Latest news with #Veritone
Yahoo
2 days ago
- Business
- Yahoo
Veritone Announces Equity Offering of $10 Million Backed by CEO
CEO Ryan Steelberg Invests $1 million in common stock The aggregate proceeds of $10 million will be used to fuel strategic growth DENVER, June 30, 2025--(BUSINESS WIRE)--Veritone, Inc. (NASDAQ: VERI) ("Veritone" or the "Company"), a leader in building human-centered enterprise AI solutions, today announced that it has entered into a definitive agreement providing for the purchase and sale of an aggregate of 6,452,293 shares of common stock and pre-funded warrants to purchase up to 1,804,587 shares of its common stock at a purchase price of $1.09 per share (or $1.08 for each pre-funded warrant) in a registered direct offering. The pre-funded warrants have an exercise price of $0.01 and are immediately exercisable, subject to certain limitations. The closing of the registered direct offering is expected to occur on or about July 2, 2025, subject to the satisfaction of customary closing conditions. Esousa Group Holdings, LLC, an existing investor, led the offering with a $6 million investment in common stock and pre-funded warrants. D. Boral Capital LLC acted as placement agent in the registered direct offering for certain investors. Additionally, in a concurrent private placement transaction, the Company has issued shares of common stock to its Chief Executive Officer, Ryan Steelberg, for aggregate gross proceeds of $1 million at a price per share equal to the greater of the consolidated closing bid price of Veritone common stock on June 27, 2025, or $1.41 per share, and the consolidated closing bid price of Veritone common stock on the date that is two full trading days after the date on which Veritone's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 is filed. The aggregate gross proceeds to the Company from the offerings are expected to be approximately $10 million, before deducting offering expenses payable by the Company. The Company intends to use the net proceeds from the offerings, together with its existing cash and cash equivalents, for working capital and general corporate purposes including, but not limited to, capital expenditures, debt service, repayment of indebtedness and other business opportunities and to further develop and market its AI platform and applications. The securities being offered in the registered direct offering described above are being offered and sold by the Company in a registered direct offering pursuant to a "shelf" registration statement on Form S-3 (File No. 333-280148) that was originally filed with the Securities and Exchange Commission (the "SEC") on June 12, 2024, and that became effective on June 21, 2024. The offering of the securities in the registered direct offering is being made only by means of a base prospectus and prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website at Electronic copies of the final prospectus supplement and the accompanying base prospectus, when available, may also be obtained, when available, from the Company at 1615 Platte Street, 2nd Floor, Denver, Colorado, by phone at (888) 507-1737 or e-mail at investors@ The shares of common stock being offered in the private placement were offered and sold by the Company in a transaction not involving a public offering under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and/or Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Securities Act or applicable state securities laws. Accordingly, the shares of common stock may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Veritone Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone's software and services empower individuals at the world's largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone's leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Safe Harbor Statement This news release contains forward-looking statements, including without limitation, statements regarding our expectations regarding the completion and timing of the offering, the satisfaction of customary closing conditions related to the offering the proceeds that we expect to receive from the offering and the intended use of proceeds from the offering. In addition, words such as "may," "will," "expect," "believe," "anticipate," "intend," "plan," "outlook," "should," "could," "estimate," "confident" or "continue" or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based on management's current assumptions, expectations, beliefs and information. As such, our actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors. Important factors that could cause such differences include, among other things: our ability to continue as a going concern, including our ability to service our debt obligations as they come due over the next twelve months and beyond; our ability to expand our aiWARE SaaS business; declines or limited growth in the market for AI-based software applications and concerns over the use of AI that may hinder the adoption of AI technologies; our requirements for additional capital and liquidity to support our operations, our business growth, service our debt obligations and refinance maturing debt obligations, and the availability of such capital on acceptable terms, if at all; our reliance upon a limited number of key customers for a significant portion of our revenue, including declines in key customers' usage of our products and other offerings; our ability to realize the intended benefits of our acquisitions, sales, divestitures, and other existing or planned cost-saving measures, including the sale of our full-service advertising agency, Veritone One, and our ability to successfully integrate our acquisition of Broadbean; our identification of