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Veritone Inc (VERI)

2.865

-0.035

(-1.21%)

Closed September 09 4:00PM

Delayed by 15 minutes

2.86

-0.005

(-0.17%)

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Pocket.watch Selects Veritone as AI Partner to Expand COPPA Compliant Advertising Offerings

Veritone to enhance contextual ad targeting and monetization for pocket.watch’s vast library of kids and family entertainment that generates over...

Form 4 - Statement of changes in beneficial ownership of securities

Veritone and Nuix Combine AI Expertise to Offer Turn-Key Solutions for Growing Volumes of Video and Audio Data

Veritone integrates its extensive AI-enabled redaction capabilities into Nuix’s NEO Platform and ecosystem to optimize audio and visual workflows...

Veritone Wins Netty Award for Best Use of AI for Accessibility

Award win recognizes groundbreaking work in synthetic voice and underscores Veritone’s AI for Good principles Veritone, Inc. (NASDAQ: VERI), a...

Veritone AI-Powered Solutions for Media and Entertainment Now Available in AWS Marketplace

Veritone makes its award-winning solutions more accessible to rights holders, rights owners and content creators Veritone, Inc. (NASDAQ: VERI), a...

Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Veritone Named Global Archive of Record and Exclusive Video Licensing Agent for the NCAA

Veritone’s licensing and AI-powered Digital Media Hub enable management, monetization and accessibility of NCAA Championship content Veritone...

Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB

Form 8-K - Current report

Veritone Reports Second Quarter 2024 Results

- Q2 Total Revenue of $31.0 Million, In Line with Guidance - - Public Sector Record Sales Pipeline Exceeds $100 Million, Highlighted by iDEMs...

Veritone Announces Strategic Collaboration Agreement with AWS to Unlock AI at Scale

Veritone and AWS to drive AI and cloud innovation across media, entertainment, sports, talent acquisition and...

Veritone Expands its Approved Applications with the Executive Office of the U.S. Attorneys

Department of Justice division adds Veritone’s Illuminate, Track, Redact and Automate Studio solutions to its existing use of aiWARE™ for...

Form 4 - Statement of changes in beneficial ownership of securities

Veritone Appoints Gus Hunt Public Sector Advisor

Former Central Intelligence Agency Chief Technology Officer assumes key role to advance Veritone’s public...

Veritone to Hold Second Quarter 2024 Results Conference Call on August 8th

Veritone, Inc. (NASDAQ: VERI), a leader in building human-centered AI solutions, today announced the details of its second quarter 2024 financial...

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KVM

KVM 17 hours ago

GBR

Some big player should see an opportunity to make an investment into Veritone. Supposedly mature cloud agnostic AI platform. Have made some headway into HR. Significant presence in M&E and advertising, and making progress in Public Sector with supposed 100M serviceable pipeline.

And now well over 2 months since 7M unencumbered cash. Fed about to lower interest rates.

A big player could structure a deal that handles the term debt, and the convertible notes could take care of themselves.

If no public offering, gotta be a deal coming soon. Need cash for ongoing development to stay competitive. Something has to happen soon here.

GBR

hope so. have also seen some MSFT people like Veritone posts.

And always seeing that guy from Adobe, and the guy from EF Hutton

KVM

RS liked a post from Msft officer of responsible Ai of new thi gs coming out soon. Hope Veri involved.

KVM

Totally agree. Can't understand alot of moves or lack of moves they make especially financially. Again I will say it incompetence .

GBR

Also with 100M market cap

RS has to live with that every day. If I were RS and after 10 years leading, still stuck in the mud, I would want to get the company into more capable hands. Would think that the Board would also feel that way. But they don't seem to mind.

RS took over and switched strategy by focusing on ecosystem instead of focusing on aiWARE platform. Yet, Veritone's ecosystem and its stock would become a lot more successful if a major player got behind aiWARE. They now have this SCA with AWS. When is AWS going to come out and publicly support aiWARE? Would make a huge difference imo.

