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They stopped talking to analysts/investors last year. They had planned to have an investor day something called AI in Action, mid year 2023, but cancelled it along with a couple other investor conferences. This was right around the time they bought Broadbean and got word from Amazon that they will be decreasing consumption.
some quotes from the call
We're seeing an explosion
of demand for Veritone’s AI applications, aiWARE platform and solution capabilities, with the largest
qualified pipeline on record, and we are continuing to accelerate our innovation and development
pipeline to adapt and extend our AI capabilities to serve our markets.
Again, I want to reiterate that we are projecting profitability as early
as the fourth quarter of 2024 and in full year fiscal 2025.
With respect to our balance sheet and debt position today, we have near term plans to vastly improve
our liquidity position on a non-dilutive basis. We will continue to update you on further progress on this
initiative when we announce Q1 earnings in May 2024.
but have intentionally omitted from our 2024 guidance any future cost and
revenue synergies expected in the second half of 2024 until they are realized.
Moreover,
10
we are in late agreement stages with various federal agencies on larger enterprise level
arrangements, which if executed in the first half of 2024 could accelerate this growth projection
even further
and all this talk of "disruptive" growth is either:
1. Lying
or
2. They are anticipating some catalyst like a deal to put them in the position for "disruptive" growth, and it has not yet materialized. jmo
Despite lingering uncertainty across financial and consumer markets, Veritone has made significant strides in streamlining operations, and we look to the start of 2024 as an inflection point in our growth trajectory. - Ryan Steelberg - 11/08/23
You just can't say BS like that and not follow through. It's kinda hard on the stock price.
They threw a couple of carrots out there in the conference call. But investors and analysts have had enough of carrots.
Like you say, hope. All that remains for me is the hope of some type of strategic deal.
No. Only one analyst from UBS asked a question. The rest of the analysts have given up.
they haven't even updated the investor presentation on their website.
Then if they sell the advertising business, that would send the revenue guidance down considerably.
What they need is deal with Amazon.
this is a company that should have been sold to someone back in 2021. CS was delusional about aiWare prospects. It remains a company that should be part of something else. Don't have the resources to be competitive on all these different fronts by themselves. They are the ones that got themselves into the mess of having to downsize and restructure. That being said, the earnings report could have been a lot worse considering their self imposed predicament. jmo.
I will have to review the transcript but you are right, overall disappointing. Couple things stood out however. MZ said something about a transaction that would substantially improve our balance sheet in near term, and will comment on it by the May earnings call. Also said something about chance of significant increase in revenues but not including in guidance until they materialize.
Just can't believe they can't comment on aiWare roadmap or developments. Don't comment on Veritone Hire strategy and go to market.
First Quarter 2024
Revenue is expected to be in the range of $30.5 million to $31.5 million, as compared to $30.3 million in the first quarter of 2023.
Full Year 2024
Revenue is expected to be in the range of $134.0 million to $142.0 million, as compared to $127.6 million for fiscal 2023.
That must be the inflection point in growth trajectory. And disruptive growth.
now it's off again. wtf
it's back on there again.
appears that way. I see they already removed one of the new marketing positions.
RS posted that on Linkedin and it was liked by Director, Business Programs, Public Safety & Justice, Worldwide
Microsoft. why
I think it's obvious they are going to announce some kind of enhanced partnership with Amazon, and this job description for VP includes HR. So at least the job description ties HR tech with Amazon, which could be significant just to get the Amazon hiring revenues back
New job posted
VP, Vertical & Growth Marketing
Once again, only mentions AWS.
https://www.linkedin.com/jobs/search/?currentJobId=3853534903&f_C=6442206%2C4791398&geoId=92000000&origin=COMPANY_PAGE_JOBS_CLUSTER_EXPANSION&originToLandingJobPostings=3839481255%2C3837211985%2C3846688513%2C3849629948%2C3809348430%2C3846381832%2C3853534903%2C3849635120%2C3720073847
who knows. And I believe "The Job Network" was powered by Pandologic, and even back when Pando was called Realmatch. But the PR says it's a "relaunch" of "The Job Network"
But also based on that job posting, appears that they are going to get aggressive on aiWare marketing. So have no idea why they have been waiting.
Based on the recent job posting, you appear to be right on aiWare remaining in house. And they have done nothing to support the stock price in well over a year. Didn't even try to promote aiWare during that time.
On another note, I continue to follow anything on Deloitte CortexAI, and AIOPS.D, which is supposedly built with CortexAI. I've seen them post various articles, videos, etc which mention CortexAI or AIOPS.D every so often up to February of this year.
Now this post from 2 days ago suggests that they have scrapped CortexAI.
Among the Deloitte initiatives she has helped shepherd are the Smart Factory, ConvergeProsperity™, and the former CortexAI platform, which incorporated analytics and AI as core differentiators.
https://www2.deloitte.com/us/en/pages/consulting/articles/top-women-in-AI.html
brutal
I agree, why wait for earnings.
The recent job posting hints that they are going to start heavily marketing aiWare. Why haven't they been marketing aiWare before? They say the brands Broadbean and Pandologic will eventually disappear, and become Veritone Hire. Well why does it take them 9 months to do this. Just seems that with aiWare and Veritone Hire, they have kept their plans secret for some reason. So I expect them to disclose all this on Tuesday.
