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"In addition, we are currently in the process of completing a strategic transaction, which will further improve our liquidity position on a non-dilutive basis. We hope to have an update for you on this before the end of Q3 2023. "
Just throw in the word "hope" and you can say anything. He could have said "We hope to acquire Amazon in the third quarter."
$10M in unencumbered cash at the end of June, and expect to lose between $6.5 million and $8.5 million this quarter, so running on fumes as we speak.
Still wonder how they got the $30M credit facility. The convertible notes outstanding are senior. But the credit facility is secured by "certain domestic receivables and other assets."
What domestic receivables or assets could there be that the convertible noteholders can't touch?
As we know, hoping and Veritone not a good combination.
In addition, we are currently in the process of completing a strategic transaction, which will further improve our liquidity position on a non-dilutive basis. We hope to have an update for you on this before the end of Q3 2023.
Looks like Spotify going with OpenAI for Podcast synthetic voice and translation https://newsroom.spotify.com/2023-09-25/ai-voice-translation-pilot-lex-fridman-dax-shepard-steven-bartlett/
Now green in Premarket. Market does not know what to make of Veritone.
Now premarket we are heading to 2 bucks. So maybe sending us off a cliff.
wonder if showing 852 AI models had people asking about it.
Big difference in 852 and 450. Maybe 852 models implies that there is a partner providing models. Don't know. But do know they are gearing up aiWare as a product to be sold commercially. Why not say anything about the 75 applications. Seems that would be a number to boast publicly instead of just saying Redact and Digital Media Hub.
No new tech, partnerships, customers, financial updates or company direction or strategy. I guess probably don't have any of the above.
Hard to believe. From our perspective, looks like still relying on Redact and Digital Media Hub. Say 75 applications on aiWare, but no PR. Said 852 AI models. Now say 450. Why change the number.
Now they are finally getting around to showcasing Pando and Broadbean as a pair. But have no money. It's as if they will just keep going business as usual until they can't pay the bills anymore. Again, hard to believe. And they say still looking for acquisitions.
They have not tried to defend the crashing stock price all year. Don't seem to care about it. Whatever is happening, they don't want investors to know anything. So either leading us to a cliff, or something else.
Think the specialization of Pando and broad Bean is more important than aiWare, as far as Veritone viability is concerned. Another reason to find a way to do a deal on aiWare so that they can stop wasting valuable resources on CS and aiWare
One thing found interesting is on LinkedIn post about Broadbean and Pando and upcoming HR tech conference. Post was liked by Chief Revenue Officer of Dataiku.
Would think they would be competitors. But also noticed a while back that they have the same address in Denver. But it's only a Wework address.
But as much as it is easy to rip on Veritone, think a lot of other so called AI companies are in a similar boat. Seems like a lot of the functionality that is in AI platforms is becoming commoditized. Think they are having to try to become more specialized. Probably like Veritone did by narrowing focus to ecosystem and HR tech.
So think there could be consolidation. Also Dataiku has a better relationship with Deloitte than Veritone.
All speculation I know. But what is clear is that Veritone needs a strategic transaction to survive. I'm sure they are not the only ones.
another thought on this comment by RS.
The combination of PandoLogic with Broadbean or Veritone HR solutions will leverage aiWARE to orchestrate cognitive, predictive and generative AI workflows across the talent acquisition ecosystem.
Since it appears that the only time you see aiWare in the same sentence with Pando and Broadbean is when RS is talking to shareholders, makes me wonder if it is all BS. Yeah, I'm sure Pando and Broadbean might see some value in aiWare, such as creating work flows. But Pando and Broadbean could probabyl accomplish the same thing using other sources. Looks like too much money is being applied to CS and his aiWare dream, but providing little value to the company.
The HR tech conference coming up in October is the largest HR tech conference in the world.
Will be the first time Pando and Broadbean exhibit together.
RS made this comment during the earnings call:
The combination of PandoLogic with Broadbean or Veritone HR solutions will leverage aiWARE to orchestrate cognitive, predictive and generative AI workflows across the talent acquisition ecosystem.
