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Veritone Inc. (VERI) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $92.6 million for 2024, a decrease from $100 million in 2023. This decline is attributed to reduced revenue from consumption-based customers and one-time software sales, partially offset by the acquisition of Broadbean in 2023.
The company recorded a net loss of $37.4 million for 2024, compared to a net loss of $58.6 million in 2023. The improvement is due to cost reduction initiatives and a decrease in operating expenses.
Veritone completed the sale of its subsidiary, Veritone One, on October 17, 2024, for up to $104 million. This divestiture is part of a strategic shift to focus on AI solutions.
The company reported a gain of $66.5 million from the sale of Veritone One, which contributed to net income from discontinued operations of $58.9 million for 2024.
Veritone's liquidity position at the end of 2024 included $16.9 million in cash and cash equivalents. The company continues to evaluate strategies to obtain additional funding for future operations.
The filing notes that Veritone's ability to continue as a going concern is dependent on obtaining additional liquidity and meeting its debt obligations, including a senior secured term loan and convertible senior notes.
Veritone's Software Products & Services revenue was $61.1 million in 2024, representing 66% of total revenue, while Managed Services revenue remained flat at $31.6 million, representing 34% of total revenue.
The company has identified material weaknesses in its internal control over financial reporting, which it is working to remediate.
Veritone's international operations include offices in the United Kingdom, France, Australia, Israel, and India. The company plans to continue expanding its presence in these and other markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veritone Inc. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.