Welcome to our dedicated page for Veritone news (Ticker: VERI), a resource for investors and traders seeking the latest updates and insights on Veritone stock.
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 (NASDAQ: VERI) will showcase its generative AI solutions at the 2023 National Association of Broadcasters (NAB) Show from April 16 to 19 in Las Vegas. Veritone aims to demonstrate how its aiWARE platform can transform content creation, management, and monetization for media organizations. Key sessions include topics on personalization of content, diverse audience engagement, and accelerating content monetization. The presence of 100,000 attendees and numerous exhibitors highlights the event's significance. Veritone's innovative tools empower businesses to unlock new revenue streams while enhancing audience engagement.
Veritone, Inc. (NASDAQ: VERI) announced the granting of equity awards under its Inducement Grant Plan to four new employees. This includes options to purchase 189,942 shares of common stock and restricted stock units for 151,139 shares. The stock options have a ten-year term with an exercise price of $5.37 per share and vest over four years. The restricted stock units vest over a three or four-year period. Importantly, none of the new hires are executive officers. Veritone continues to strengthen its workforce as a leader in enterprise AI solutions, supporting various sectors with its aiWARE™ platform.
Veritone (NASDAQ: VERI) has announced an extension of its multi-year partnership with Augusta National, Inc., serving as the North American licensing agent for the Masters Tournament. This collaboration enhances Veritone's position in the digital asset management and licensing arena. Utilizing its advanced AI platform, Veritone will continue to manage and monetize archival video content for Augusta National, including the Masters Tournament and Augusta National Women’s Amateur events. The partnership, which dates back to 2009, is anticipated to generate incremental brand exposure and archival revenue for both entities.
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.