existing material weaknesses in our internal control over financial reporting and plans for remediation; fluctuations in our results over time; the impact of seasonality on our business; our ability to manage our growth, including through acquisitions and expansion into international markets; our ability to enhance our existing products and introduce new products that achieve market acceptance and keep pace with technological developments; actions by our competitors, partners and others that may block us from using third party technologies in our aiWARE platform, offering it for free to the public or making it cost prohibitive to continue to incorporate such technologies into our platform; interruptions, performance problems or security issues with our technology and infrastructure, or that of third parties with whom we work; the impact of continuing economic disruption caused by macroeconomic and geopolitical factors, including the Russia-Ukraine conflict, the Israel-Hamas war and conflict in the surrounding regions, financial instability, inflation and the responses by central banking authorities to control inflation, monetary supply shifts, high interest rates, the imposition of tariffs and other global trade disputes, and the threat of recession in the United States and around the world on our business operations and those of our existing and potential customers; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Certain of these judgments and risks are discussed in more detail in our most recently-filed Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. The forward-looking statements contained herein reflect our beliefs, estimates and predictions as of the date hereof, and we undertake no obligation to revise or update the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events for any reason, except as required by law. View source version on Contacts Company: Mike ZemetraChief Financial OfficerVeritone, Investor Relations: Cate GoldsmithProsek Partners914-815-7678cgoldsmith@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business
- Business Wire
Veritone Announces Equity Offering of $10 Million Backed by CEO
DENVER--(BUSINESS WIRE)--Veritone, Inc. (NASDAQ: VERI) ('Veritone' or the 'Company'), a leader in building human-centered enterprise AI solutions, today announced that it has entered into a definitive agreement providing for the purchase and sale of an aggregate of 6,452,293 shares of common stock and pre-funded warrants to purchase up to 1,804,587 shares of its common stock at a purchase price of $1.09 per share (or $1.08 for each pre-funded warrant) in a registered direct offering. The pre-funded warrants have an exercise price of $0.01 and are immediately exercisable, subject to certain limitations. The closing of the registered direct offering is expected to occur on or about July 2, 2025, subject to the satisfaction of customary closing conditions. Esousa Group Holdings, LLC, an existing investor, led the offering with a $6 million investment in common stock and pre-funded warrants. D. Boral Capital LLC acted as placement agent in the registered direct offering for certain investors. Additionally, in a concurrent private placement transaction, the Company has issued shares of common stock to its Chief Executive Officer, Ryan Steelberg, for aggregate gross proceeds of $1 million at a price per share equal to the greater of the consolidated closing bid price of Veritone common stock on June 27, 2025, or $1.41 per share, and the consolidated closing bid price of Veritone common stock on the date that is two full trading days after the date on which Veritone's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 is filed. The aggregate gross proceeds to the Company from the offerings are expected to be approximately $10 million, before deducting offering expenses payable by the Company. The Company intends to use the net proceeds from the offerings, together with its existing cash and cash equivalents, for working capital and general corporate purposes including, but not limited to, capital expenditures, debt service, repayment of indebtedness and other business opportunities and to further develop and market its AI platform and applications. The securities being offered in the registered direct offering described above are being offered and sold by the Company in a registered direct offering pursuant to a 'shelf' registration statement on Form S-3 (File No. 333-280148) that was originally filed with the Securities and Exchange Commission (the 'SEC') on June 12, 2024, and that became effective on June 21, 2024. The offering of the securities in the registered direct offering is being made only by means of a base prospectus and prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website at Electronic copies of the final prospectus supplement and the accompanying base prospectus, when available, may also be obtained, when available, from the Company at 1615 Platte Street, 2 nd Floor, Denver, Colorado, by phone at (888) 507-1737 or e-mail at investors@ The shares of common stock being offered in the private placement were offered and sold by the Company in a transaction not involving a public offering under Section 4(a)(2) of the Securities Act of 1933, as amended (the 'Securities Act') and/or Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Securities Act or applicable state securities laws. Accordingly, the shares of common stock may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Veritone Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone's software and services empower individuals at the world's largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone's leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Safe