But Pando and Broadbean never mention aiWare. No mention of aiWare in the PR for the HR tech conference. https://go.veritone.com/hr-tech-2023/p/1
Pando and Broadbean actually look like a compelling combination, but appears that Veritone and it's lousy balance sheet, Steelbergs, and the aiWare platform that is going nowhere are anchors weighing down prospects for Pando and Broadbean. Would be nice if there was a strategic transaction before going to the trade show.
If not, I'm guessing that anyone interested in Pando and Broadbean will just wait for the fire sale like Steelbergs had to do with their energy group.
With the disciplined financial stewardship and a strategically planned approach, Veritone is well on its way to becoming a long-term dominant player in the enterprise AI field.
I've never been more confident that we're on the right path to achieving profitable growth and long-term shareholder value.
In summary, our efforts in 2023 have been focused on streamlining operations to build a strong foundation for Veritone's next phase of disruptive growth.
We remain confident in Veritone's long-term strategy which will propel us into our next phase of growth.
Both RS and Zemetra allude to the "next phase" of growth. Anything is better than the current phase.
Anthropic may have Amazon, but Veritone has Banta.
Well something has to happen soon. Whatever it is, just hope RS has the sense and ability to get the assets into more capable hands and allow shareholders to have a fighting chance going forward.
Stock trading as if there is no free cash left on the balance sheet. Wait, there IS no free cash on the balance sheet. On to the next trade show!
I share Banta's misery. Thanks Ryan and Chad.
Considering the Steelberg egos, don't understand why they would not be embarrassed by this. Been a shit show all year.
Still say, if they can do a deal that gets aiWare into more reputable and capable hands, then that makes the rest of Veritone business more valuable.
Customers would be more receptive to Veritone applications and services if they new it was all running on a more reputable platform.
They also finally got rid of Iderms and energy management from the solutions page.
Possibility. Sum of the parts. Think they could do a deal on HR, do a deal on content licensing. M&E. Government. and aiWare.
Whatever happens, I am bettting that aiWare will be part of something else. Veritone owning the platform, yet trying to get it ready to be its own product. That won't end very well unless they get aiWare into more capable hands. jmo
But then aiWare.com lists recruiting as an industry.
INDUSTRIES
Energy
Government
Media,Broadcast & Sports
Healthcare
Recruiting
Legal
On Veritone website, they have now reduced the list under industries.
Now list: Media & Broadcast
Government
Legal & Compliance
Sports
So got rid of Healthcare, Retail, Insurance, etc.
But why HR missing
This was RS comment last earnings call.
The combination of PandoLogic with Broadbean or Veritone HR solutions will leverage aiWARE to orchestrate cognitive, predictive and generative AI workflows across the talent acquisition ecosystem.
About the only time aiWare ever mentioned in the same sentence as Pando and Broadbean. But they never mention aiWare in public.
Just like Gridbeyond never mentions running on aiWare.
They clearly are not marketing aiWare, and supports my belief that the new aiWare "product roadmap" is not about aiWare going it alone. I believe it becomes part of something else. Whether good or bad. The market says bad.
I don't know how they continue without a strategic transaction, unless they want to rack up another $30M in debt.
Another thing about this $30M credit line, which uses revenues as collateral. Wonder how they got that past the convertible note holders.
Even if Veritone a non factor, don't really understand why they wouldn't take this opportunity to really drive home how Pando and Broadbean differentiate in the market.
They don't appear to have any sense of urgency. And from the outside looking in, it looks to me like they should have every reason to be urgent. Running out of cash.
Back in June, they said that they were going to providing more specifics on the combined offerings in September.
Here was their chance. Nope.
No, I did not expect anything. But I wanted to put it out there in front of them to see how they would react.
Today's webinar basically only discussed the talent acquisition industry and programmatic job advertising in general. Did not get into specifics as to how Pando and Broadbean differentiate from the competition.
Listened to today's webinar. The last question was from me, although she relayed my question in more vague terms. But not one mention of Veritone until they addressed my question.
My question:
It appears Broadbean and Pandologic will remain separate entities under Veritone. What is the advantage of this, and what value does Veritone provide for your combined services. Also, given Veritone's balance sheet, how do you see continued investment and development going forward?
