery utility in a circular economy.

Veritone (NASDAQ: VERI) announced its participation in the BofA SMID Cap Ideas Conference on August 10, 2022. CFO Mike Zemetra and SVP Investor Relations Brian Alger will take part in a moderated fireside chat from 10:30 to 11:10 a.m. Eastern Time, with a live audio webcast available on Veritone’s investor relations website. The company offers enterprise AI solutions that enhance operational efficiency for organizations across various sectors. For one-on-one meetings, interested parties should contact their BofA representative or reach out to Veritone's investor relations.

Veritone (NASDAQ: VERI) has partnered with Empower Energies to provide an optimized distributed energy resource (DER) sizing solution for a multi-facility project in the Electric Reliability Council of Texas (ERCOT). Utilizing the AI-driven iDERMS Designer, Veritone aims to enhance battery energy storage system performance, reduce energy costs, and maximize revenue opportunities through energy arbitrage and demand response programs. This collaboration highlights Veritone's commitment to advancing renewable energy technologies and supporting grid stability.

Veritone, Inc. (NASDAQ: VERI) has scheduled its second quarter financial results conference call for August 9, 2022, at 4:30 p.m. ET. This call will include a discussion of the company’s Q2 results, business updates, and a Q&A session. Participants can join via a live audio webcast or by pre-registering to obtain a dial-in number. Veritone is a leader in enterprise AI software, helping organizations enhance efficiency and decision-making through its aiWARE platform, which integrates various machine learning models.