Harbor Statement This news release contains forward-looking statements, including without limitation, statements regarding our expectations regarding the completion and timing of the offering, the satisfaction of customary closing conditions related to the offering the proceeds that we expect to receive from the offering and the intended use of proceeds from the offering. In addition, words such as 'may,' 'will,' 'expect,' 'believe,' 'anticipate,' 'intend,' 'plan,' 'outlook,' 'should,' 'could,' 'estimate,' 'confident' or 'continue' or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based on management's current assumptions, expectations, beliefs and information. As such, our actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors. Important factors that could cause such differences include, among other things: our ability to continue as a going concern, including our ability to service our debt obligations as they come due over the next twelve months and beyond; our ability to expand our aiWARE SaaS business; declines or limited growth in the market for AI-based software applications and concerns over the use of AI that may hinder the adoption of AI technologies; our requirements for additional capital and liquidity to support our operations, our business growth, service our debt obligations and refinance maturing debt obligations, and the availability of such capital on acceptable terms, if at all; our reliance upon a limited number of key customers for a significant portion of our revenue, including declines in key customers' usage of our products and other offerings; our ability to realize the intended benefits of our acquisitions, sales, divestitures, and other existing or planned cost-saving measures, including the sale of our full-service advertising agency, Veritone One, and our ability to successfully integrate our acquisition of Broadbean; our identification of existing material weaknesses in our internal control over financial reporting and plans for remediation; fluctuations in our results over time; the impact of seasonality on our business; our ability to manage our growth, including through acquisitions and expansion into international markets; our ability to enhance our existing products and introduce new products that achieve market acceptance and keep pace with technological developments; actions by our competitors, partners and others that may block us from using third party technologies in our aiWARE platform, offering it for free to the public or making it cost prohibitive to continue to incorporate such technologies into our platform; interruptions, performance problems or security issues with our technology and infrastructure, or that of third parties with whom we work; the impact of continuing economic disruption caused by macroeconomic and geopolitical factors, including the Russia-Ukraine conflict, the Israel-Hamas war and conflict in the surrounding regions, financial instability, inflation and the responses by central banking authorities to control inflation, monetary supply shifts, high interest rates, the imposition of tariffs and other global trade disputes, and the threat of recession in the United States and around the world on our business operations and those of our existing and potential customers; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Certain of these judgments and risks are discussed in more detail in our most recently-filed Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. The forward-looking statements contained herein reflect our beliefs, estimates and predictions as of the date hereof, and we undertake no obligation to revise or update the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events for any reason, except as required by law.
Associated Press
2 days ago
- Business
- Associated Press
Veritone Announces Equity Offering of $10 Million Backed by CEO
DENVER--(BUSINESS WIRE)--Jun 30, 2025-- Veritone, Inc. (NASDAQ: VERI) ('Veritone' or the 'Company'), a leader in building human-centered enterprise AI solutions, today announced that it has entered into a definitive agreement providing for the purchase and sale of an aggregate of 6,452,293 shares of common stock and pre-funded warrants to purchase up to 1,804,587 shares of its common stock at a purchase price of $1.09 per share (or $1.08 for each pre-funded warrant) in a registered direct offering. The pre-funded warrants have an exercise price of $0.01 and are immediately exercisable, subject to certain limitations. The closing of the registered direct offering is expected to occur on or about July 2, 2025, subject to the satisfaction of customary closing conditions. Esousa Group Holdings, LLC, an existing investor, led the offering with a $6 million investment in common stock and pre-funded warrants. D. Boral Capital LLC acted as placement agent in the registered direct offering for certain investors. Additionally, in a concurrent private placement transaction, the Company has issued shares of common stock to its Chief Executive Officer, Ryan Steelberg, for aggregate gross proceeds of $1 million at a price per share equal to the greater of the consolidated closing bid price of Veritone common stock on June 27, 2025, or $1.41 per share, and the consolidated closing bid price of Veritone common stock on the date that is two full trading days after the date on which Veritone's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 is filed. The aggregate gross proceeds to the Company from the offerings are expected to be approximately $10 million, before deducting offering expenses payable by the Company. The Company intends to use the net proceeds from the offerings, together with its existing cash and cash