Veritone Stock Price, News & Analysis

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.

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.