Veritone Inc (VERI)

[GBR]

One of the conferences is with EF Hutton. There has been an EF Hutton guy liking Veritone Linkedin posts for some time now.

[GBR]

Yeah nothing to write home about. Near term transaction becoming long term. No signs of "disruptive" growth or "exploding demand". Maintain year guidance and say very conservative. So either there is some catalyst that needs to take place that unleashes the disruptive growth and exploding demand. Or these are just the typical Steelberg BS quips. Encouraged that they are back to doing analyst conferences. Hope they get more than just softball questions. Surprised Banta today did not ask more interesting questions.

[cpeter7]

Thanks for sharing that article seems interesting but need to read over it.

The did double down on the non-dilutive financing option for next quarter. Also the 3 new fed customers and RS's interesting comment on the DOJ at more to come from the initial $15 million contract. Still barely any mention of aiWARE or any sort of clarity of customer use cases. Overall looks like the second half of the year we could see the stock price start to rise substantially. But agree more of the same with a little bit more concrete enthusiasm moving for I think.

[KVM]

Waste of time. Just a repeat of 4q EC. Still no analyst coverage. And seems to be no concern for cash position which stands at 13 mil unencumbered at 3/31. Can't understand why everything takes them so long to accomplish

[GBR]

This article came out before the closing bell.

https://aws.amazon.com/blogs/machine-learning/how-veritone-uses-amazon-bedrock-amazon-rekognition-amazon-transcribe-and-information-retrieval-to-update-their-video-search-pipeline/

[GBR]

Could be. Hopefully see something today on this non-dilutive transaction that vastly improves the balance sheet

[KVM]

Like I said a chicken without a head. Hire/layoff. Why no update for Aiware site. If some kind of Aiware deal would have announced it instead of skirting by issues. Maybe a AWS investment?

[GBR]

OK so yesterday Veritone added Illuminate and Identify to AWS marketplace.

- Under Veritone Identify, there is no mention of aiWARE

- under Veritone Investigate, just says "Built on enterprise-grade architecture powered by AWS "

- Under Veritone Illuminate, says "Built on the Proven Enterprise AI platform, aiWARE
The proven enterprise AI platform, aiWARE, is the foundation that powers purpose-built applications for public safety and legal professionals alike. "

Why not say "Our Proven Enterprise AI platform, aiWARE. Instead of "the"?

In today's PR, it says "By combining human expertise with aiWARE™ technology, " Why not say our aiWARE platform?

[GBR]

maybe announcing a deal after the bell, haha

[KVM]

Call today at 5 pm est instead of normal 4.30. Wonder why

[GBR]

Next step up would be "Premier" Tier Service Partner.

Still can't understand why no Media and Entertainment.

As an AWS Marketplace seller, Veritone offers numerous AWS-validated offerings in key areas such as machine learning and public safety.

M&E is the legacy vertical. Why no M&E offerings like Attribute and DMH.

Maybe we see a strategic transaction? We know Amazon demonstrated an Amazon branded DMH.

[KVM]

I guess AWS Advanced Tier Service Partner doesn't mean much these days.

[GBR]

Who knows?

They appear to be selling their soul to Amazon, but so far getting nothing from Amazon in return. Don't understand this since Veritone at least trying to drive business Amazon's way.

[KVM]

Wonder what ever happened to their innovation lab in Israel. Don't hear anything on that anymore. And most key employees from Pando deal now gone.

[KVM]

Conservative estimates at that

[KVM]

Most Pando released employees now working at Hire road.

[GBR]

earnings call was on March 12, so yeah, most of 1st quarter was known. They need to get Amazon to acknowledge aiWare. Back in 2022 when RS became CEO, they said partners would focus on aiWARE business outside of ecosystem. Still no evidence.

[KVM]

Bad #s. 4q EC on Mar 4. Only had to estimate remaining 27 days. Surely couldn't screw up 1q estimates when 2 months already in the pot.

[KVM]

Starting a new group which I'll assume centers around Aiware yet just layed off 14% of workforce and alot of them worked on Aiware. Still running around like a chicken without a head.