No mention of aiWare in the answer. No mention of aiWare or Veritone throughout the webinar. Just basically said Veritone has a 10 year history developing AI, and RS is experienced in digital advertising.
Amazon ramping up hiring for holiday season. 250k up from 150k last year.
https://www.aboutamazon.com/news/workplace/amazon-hiring-seasonal-holiday-employees
The aiWare site also has a new deployment date- Version 3.45.1.1 Deployment- 09/7/23 also new updates.
Last one was 8-10 or something.
Still, don't know why they go backwards on number of AI models. Maybe 852 is for version 3.5. In any case, makes no difference. They could have 1000 AI models and who cares if aiWare not being adopted.
Then that makes RS not only a liar, but also makes CS consulting agreement a sham. jmo
And if so, VERI doomed.
yesterday glassdoor
Stay Away
Marketing
Former Employee
Nowhere, OK
Recommend
CEO Approval
Business Outlook
Pros
Worked with some nice coworkers.
Cons
In less than 2 years, the word 'layoff' has been happening often. Four times since i've been there. A person's role, title, tenacity, or ambition, doesn't matter. C-level are getting cut. As are Directors, VPs, Managers, Senior Managers. Heads rolling every few months. Some individuals are getting cut before reaching a 2yr anniversary. Others are let go under 12 months. Would you like to lose your job after 8 months? This company operates as if it's a factory manufacturing widgets. Focusing on quantity, not quality. Imagine a pinball bouncing around aimlessly, constantly changing direction. Something is a major fire one week, forgotten the next, with a new urgent priority replacing it, and the cycle continues. Too much work/quantity on one's plate, and a feeling of constant scrambling and 'keeping up' becomes the norm. Makes for a hectic and unhealthy environment. And when quarterly revenue isn't met, expenses get cut to compensate and offset, and you will most certainly lose your job.
Advice to Management
The challenging economy is not your true blocker toward achieving your revenue goals. Your internal processes and decision-making are. Your in-house atmosphere and operations are within your control. Market factors are outside your control. Yet, the in-house factors that are in fact within your control -- continue to be the problem. As long as your in-house environment remains broken, you will continue to do layoffs, which is a band-aid you'll continue to apply to Expenses, but it is not a solution for Revenue -- and it never will be.
And if they didn't have a plan before the Broadbean acquisition, then I would say much of the commentary
from RS during the earnings call was very misleading and even lying. No optimistic comments apply when you have no cash and have no means to get cash, especially non dilutive.
Bottom line for me is that they had better have had a cash plan set in stone before the Broadbean acquisition, and even before the Notes buyback, or else I completely agree total shoot from the hip incompetence.
Said within 12 days hope to announce non dilutive strategic transaction.
I know they said hope, but considering the situation they have kept all the shareholders in, if they don't deliver on this timeline, I would expect that not meeting this timeline means bad news, and shareholders will have to wait until November to learn their fate.. Could see the stock fall below 2.
Agree. inconsistent information
Looks like now they are distinguishing between AI models and cognitive engines. Say 450 models and say 852 cognitive engines.
Also noticed that on the "OS" page they changed the header to version 3.45, it used to be 3.50
Along the same lines is this quote:
Veritone is well on its way to becoming a long-term dominant player in the enterprise AI field.
He makes this quote on the same day that they report having $10M in unencumbered cash. Not to mention 140M in debt.
The dumbest thing about that earnings call, is that obviously the burning question is where is the cash going to come from. They avoided this, and I believe did not allow any questions, even though they acted like they opened it up for questions.
Yes very possible to see another award PR.
Just unbelievable. posting about awards, and trade shows. Not displaying a care in the world that their cash levels and balance sheet are shit.
But along the same lines. Bought Broadbean, knowing full well that cash would be depleted.
Now getting toward the end of the year, and working on aiWare and say preparing for "disruptive growth". But with no cash apparently, and not a care in the world.
And they know full well that their stock has been absolutely crushed because of uncertainty with their cash and balance sheet. They don't care.
Have no idea what is coming.