Veritone gains 8% as Q4 brings first adjusted profit
Artificial-intelligence company Veritone (NASDAQ:VERI) has gained 8.1% after hours following its fourth-quarter earnings report, where it easily cleared analyst expectations for revenues and turned its first non-GAAP profit.
Revenues more than tripled on a GAAP basis to $55.1 million, thanks to the acquisition of PandoLogic. On a pro forma basis, revenues still grew 30%.
Gross profit jumped 284% to $48.9 million, up 26% pro forma. And GAAP net loss widened slightly, to $15.9 million from a year-ago loss of $12.4 million, but non-GAAP net income swung to a $17 million gain from a year-ago $3.9 million loss. (On a pro forma basis accounting for PandoLogic, net income rose 9%.)
The company logged record customer growth, revenue, profitability and free cash flow.
“The strength of our core business has enabled us to accelerate our investments in aiWARE toward enterprise deliverables, transforming the way we deliver our AI operating system and supporting an expanding number of applications," says CEO/Chairman Chad Steelberg.
For Q1, it's guiding to revenue of $32.5 million-$33.5 million (above consensus for $29.2 million), and a non-GAAP net loss of $3.5 million to $4.5 million. For the full year, it sees revenues of $180 million-$190 million (above expectations for $177.4 million), and non-GAAP net income of $10 million-$20 million.