But delaying the public marketing of aiWare and Veritone Hire plans, has me thinking one or more strategic partners involved.
Veritone apparently has all these partnerships with ADP, Linkedin, Bullhorn, etc, and has been 9 months since buying Broadbean, yet still doesn't have any site or web page for Veritone Hire. Another reason why I think we see some type of strategic deal along with this earnings report.
Right, and MSFT Azure marketplace still lists Veritone applications.
https://azuremarketplace.microsoft.com/en-us/marketplace/apps?search=veritone&page=1
The question is why does the new IDEMS suite only mention AWS?
https://unlock.veritone.com/resource-library-idems-overview?_gl=1*1l8pe71*_gcl_au*MjExMDgyOTkzMi4xNzA5MzAxNzcw
Veritone must have a number of police department customers that run on Azure. aiWARE supposed to be cloud agnostic, and one would think Veritone would want to get that point across, as they did in the past. So the new IDEMS suite, curious that it only mentions AWS. Going to be an interesting earnings call, and who knows, might get news before Tuesday afternoon.
Hopefully. We will see in 3 days.
Big Bear getting crushed on earnings report.
It looks like they are going to start marketing aiWARE heavily. They haven't done that since RS took over.
Planning and execution of aiWARE webinars (start to finish), blogs, co-branded presentations, metrics/reporting, and email campaigns highlighting the joint value proposition of each specific top partner.
Could be, but Why do they only mention AWS on the Veritone Investigate page?
Back in the third quarter of last year, they launched Veritone Evidence. They have now switched the name to Veritone Investigate. And that only mentions AWS as a cloud provider. Why no Microsoft Azure or Google Cloud?
https://www.veritone.com/applications/investigate/
It also got put on the AWS Marketplace this week.
https://aws.amazon.com/marketplace/pp/prodview-noraedtsxtb5k?sr=0-1&ref_=beagle&applicationId=AWSMPContessa
I find it interesting that it mentions partnership with AWS. But not Azure or Google cloud. And yes financial services interesting. It doesn't mention recruiting but it mentions working with ATS Applicant Tracking Systems. So looks like the position does deal with HR tech issues. And with focus on only AWS, could be something.
But just AWS. Could be a deal coming up. A lot of AWS employees liked the Veritone Dalet posts on Linkedin.
I may come to that conclusion by March 12. But still think they will have something significant in a week.
Airship AI went up over 200% today.
I don't find anything on their AI platform predating 2023. They must have just slapped together a platform and had the DOJ adopt it, all without even having to go through Fedramp process. They surpassed Veritone in market cap today, and only have 10M in revenues.
Veritone simply does not care about their share price. They could be caught up in this AI hype if they wanted to, or at least have the stock price higher than it is now. They don't care about it.
In this market, Veritone is the shareholders worst enemy. A monkey as CEO could have had VERI stock higher going into earnings. Needs to change March 12 in a big way.
Meanwhile Veritone crashing lol
And the PR says deployed in Fedramp environment. Airship AI not listed in Fedramp marketplace.
Their Acropolis OS platform looks similar to aiWARE
This little company up 100% this morning on DOJ AI deal. One of the main guys liked RS post yesterday and they are connected.
https://finance.yahoo.com/quote/AISP
Talking about aiWare here.
https://www.martechoutlook.com/vp/-veritone-one/ai_technology_to_drive_influencer_marketing/
I just skimmed through the earnings call for Snowflake.
Stock getting hammered due to guidance. But a lot of discussion on the promise of Cortex, which is still not in public preview yet, being one of the primary drivers of growth going forward.
Even if Snowflake has nothing to do with Veritone, I can't for the life of me see why aiWare would not be a huge asset for Veritone. And Veritone doesn't even talk about it. Only reason I can see for the silence is due to aiWare roadmap being involved with partners.
Cortex will hit public preview soon. To Mike's point, getting this to GA, getting this in the hands of our customers, and having them realize value is the top priority.
There is a lot of pent-up demand for a lot of our new products that are coming out. Sridhar talked about Document AI. We have a lot of customers that want Cortex and Snowpark Container Services. So, I think it's going to be more back-end loaded this year.
As we think about driving more AI workloads to the Snowflake platform, what's the tip of the spear going forward? Is it Cortex? Is it Snowpark? Help us understand what you're focused on accelerating AI workloads to Snowflake.
Sridhar Ramaswamy -- Chief Executive Officer
Yeah. When it comes to AI, as I was outlining, first of all, simplifying it so that it is easy for our customers to use via Cortex is the very first thing. And a lot of things that you and I, like analysts do with text now becomes so much easier to do with language models of different sizes. But I would say the applications that truly drive customer excitement that there is incredible demand for are on the Document AI side and on the Copilot offering.
They're different, but they use the same underlying technologies.
But just how do you feel about ultimately kind of getting back to 30% growth longer term? And kind of what's the top one or two critical things that need to take place to get you there?
Mike Scarpelli -- Chief Financial Officer
I would say the biggest thing is the uptick in consumption associated with all the new enhancements we have in our product, in particular, what we could see coming out of Cortex, we could see coming out of Snowpark Container Services, and ultimately, what we could see in Native App development on our platform.
https://www.fool.com/earnings/call-transcripts/2024/02/29/snowflake-snow-q4-2024-earnings-call-transcript/