equivalents, for working capital and general corporate purposes including, but not limited to, capital expenditures, debt service, repayment of indebtedness and other business opportunities and to further develop and market its AI platform and applications. The securities being offered in the registered direct offering described above are being offered and sold by the Company in a registered direct offering pursuant to a 'shelf' registration statement on Form S-3 (File No. 333-280148) that was originally filed with the Securities and Exchange Commission (the 'SEC') on June 12, 2024, and that became effective on June 21, 2024. The offering of the securities in the registered direct offering is being made only by means of a base prospectus and prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website at Electronic copies of the final prospectus supplement and the accompanying base prospectus, when available, may also be obtained, when available, from the Company at 1615 Platte Street, 2 nd Floor, Denver, Colorado, by phone at (888) 507-1737 or e-mail at [email protected]. The shares of common stock being offered in the private placement were offered and sold by the Company in a transaction not involving a public offering under Section 4(a)(2) of the Securities Act of 1933, as amended (the 'Securities Act') and/or Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Securities Act or applicable state securities laws. Accordingly, the shares of common stock may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Veritone Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone's software and services empower individuals at the world's largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone's leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Safe Harbor Statement This news release contains forward-looking statements, including without limitation, statements regarding our expectations regarding the completion and timing of the offering, the satisfaction of customary closing conditions related to the offering the proceeds that we expect to receive from the offering and the intended use of proceeds from the offering. In addition, words such as 'may,' 'will,' 'expect,' 'believe,' 'anticipate,' 'intend,' 'plan,' 'outlook,' 'should,' 'could,' 'estimate,' 'confident' or 'continue' or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based on management's current assumptions, expectations, beliefs and information. As such, our actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors. Important factors that could cause such differences include, among other things: our ability to continue as a going concern, including our ability to service our debt obligations as they come due over the next twelve months and beyond; our ability to expand our aiWARE SaaS business; declines or limited growth in the market for AI-based software applications and concerns over the use of AI that may hinder the adoption of AI technologies; our requirements for additional capital and liquidity to support our operations, our business growth, service our debt obligations and refinance maturing debt obligations, and the availability of such capital on acceptable terms, if at all; our reliance upon a limited number of key customers for a significant portion of our revenue, including declines in key customers' usage of our products and other offerings; our ability to realize the intended benefits of our acquisitions, sales, divestitures, and other existing or planned cost-saving measures, including the sale of our full-service advertising agency, Veritone One, and our ability to successfully integrate our acquisition of Broadbean; our identification of existing material weaknesses in our internal control over financial reporting and plans for remediation; fluctuations in our results over time; the impact of seasonality on our business; our ability to manage our growth, including through acquisitions and expansion into international markets; our ability to enhance our existing products and introduce new products that achieve market acceptance and keep pace with technological developments; actions by our competitors, partners and others that may block us from using third party technologies in our aiWARE platform, offering it for free to the public or making it cost prohibitive to continue to incorporate such technologies into our platform; interruptions, performance problems or security issues with our technology and infrastructure, or that of third parties with whom we work; the impact of continuing economic disruption caused by macroeconomic and geopolitical factors, including the Russia-Ukraine conflict, the Israel-Hamas war and conflict in the surrounding regions, financial instability, inflation and the responses by central banking authorities to control inflation, monetary supply shifts, high interest rates, the imposition of tariffs and other global trade disputes, and the threat of recession in the United States and around the world on our business operations and those of our existing and potential customers; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Certain of these judgments and risks are discussed in more detail in our most recently-filed Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. The forward-looking statements contained herein reflect our beliefs, estimates and predictions as of the date hereof, and we undertake no obligation to revise or update the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events for any reason, except as required by law. View source version on CONTACT: Company: Mike Zemetra Chief Financial Officer Veritone, Inc. [email protected] Investor Relations: Cate Goldsmith Prosek Partners 914-815-7678 [email protected] KEYWORD: UNITED STATES NORTH AMERICA COLORADO INDUSTRY KEYWORD: SOFTWARE DATA ANALYTICS ARTIFICIAL INTELLIGENCE DATA MANAGEMENT GENERAL ENTERTAINMENT PROFESSIONAL SERVICES TECHNOLOGY ENTERTAINMENT SOURCE: Veritone, Inc. Copyright Business Wire 2025. PUB: 06/30/2025 09:24 AM/DISC: 06/30/2025 09:24 AM
