Veritone, Inc. reported a revenue of $22.5 million for the first quarter of 2025, a decline of 7% from $24.2 million in the same period last year. The decrease was primarily attributed to a drop in both Software Products & Services and Managed Services revenue, which fell to $14.5 million and $8.0 million, respectively. The company experienced a net loss of $19.9 million, an improvement from the $25.2 million loss reported in the prior year. The loss per share from continuing operations was $0.41, compared to $0.70 in the previous year.
In terms of operational metrics, Veritone's total Software Products & Services customers decreased to 3,156, a 6.7% decline year-over-year. The company attributed this reduction to the planned migration of legacy CareerBuilder customers off the Broadbean software platform, although there was an increase in Public Sector customers. The company also reported a gross profit of $13.7 million, down from $16.3 million in the prior year, reflecting a gross margin of 61.1%, which is a decrease from 67.6% in the same quarter of 2024.
Strategically, Veritone completed the divestiture of its full-service advertising agency, Veritone One, on October 17, 2024, for a total purchase price of up to $104 million. This divestiture is expected to enhance the company's focus on its core AI solutions and improve financial liquidity. The company also engaged in a registered direct offering in January 2025, raising approximately $20.3 million through the sale of common stock and pre-funded warrants.
Looking ahead, Veritone faces challenges due to ongoing macroeconomic conditions, including inflation and geopolitical tensions, which have impacted customer spending and revenue generation. The company has implemented significant cost reduction measures, achieving $40 million in annualized savings since January 2023. However, management has expressed substantial doubt about the company's ability to continue as a going concern over the next twelve months, primarily due to its debt obligations and historical negative cash flows. The company is exploring additional funding strategies to support its operations and growth initiatives.
About Veritone, Inc.
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