KVM

At a 100 mil MC investor community doesn't believe anything they say.

KVM

I guess like usual we have to wait for EC for anything of substance and whether for once revenues exceed guidance.

GBR

The mystery continues.

Quiet on new aiWARE capabilities. Allude to scalable AI cloud architecture with AWS, but don't give any details. Went quiet on Ask Veri since the NAB Show in April.

Also, whenever they talk about Veritone Hire, they only describe it as combination of Pando programmatic Search and Broadbean Distribution. No details at all on aiWARE, in fact, never mention aiWARE when talking about Veritone Hire. They used to talk about conversational AI in HR tech. No more. Yet on August Investor Presentation, say "Streamline your screening process by
leveraging conversational AI to
engage and screen candidates postapply, all within your ATS"

And this Veritone engineer alludes to having actual clients for their Candidate Conversational AI chatbot.

Independently designed an API to cleanly expose and document chat data to clients of the Candidate Conversational AI chat bot using AWS API Gateway, Lambda, and OpenAPI Specification 3.1.

So why don't they mention this capability when marketing Veritone Hire?

There is a lot that they could by hyping, but they don't for some reason. The positive I guess is that they appear to have no interest in pumping the stock for whatever reason.

KVM

Especially Ai software. Has to be outside interest. Hard to say what their ultimate goal is. I always thought was an eventual sale. But that doesn't appear to be happening in my opinion.

KVM

Possibility. Just taking extremely long for this process to come to fruition.

GBR

When I think about them selling the non-software based asset, selling that leaves the rest of the company as pure software company. Maybe interest is out there for software based company, but not interested in non-software based asset. So sale of non-software based asset could simultaneously mean that they are also dealing on software based part of the business. I would bet that they are dealing with various options right now concerning the entire company.

GBR

Interesting. Now shows aiWARE-v3.56.4.52. And like you said, "Version 3.56.4.52 Deployment- 9/5/24"

However, when you sign in, it still shows "Version 3.56.2.43.3 Deployment 08/30/24" as the latest update.

Maybe a sign that they are going to start marketing aiWARE again.

KVM

See they finally updated as of 9/5 Aiware website when accessing thru Veri website

KVM

Think Veri controls all options of converts so don't think any issues there.

GBR

Even if they pay off the term loan, think they still would have to renegotiate with the convertible holders.

GBR

You could be right,

but if so, shareholders would be doomed.

But I'm not sure how much the stock would react on Fed announcements. The market knows Veritone is cash-strapped and in need of capital. Yeah the stock could get a bump, but if I were management, I wouldn't be relying on it.

KVM

I agree. If proceeds in excess of 100 mil why not pay off all term loan and still have in excess of 30 mil to fund operations. Again whatever they say never seems to make any financial sense.

GBR

From the earnings call

If consummated, this transaction will generate significant cash
proceeds that will be used to repay a portion of our term debt and fund future operations

This doesn't answer the question of how they are going to satisfy both the "term loan" lenders and the convertible debt holders. Don't think they can just simply repay a portion of debt. Their revenue run rate after the sale would reduce significantly. Would think the debt holders would have an issue with that. Would think restructuring would be required.

Just think there has to be more to this process than just sale of non software business.

KVM

I think sale of company would have also happened already and taking too long if that's the route they are going.

KVM

I also think sale won't go thru. But I think waiting for Fed announcements and then a public offering. JMO

KVM

Exactly. Veri slow walking this process and not like time is on their side with cash at zero. Don't know what they are thinking. Hope they know and are not shooting from hip like usual

GBR

Looking more and more to me that the non software based asset sale is not going to go through, and some other type of transaction will happen involving the whole company. But who knows. Sure doesn't look to me like any public offering is in the works.

GBR

Yeah, no mention of Veritone One. So looks like if they sell Veritone One, Veritone will still be selling aiWARE adtech capabilities via the AI Solutions Group.