Business Wire
6 days ago
- Business
- Business Wire
Veritone Provides Business Updates
DENVER--(BUSINESS WIRE)--Veritone, Inc. (NASDAQ: VERI) (the 'Company'), a leader in building human-centered enterprise AI solutions, today provided an update on the Company's execution of its long-term growth strategy, including the execution of cost-savings initiatives and the accelerated growth of Veritone's VDR pipeline. Announced Award of Sole Source Contract with the U.S. Air Force Office of Special Investigations ('AFOSI') Veritone's AI-powered solutions, including current and future state of its Intelligent Digital Evidence Management System (iDEMS), will be implemented as part of Department of Defense's ('DoD') mission requirements for Law Enforcement Modernization, Counterintelligence & Security. Under the contract, which was awarded on June 24, 2025, Veritone's aiWARE platform, iDEMS and professional services will provide AFOSI with advanced investigative, intelligence and counterintelligence capabilities in support of the DoD and inter-agency mission requirements. Built on aiWARE, iDEMS is a comprehensive, purpose-built applications suite for the public sector that leverages AI to streamline the management and analysis of digital evidence, providing AFOSI with powerful forensic tools to handle vast amounts of data quickly and accurately. AFOSI, which has capabilities to investigate cases domestically and internationally, including counterterrorism, is one of sixteen law enforcement agencies within the DoD, and is leading the initial efforts around the Law Enforcement Modernization, Counterintelligence & Security mission requirements. During this initial phase, Veritone will deliver the aiWARE platform and technology stake, certain iDEMS applications and solutions to AFOSI. Veritone expects to begin recognizing revenue under this contract on certain software deliverables in Q2 2025. The strategic partnership with AFOSI is a sole source contract, which includes an option to extend the iDEMS solution for five years, and is the next, expanded phase of Veritone's previous work with the Air Force. The launch of iDEMS with AFOSI is a critical phase supporting Veritone's strategic growth plan across its Public Sector business in fiscal 2025 and beyond. VDR Pipeline Improves 50% Since May 2025 Veritone's VDR pipeline has continued to expand, with a qualified and near-term opportunity set now exceeding $15 million, up from $10 million reported in early May 2025. This growth reflects contracts signed with additional hyperscalers since the beginning of the second quarter, including key leading AI model providers and intellectual property owners. As the demand for high-quality training data increases across both public and private sectors, organizations are increasingly turning to Veritone's VDR platform for its ability to transform vast volumes of unstructured video, audio, and text into a centralized, secure, and license-ready repository. VDR enables these organizations to prepare and leverage their data efficiently and effectively for internal use, as well as licensing such data for third-party AI model training and tuning. The Company's recent agreements are built on both Veritone's longstanding Commercial Enterprise customers, whose datasets are already represented by Veritone, as well as new partners with extensive archives of unstructured media, including video surveillance content, model development firms, and hyperscalers seeking to build and refine new datasets. Veritone expects to have formalized partnerships with all major hyperscalers by the end of 2025. The Company's sales pipeline represents revenue it expects to receive based on the total fees payable during the full contract term for new contracts outstanding at the end of the quarter and contracts that the Company believes have a high probability of closing in the next three to twelve months. The Company includes in its sales pipeline fees payable during any cancellable portion and an estimate of license fees that may fluctuate over the term and does not include any variable fees under the contract (e.g., fees for cognitive processing, storage, professional services and other variable services) and any fees payable after contract renewals or extensions that are at the discretion of the customer. Many of the Company's contracts require it to provide services over more than one year and may include professional fees required to enable the Company's technology in certain environments it does not host or have direct control over. In some cases, customers may have the ability to terminate their agreements with the Company on short notice and the Company's pipeline does not consider the potential impact of any early termination. No assurance can be given that the Company will ultimately realize its full sales pipeline. Cost Restructuring Initiatives Veritone announced today that it has implemented certain cost and restructuring initiatives designed to further streamline the business and improve its financial condition following the completion of previously announced strategic transactions, accelerating its path to profitability. The recent cost reduction initiatives are expected to generate annualized savings of up to $10.0 million, of which over $7.5 million was executed in June 2025, and provide a clearer pathway to profitability as early as the second half of 2026. Management expects the restructuring