[GBR]

Hope today's PR is not a precursor to bad numbers. I saw yesterday that Matt O'Connor, Chief Revenue Officer for Pandologic is now gone.

What are they doing with Veritone Hire?

[GBR]

Yeah and DMH their most used product and PR gives DMH example with US Soccer, but DMH not on AWS marketplace.

[GBR]

A lot to unpack in today's PR.

- As an AWS Marketplace seller, Veritone offers numerous AWS-validated offerings in key areas such as machine learning and public safety

So far, only 3 offerings listed on AWS marketplace. All public safety. Why no media and entertainment offerings or Veritone Hire or aiWare?

- Why can't this PR include a quote from Amazon? Everything Veritone does helps to drive more business to AWS cloud. Seems like it would be the least Amazon could do.

Still no updates on the status of Veritone Hire. They spent all this money on HR, and now announcing a new consulting business.

[KVM]

Surely said a mouthful in PR. What does "Differentiated" exactly mean. And stated their expertise will drive them being a strategic partner for "Ai providers" as well as end customers. And still state Aiware is the leading Ai enterprise platform.

[GBR]

Now added Illuminate to AWS Marketplace

Says "Built on the Proven Enterprise AI platform, aiWARE"

https://aws.amazon.com/marketplace/pp/prodview-2hn5m3f5pin4i?sr=0-2&ref_=beagle&applicationId=AWSMPContessa

So wonder why Illuminate built on aiWARE but Veritone Investigate "Built on enterprise-grade architecture powered by AWS Commercial"

[GBR]

some highlights from that article

- firm has increased its headcount by more than 40% to about 220 employees today and last year an 83% increase in new contracts signed when compared with 2022.

- saw revenue climb by 25% last year from 2022,

- Langsam declined to disclose the company's annual revenue, saying only that it is under $100 million.

[cpeter7]

Can't read the article but hopefully Veritone is getting some of this
https://www.bizjournals.com/washington/news/2024/05/03/opexus-government-contractor-foia-requests.html

[GBR]

added Veritone Identify to AWS Marketplace


https://aws.amazon.com/marketplace/pp/prodview-ofler2haiuz2k?sr=0-2&ref_=beagle&applicationId=AWSMPContessa

[GBR]

Yes, they have had a relationship with CBS for years. Veritone acquired that relationship with CBS when Veritone acquired Wazee Digital.

The relationship has apparently expanded. From the last earnings call:

In Q4, our team successfully implemented expanded CBS Evening News content Ingestions, which includes the delivery of all news segments in near real-time across the Veritone marketplace, providing an unmatched user experience for content buyers. Specific to our partnership, CBS News licensing revenues grew 43% year-over-year internationally.

[deet49]

Anyone else notice on all CBS PARA videos it now say

For video licensing inquiries, contact: [e-mail]

I wouldnt waist time watching the video but if you read the description it's on all and every one ....

[GBR]

Something I missed from the earnings call.

Veritone dumped their shares of Gridbeyond in the first quarter.

Looking ahead to Q1 2024, I want to point out certain one-time cash items:

Cash receipts up to $1.9 million towards the sale of our investment associated with the
divestiture of our energy division in 2023.

[GBR]

Time for them to make something happen next week.

[cpeter7]

Well hopefully the government still feels they can trust Veritone. Makes me curious what service the Federal Reserve was using. Maybe more redaction? Who knows but seems like 1.66 billion documents the government is beyond just a trial use case. And this is just two servers.

[GBR]

1.66 billion documents.

Thats a lot of documents. Might include a lot of training data, but still makes me wonder about the revenue significance of converting trial based customers in government. RS recent interview stated that government was what he was most excited about by far.

[cpeter7]

True but I think it still includes "accidental occurrences". Seems like sensitive data was accessed so I feel like they should've filed. Either way I think the public is pretty numb to these sort of events since the happen all the time. Disappointing to see that that it was poor management practices by Veritone.

Under the new disclosure rules, SEC registrants are required to make a disclosure within 4-business days once a cybersecurity incident is deemed by the company, to be material to a reasonable investor. Cybersecurity incidents include unauthorized occurrences and accidental occurrences not caused by a maliscious attack.

https://www.forbes.com/sites/bobzukis/2024/03/04/companies-are-already-not-complying-with-the-new-sec-cybersecurity-incident-disclosure-rules/?sh=292798625273

[GBR]

It doesn't sound like a hack to me. Sounds like two databases were left exposed allowing anyone to to enter without any authentication.