But like you said before, shouldn't take this long to sell advertising business. Also for those that have submitted bids, how long do they want to wait.

KVM

Still don't know where the cash is. At least Ai Solutions Group has some work.

GBR

This time it's different. lol

Bottom line, with low stock price ( market cap), interest rates about to come down, current 140M run rate, should be no reason they can't get some type of deal done.

Would like to see some type of synergistic merger. Think any deal that gets done, even if just sale of advertising business, has to involve debt restructuring. So maybe waiting for Fed to lower rates.

KVM

But then again their conservative guides for the last 3 yrs never produced revenue in excess of conservative guide. So maybe no hope.

KVM

So 5 mil cash deficit isn't as bad as I initially thought and could cut that with additional revenues since we're conservative and any revenue and cost synergies that they didn't guide for. May be still hope.

KVM

I agree was misleading. And now 2 months ago had 6.7 mil in cash. 3q non GAAP loss at midpoint 3.3 mil. Add non GAAP cash outflows for 3q of 2.0 mil for amortization of debt, 5.2 mil in interest expense, and 1.2 mil too your favorite CS. And by the way I always complain about usury debt loan and associted dilution, but 5.2 mil in interest expense per q alone outweighs the paying off of converts. Definitely financial incompetence at its finest. Anyway 11.7 mil in cash out for 3q means negative cash of 5.0 mil. Wonder how they are addressing that.

GBR

GBR 2 weeks ago

20k shares traded in first half hour.
No news this week.
RS putting on one helluva road show.

GBR

GBR 2 weeks ago

Good to at least see some evidence of co-marketing initiatives with Veritone and AWS. Would like to see this in the HR recruiting space.

Jessica Raguso-FaillaJessica Raguso-Failla
• 3rd+ • 3rd+
Marketing Coordinator at CarahsoftMarketing Coordinator at Carahsoft
2h • 2 hours ago
Follow

On September 24, see how AWS and Veritone have teamed up to improve the efficiency and effectiveness of organizing digital evidence in criminal investigations with hashtag#AI. Stay for a demo of Veritone’s Intelligent Digital Evidence Management System, which helps gather information and enables agencies to quickly access, search, manage, organize and share digital evidence. Register today: https://ow.ly/zET730sFX3b

GBR

GBR 2 weeks ago

agree again 100%

GBR

GBR 2 weeks ago

Looking at Veritone's PR yesterday, here is the heading:

Veritone and Nuix Combine AI Expertise to Offer Turn-Key Solutions for Growing Volumes of Video and Audio Data

But then, this is the sub-heading:

Veritone integrates its extensive AI-enabled redaction capabilities into Nuix’s NEO Platform and ecosystem to optimize audio and visual workflows

Then look at the post on Linkedin by Nuix yesterday:

NuixNuix
26,259 followers26,259 followers
17h • Edited • 17 hours ago
Follow
Strategic partnership announcement

Today, we unite the power of our Nuix Neo platform with Veritone’s industry-leading aiWARE ecosystem of AI models, to supercharge data privacy, cyber-breach response, investigations, and eDiscovery.

This strategic partnership delivers a complete solution for customers to efficiently manage audio, video, and textual data.

Why did Veritone put that sub-heading in there? Makes it appear that the partnership only focused on Redact, rather than other aiWARE capabilities. Again, sometimes it looks to me like Veritone purposely tries to cap its stock.

GBR

GBR 2 weeks ago

agree 100% that Veritone would rather not sell advertising business.

Also believe that Veritone is trying to do everything in their limited power to avoid another public stock offering.

Let's face it, and I think the C-suite understands this entirely, a public stock offering at this point is clear and convincing evidence of failure on the part of management's efforts to create shareholder value. Particularly, it will be clear evidence that no significant player out there in the AI space values Veritone enough to make a reasonably valued investment into the company. If the board is responsible, if there is any public offering it should also coincide with changes in the C-suite. And the stock will be back to the 2 dollar or even sub 2 range.