will result in a more efficient and effective operating structure to support both near- and longer-term growth initiatives, as well as continued innovation in AI software and solutions. Headcount remains the company's largest cost driver, followed by professional services, which have increased in recent periods due to higher transaction volume and integration efforts. The Company expects to incur costs and expenses of between $0.5 million to $0.7 million as a result of these reductions primarily related to one-time severance, transition, and termination-related costs. Beyond these expected savings, Veritone will continue to manage its cost structure throughout 2025 to ensure necessary investments are timed with corresponding growth. Reiterating and Updating Q2 and Full Year 2025 Financial Guidance Management is reiterating and updating its Q2 and full year 2025 financial guidance of: Revenue in Q2 2025 between $23.5 to $24.0 million and full year 2025 between $104.0 million to $115.0 million, and Non-GAAP Net Loss in Q2 2025 between $8.5 million to $8.0 million and full year between $30.0 million to $20.0 million. 'Veritone is on a strong path for mid- and long-term growth,' said Veritone's CEO, Ryan Steelberg. 'The recent strategic wins across our Public Sector and VDR initiatives, and the decisive action we have taken to implement cost savings for the business, combined with our technology powering the next generation of AI, all position Veritone for continued success and a clearer path towards profitability as early as the second half of 2026.' Veritone looks forward to providing additional updates during its second quarter earnings call in August 2025. About Veritone Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone's software and services empower individuals at the world's largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone's leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Safe Harbor Statement This news release contains forward-looking statements, including without limitation, statements regarding our expected total revenue and non-GAAP net loss for Q2 2025 and for full year 2025, expected timing for revenue recognition under our new contract with the AFOSI, our expected revenue from the VDR pipeline, and our expected annualized savings from our recent cost restructuring initiatives. In addition, words such as 'may,' 'will,' 'expect,' 'believe,' 'anticipate,' 'intend,' 'plan,' 'outlook,' 'should,' 'could,' 'estimate,' 'confident' or 'continue' or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based on management's current assumptions, expectations, beliefs and information. As such, our actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors. Important factors that could cause such differences include, among other things: our ability to continue as a going concern, including our ability to service our debt obligations as they come due over the next twelve months and beyond; our ability to expand our aiWARE SaaS business; declines or limited growth in the market for AI-based software applications and concerns over the use of AI that may hinder the adoption of AI technologies; our requirements for additional capital and liquidity to support our operations, our business growth, service our debt obligations and refinance maturing debt obligations, and the availability of such capital on acceptable terms, if at all; our reliance upon a limited number of key customers for a significant portion of our revenue, including declines in key customers' usage of our products and other offerings; our ability to realize the intended benefits of our acquisitions, sales, divestitures, and other existing or planned cost-saving measures, including the sale of our full-service advertising agency, Veritone One, and our ability to successfully integrate our acquisition of Broadbean; our identification of existing material weaknesses in our internal control over financial reporting and plans for remediation; fluctuations in our results over time; the impact of seasonality on our business; our ability to manage our growth, including through acquisitions and expansion into international markets; our ability to enhance our existing products and introduce new products that achieve market acceptance and keep pace with technological developments; actions by our competitors, partners and others that may block us from using third party technologies in our aiWARE platform, offering it for free to the public or making it cost prohibitive to continue to incorporate such technologies into our platform; interruptions, performance problems or security issues with our technology and infrastructure, or that of third parties with whom we work; the impact of continuing economic disruption caused by macroeconomic and geopolitical factors, including the Russia-Ukraine conflict, the Israel-Hamas war and conflict in the surrounding regions, financial instability, inflation and the responses by central banking authorities to control inflation, monetary supply shifts, high interest rates, the imposition of tariffs and other global trade disputes, and the threat of recession in the United States and around the world on our business operations and those of our existing and potential customers; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Certain of these judgments and risks are discussed in more detail in our most recently-filed Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. The forward-looking statements contained herein reflect our beliefs, estimates and predictions as of the date hereof, and we undertake no obligation to revise or update the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events for any reason, except as required by law.
