Veritone Earnings Accelerate

Veritone (VERI) announced earnings today-- I thought I’d provide a quick update.

I know valuations aren’t our favorite metric but trading at 2x sales for these growth rates and metrics is too cheap for me to ignore. I feel like VERI is the best buy on my watchlist right now.

**Gross Margin 80%**
**DBNRR 120%+**
**P/S 2x 2022 Earnings**

**Pro Forma Revenue Growth**
**FY 2021 30% YoY**
**Q4 2021 41% YoY**
**Q1 2022 48% YoY**

Some Q1 2022 Highlights
RPO Doubled
New Bookings increased 292% YoY
Software Customers increased 45% YoY
Software Pro Forma Revenue increased 79% YoY
Hired more than 150 new employees (+25% compared to Dec 31)…

Some Business Highlights
-Doubled customer count of law enforcement agencies using Veritone Contact and Redact products.
-Veritone Wins 2022 NAB Product of the Year Award for VeritoneAvatar.
-Veritone launches VeriVerse integrated AI solutions for content IP, metaverse, NFTs and blockchain.
-Media Excellence award for best AI.
-iDERMS Environmental and Energy product suite expands to new customers, Marebeni Corporation, Competitive Power Ventures.

Risk Factor: Amazon is Veritone’s largest customer (30% Q1 Revenue) and with Amazon’s earnings call Veritone got absolutely hammered (-22% on the day). Customer concentration is a concern, but it was addressed by management in the earnings call and guidance for the year remained unchanged. Veritone AI hiring platform’s non-Amazon customer revenue increased more than 200% in Q1.

Veritone’s revenue and customer growth is accelerating, they were non-GAAP profitable in 2021 for the first time and forecast to increase 2022’s profitability by more than 100% YoY.

Veritone is using its AI and product-agnostic AI platform to touch many different industries-- advertising, law-enforcement / DOD, energy, synthetic voice-as-a-service, and the list goes on.

Here’s a link with previous post links for more information / Background:…

Peace, Health, & Prosperity