As for enterprise level Fed contracts, I believe they won't come until terms of a partnership are in place. Looks to me that Veritone is leveraging a lot of AWS technology, and maybe other outside tech in their aiWARE roadmap to get it to commercial grade level. Would also think that it may take more manpower than Veritone has available to services large level enterprise Fed contracts. Veritone said 100M "serviceable" pipeline for public sector. Wonder what pipeline is that exceeds Veritone service capabilities. I believe Veritone is looking for a merger type situation that puts the current Veritone shareholder in a position to participate going forward. Whether they can execute is another matter. jmo

KVM

KVM 2 weeks ago

Supposed sale just taking too long for a simple non asset sale

KVM

KVM 2 weeks ago

My gut feeling is really don't want to sell non software asset especially if cant get their asking price. Too profitable and growing. Think they are trying to wait to announce Fed contracts and get bump in stock price and do a stock offering. Formal banking process as you say maybe putting feelers out for total company sale. But whatever it may be out of cash now so something has to give.

GBR

GBR 2 weeks ago

Gotta be tapped out as far as further indebtedness is concerned, unless somehow restructuring debt.

KVM

KVM 2 weeks ago

Even if strike any type of deal still will take a month or 2 to close. So where is operating cash coming from. Dilution? Another usury rate loan?

KVM

KVM 3 weeks ago

They have been talking about these important developments for at least a year. But up to now all talk. And still talking with no confirmation or revenue generation.

GBR

GBR 3 weeks ago

Unfortunately, still can't rule that out as a possibility.

They speak of multi-million dollar enterprise Fed deals, vastly improving balance sheet with asset sale, next generation talent acquisition and conversational AI, partnership with AWS.

Guys, we gotta get the stock price up in advance of a public offering. Let's see, I know, release a PR on winning an obscure award pertaining to AI voice for the disabled. That's what the investment community wants to hear.

You are right, that would be incompetent.

KVM

KVM 3 weeks ago

Or again could be incompetence.

GBR

GBR 3 weeks ago

Veritone One is a managed service business.

So being a services business, they describe it with respect to the bidding process as a non-software based asset.

Well, Veritone One provides managed services, but still leverages aiWARE to provide those services.

It makes sense to me that the sale of Veritone One could involve the purchase of Veritone One along with an equity stake in Veritone, or maybe even merger. If that's the case, then I can see why they wouldn't want the stock to get ahead of itself while the bidding process is ongoing.

GBR

GBR 3 weeks ago

I think an argument could be made that the last 2 PRs are part of an effort to keep a lid on the share price rather than to pump the stock.

If they want to pump the stock, there are better ways to do it.

Bottom line is that I honestly don't know how they could think the last 2 PRs would help the stock.

We know that the formal bidding process is going on. And I believe that the result could involve more than simply the divestiture of an asset. It could be that they want to keep a lid on the price while in discussions.

And if my above comments are BS, then I have no idea what they are thinking with these PRs.

KVM

KVM 3 weeks ago

Meanwhile peers still benefitting from Ai craze.

KVM

KVM 3 weeks ago

Agree. If that's the best they got then they got nothing.

GBR

GBR 3 weeks ago

The stock would be higher right now without the last 2 PRs.

GBR

GBR 3 weeks ago

Another example of a PR that is not going to pump the share price in advance of a public offering.

They should be smart enough to know this.

KVM

KVM 3 weeks ago

Still waiting for the meaningful PR and where cash is coming from. Have a feeling stock offering and dilution coming any day now.

CrypticMinotaur54

CrypticMinotaur54 3 weeks ago

You were right lol, not sure if its such a big announcement though

KVM

KVM 3 weeks ago

Afternoon PR. Maybe got something for tomorrow. Can only hope

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