Business Wire
25-06-2025
- Business
- Business Wire
Veritone Awarded Sole Source Contract from the Department of the Air Force in Support of Air Force Office of Special Investigations
DENVER--(BUSINESS WIRE)-- Veritone, Inc. (NASDAQ: VERI), a leader in building human centered enterprise AI solutions, today announced it was awarded a sole source (one year plus four years) contract with the Air Force Office of Special Investigations (AFOSI). Under the contract, Veritone's aiWARE TM platform, Intelligent Digital Evidence Management System (iDEMS) and professional services will provide AFOSI with advanced investigative and information capabilities to enhance and accelerate data analysis and workflows, investigative activity across several mission areas, and situational awareness. Veritone's aiWARE platform, which currently supports hundreds of enterprise customers, is an AI operating system that intelligently and securely orchestrates hundreds of best-of-breed cognitive and generative models in a single cloud-based or on-premise solution. It serves as the platform behind this initiative, enabling users to transform extensive volumes of textual data and unstructured video and audio data into actionable insights. Built on aiWARE, iDEMS is a comprehensive, purpose-built applications suite for the public sector that leverages AI to streamline the management and analysis of digital evidence, providing AFOSI with powerful forensic tools to handle vast amounts of data quickly and accurately. 'We are honored to support the Air Force Office of Special Investigations with Veritone's AI-powered solutions,' said Ryan Steelberg, chairman and chief executive officer, Veritone. 'By combining AI-driven automation, digital evidence management, and near real-time tracking, we can help enhance decision-making, operational efficiency and investigative effectiveness for national security applications.' Jon Gacek, general manager, Public Sector, Veritone, commented, 'This contract further expands Veritone's existing role with AFOSI as a trusted solution provider for the U.S. Department of Defense and law enforcement agencies. By leveraging our aiWARE platform and iDEMS suite, we are equipping AFOSI with cutting-edge AI applications to modernize investigative workflows and strengthen operations. We look forward to supporting their mission with scalable, secure and rapidly deployable AI-powered capabilities.' The agreement marks another milestone in Veritone's expanding role within U.S. federal law enforcement and defense agencies, providing AI-powered solutions tailored to mission-critical applications. Veritone recently achieved 'Awardable' status through the Chief Digital and Artificial Intelligence Office's (CDAO) Tradewinds Solutions Marketplace, which includes the availability of Veritone's Illuminate, Redact and Track solutions in the Tradewinds Marketplace. As AI adoption accelerates in the public sector, Veritone continues to deliver secure, scalable, and intelligent technologies that enhance operational effectiveness across investigative and defense landscapes. To learn more about Veritone's Public Sector solutions, visit: About Veritone Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone's software and services empower individuals at the world's largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone's leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Safe Harbor Statement This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as 'may,' 'will,' 'expect,' 'believe,' 'anticipate,' 'intend,' 'could,' 'estimate' or 'continue' or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone's SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