[cpeter7]

If the breach happened on March 23 an exception must've applied to allow them to not file an 8k. Like a risk to national security. Interesting to see both the Fed and Homeland Security I feel like haven't been mentioned before.

[cpeter7]

Under the new SEC cyber incident reporting they should be filing an 8k about the hack if it's material, which it seems like it is. Or I wonder since Microsoft is the cloud provider it falls on them to create the 8k.

[GBR]

Have not heard of Veritone involved with the Federal Reserve before.

[GBR]

Hope they have a handle on this

https://www.upguard.com/breaches/veritone

[beni2020]

It's more than likely he gave up his salary as a condition to the BODs giving his loser brother the payoff to rid the company of his bullshit

[GBR]

Agree Hopefully they put up some good numbers and guidance, and really provide evidence of aiWARE success before forking over a million on July 1st to Chad.

[KVM]

Don't think CS would have done that. As shown by his consult agreement doing just the opposite. I guess reduction shows confidence. But like you say want to see revenues and guidance beats and increases.

[GBR]

Was not aware of this.

Ryan Steelberg. Pursuant to Mr. Steelberg’s 2023 employment agreement, his annual base salary was set initially at $525,000 and was voluntarily reduced by him to $1 in May 2023, and such reduction remains in effect. He is also eligible to receive discretionary annual incentives under our cash incentive program, with a target of not less than one hundred percent (100%) of his annual base salary, up to a maximum amount

[GBR]

In the last couple of investor presentations they have mentioned as a growth driver of converting trial based customers into paying customers. And coupled with RS comment that we are seeing an explosion of demand for aiWare and all applications and solutions, they have to demonstrate the above in the form of revenues and guidance next week, or the stock will get crushed further.

Last earnings call was already suspect by not providing guidance that would support the "explosion of demand" comment.

[deet49]

Right not like the DOD is leveraging AiWare the (JAIC) now under the (CDAO)

Under the terms of the agreement, the JAIC will be able to leverage the Veritone aiWARE platform and key applications for Test & Evaluation (T&E) capabilities to accelerate the government’s full spectrum of emerging AI technologies including Machine Learning (ML), Deep Learning (DL), and Neural Networks (NN).

Also as mentioned in an earlier ER the DOD contract can be pulled forward

ALPHA 1 DOD

Reading todays news about canadian national bank using our Redact was veri welcomed news cause I'll be honest beyond the DOJ Foia or CDOA I hadn't really given much thought to the private sector use of protecting customers privacy and sensitive data

\/ with dwarf past accomplishments of the Steelberg bros easily by ten fold

I dont need a pr ever ten minutes on day to day biz as usual but todays was significant to let us know the private sector implications

Finally the word "PROVEN" = highly accurate 99.99%

GLTM
https://www.nextgov.com/artificial-intelligence/

[KVM]

Don't think get a specific mention or PR of Aiware until they get a customer(s) who soley licenses the Aiware platform as a stand alone product. Maybe when announce Fed contracts that will happen.

[GBR]

Couple things on today's PR.

One, another redact PR. They've spent all this money on Veritone Hire, and don't have any PR out on it. Also why no aiWARE specific PR.

Todays PR says "Built on Veritone’s proven aiWARETM enterprise platform" It's telling for me that they still have to say "proven". Still sounding like a 10 year old start-up.

[cpeter7]

Oops I read it as the national bank of Canada

[GBR]

Just curious, how do you know what bank it is?

[cpeter7]

https://www.veritone.com/press-releases/veritone-and-opexus-team-up-to-provide-ai-solutions/

Seems significant. “Veritone Redact uses pre-processing and machine learning to support the AI Assist Module by finding, flagging and redacting sensitive information in audio and video data, which may include audio calls between customer service representatives and customers, internal company video conversations or on-premise surveillance footage.”


It’s also the biggest bank in Canada with 28k employees.