Veritone (VERI) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 revenue was $92.6M, down 7% year-over-year, with Q4 revenue at $22.4M, down 17% year-over-year; strategic focus shifted to core AI software and services after divesting the legacy media agency.

• Strengthened balance sheet and reduced debt, positioning as a pure-play AI enterprise software firm with over 3,200 customers.

• Launched Veritone Data Refinery and expanded public sector offerings, including deployments in DoD and FedRAMP environments.

• Added Francisco J. Morales to the board, replacing Chad Steelberg.

Financial highlights

• Full-year 2024 revenue was $92.6M, down 7% YoY; Q4 revenue was $22.4M, down $4.7M from Q4 2023.

• GAAP gross profit for 2024 was $62.7M (67.6% margin), down from $70.3M (70.4%) in 2023; Q4 GAAP gross margin was 68.1%.

• Non-GAAP net loss from continuing operations improved to $40.8M for 2024; Q4 non-GAAP net loss was $9.1M.

• Cash and cash equivalents at year-end 2024 were $16.9M, down from $46.6M at year-end 2023.

• Divested Veritone One for up to $104M, recording a $69.6M gain.

Outlook and guidance

• Fiscal 2025 revenue guidance: $107–$122M (midpoint 24% YoY growth); non-GAAP net loss expected between $27–$17M.

• Q1 2025 revenue expected at $23–$24M; non-GAAP net loss projected at $9.5–$8.5M.

• Public sector expected to grow 100–150% YoY, driven by large government contracts and international expansion.

• Pathway to profitability as early as the back half of 2026.