Veritone, Inc. reported a revenue of $20.3 million for the first quarter of 2026, a decrease of 9.8% compared to $22.5 million in the same period of 2025. The decline was primarily attributed to reduced revenue from both its Software Products & Services and Managed Services segments. Specifically, Software Products & Services revenue fell to $13.8 million from $14.5 million, while Managed Services revenue decreased to $6.4 million from $8.0 million. The company recorded a net loss of $19.5 million, slightly improved from a net loss of $19.9 million in the prior year.
Operating expenses for the quarter totaled $39.7 million, down from $44.1 million in the previous year, reflecting cost-cutting measures implemented by the company. Notably, general and administrative expenses decreased significantly by 21.8% to $10.9 million, while sales and marketing expenses increased by 5.4% to $10.7 million. The company’s operating loss was reported at $19.4 million, compared to an operating loss of $21.6 million in the same quarter last year.
In terms of strategic developments, Veritone has been focusing on enhancing its operational efficiency and reducing costs, achieving over $50 million in annualized cost reductions since January 2023. The company has also announced plans to further reduce its operating cost structure by up to 30% to reinvest in growth areas, particularly in its aiWARE platform and related services. As of March 31, 2026, Veritone had 2,897 Software Products & Services customers, a decrease of 8.2% from the previous year, largely due to a decline in consumption-based customers.
The company continues to face challenges related to macroeconomic conditions, including inflation and geopolitical tensions, which have impacted customer demand, particularly in its Talent Acquisition solutions. Despite these challenges, Veritone is optimistic about its growth prospects, particularly in its VDR and iDEMS solutions, which have seen increased demand. The company has also established a strategic relationship with Oracle to enhance its AI capabilities and reduce operational costs.
Looking ahead, Veritone's management has expressed concerns about its ability to continue as a going concern, given its working capital deficit of $45.8 million and outstanding debt obligations of $45.4 million related to its Convertible Notes due in November 2026. The company is actively seeking alternative financing options to address its liquidity needs and is focused on executing its growth strategy while managing operational costs.
About Veritone, Inc.
Veritone, Inc. provides AI computing solutions centered on its proprietary aiWARE platform, which orchestrates machine learning models to extract insights from structured and unstructured data across industries like media, government, legal, and compliance. The company offers SaaS applications, content licensing, and professional AI services, enabling organizations to automate data analysis, enhance content management, and improve investigative workflows with scalable, flexible deployment options.
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