Veritone Inc’s Strategic Shift in Fiscal Year 2023

Photo of author
Written By Dean McHugh

In the fiscal year 2023, Veritone Inc (NASDAQ: VERI), renowned for its cutting-edge artificial intelligence (AI) computing solutions, encountered significant financial headwinds. 

The company’s revenue saw a substantial decline of 14.8%, closing the year at $127.6 million. 

This downturn was further compounded by a marked increase in the net loss, which expanded to $58.6 million, more than doubling from the previous year’s $25.2 million. 

Additionally, the Software Products and Services segment experienced a notable 19.1% revenue decrease to $68.4 million, underscoring the operational challenges faced by the company.

Cost Reduction Initiatives and Projections for Recovery

In response to these fiscal difficulties, Veritone initiated a comprehensive restructuring plan aimed at significantly reducing operating expenses by over 15%. 

Credit: DepositPhotos

This strategic move is poised to steer the company toward achieving profitability in the latter half of 2024. 

Despite the financial setbacks, Veritone concluded the fiscal year with a strong liquidity position, boasting $79.4 million in cash and cash equivalents, reflecting the company’s resilience and strategic financial management amid adversity.

Read More: Grupo Aval’s Journey to Recovery Amid Colombia’s Economic Revival

Diving Deeper into Fiscal Year 2023

The fiscal year 2023 unfolded poorly for Veritone, with the company witnessing its operational losses balloon to $92.3 million, a stark increase from $38.0 million in 2022. The non-GAAP gross profit also experienced a downturn, decreasing by 18.8% to $99.3 million. 

The GAAP net loss surged by $33.0 million year-over-year, with the non-GAAP net loss deteriorating further to $37.3 million from the previous year’s $15.9 million. 

These figures highlight the significant financial challenges that Veritone faced over the course of the year.

Fourth Quarter Financial Highlights 

Despite the year’s overall financial distress, the fourth quarter of 2023 provided a silver lining. Revenues for the quarter stood at $34.2 million, a 22.1% decrease from the same period in the previous year. However, the Software Products and Services segment saw a more pronounced revenue decline of 27.2%.

In a notable turnaround, Veritone recorded a GAAP net income of $12.2 million in the fourth quarter, primarily driven by gains from the repurchase of convertible notes. This improvement from Q4 2022’s $5.0 million showcases the potential for financial recovery and the effectiveness of Veritone’s strategic financial maneuvers.

Also Read: Intelligent Bio Solutions Secures $10.1 Million in At-the-Market Private Placement

Strategic Adjustments and 2024 Projections

Amidst the fiscal year’s challenges, Veritone’s management embarked on decisive strategic adjustments to recalibrate the company’s trajectory toward sustainable growth and profitability. 

The restructuring plan introduced in early 2024 is expected to significantly reduce operating expenses, thus playing a crucial role in Veritone’s path to profitability in the second half of the year. 

The company also secured a $77.5 million Senior Secured Term Debt facility, strategically utilizing a portion of the proceeds to repurchase $50.0 million of its convertible notes, further solidifying its financial position.

For the initial quarter of 2024, Veritone has set its revenue projections between $30.5 million and $31.5 million, anticipating a non-GAAP net loss ranging from $7.0 million to $8.0 million. 

The outlook for the full year 2024 is notably more optimistic, with expected revenues between $134.0 million and $142.0 million. Moreover, the company forecasts a non-GAAP net loss of $11.0 million to $15.0 million, reflecting confidence in its strategic initiatives and financial planning.

Veritone’s Path Forward

The fiscal year 2023 was a period of considerable challenge for Veritone Inc., characterized by a decline in revenue and a significant increase in net loss. However, through strategic cost-saving measures and a clear focus on restructuring, Veritone has laid the groundwork for a potential financial turnaround. 

As the company implements its restructuring plan and moves towards its profitability goals, the industry watches closely. 

Credit: DepositPhotos

Veritone’s journey through these fiscal challenges underscores the complexity of navigating the AI industry’s landscape while highlighting the company’s resilience and strategic adaptability. 

Stakeholders and investors remain hopeful, looking forward to witnessing Veritone’s recovery and growth in the near future.

Read Next: Lufax Holding Ltd Emerges As Promising Opportunity in Credit Services


You should read and understand this disclaimer in its entirety before joining or viewing the website or email/blog list of (the “Publisher”). The information (collectively the “Advertisement”) disseminated by email, text or other method by the Publisher including this publication is a paid commercial advertisement and should not be relied upon for making an investment decision or any other purpose. The Publisher is engaged in the business of marketing and advertising the securities of publicly traded companies in exchange for compensation. The track record, gains, upside, and/or losses mentioned in the Advertisement, if any, should not be considered as true or accurate or be the basis for an investment. The Publisher does not verify the accuracy or completeness of any information included in the Advertisement. While the Publisher does not charge for the SMS service, standard carrier message and data rates may apply. To unsubscribe from receiving promotional text messages to your phone sent via an autodialer, using your phone reply to the sender’s phone number with the word STOP or HELP for help.

The Advertisement is not a solicitation or recommendation to buy securities of the advertised company. An offer to buy or sell securities can be made only by a disclosure document that complies with applicable securities laws and only in the states or other jurisdictions in which the security is eligible for sale. The Advertisement is not a disclosure document. The Advertisement is only a favorable snapshot of unverified information about the advertised company. An investor considering purchasing the securities, should always do so only with the assistance of his legal, tax and investment advisors. Investors should review with his or her investment advisor, tax advisor or attorney, if and to the extent available, any information concerning a potential investment at the web sites of the U.S. Securities and Exchange Commission (the "SEC") at; the Financial Industry Regulatory Authority (the "FINRA") at, and relevant State Securities Administrator website and the OTC Markets website at The Publisher cautions investors to read the SEC advisory to investors concerning Internet Stock Fraud at, as well as related information published by the FINRA on how to invest carefully. Investors are responsible for verifying all information in the Advertisement. As an advertiser, we do not verify any information we publish. The Advertisement should not be considered true or complete.

The Publisher does not offer investment advice or analysis, and the Publisher further urges you to consult your own independent tax, business, financial and investment advisors concerning any investment you make in securities particularly those quoted on the OTC Markets. Investing in securities is highly speculative and carries an extremely high degree of risk. You could lose your entire investment if you invest in any company mentioned in the Advertisement. You acknowledge that we are not an investment advisory service, a broker-dealer or an investment adviser and we are not qualified to act as such. You acknowledge that you will consult with your own independent, tax, financial and/or legal advisers regarding any decisions as to any company mentioned here. We have not determined if the Advertisement is accurate, correct or truthful. The Advertisement is compiled from publicly available information, which include, but are not limited to, no cost online research, magazines, newspapers, reports filed with the SEC or information furnished by way of press releases. Because all information relied upon by us in preparing an advertisement about an issuer comes from a public source, it is not reliable, and you should not assume it is accurate or complete.

By your subscription to our profiles, the viewing of this profile and/or use of our website, you have agreed and acknowledged the terms of our full disclaimer and privacy policy which can be viewed at the following link: and

By accepting the Advertisement, you agree and acknowledge that any hyperlinks to the website of (1) a client company, (2) the party issuing or preparing the information for the company, or (3) other information contained in the Advertisement is provided only for your reference and convenience. The advertiser is not responsible for the accuracy or reliability of these external sites, nor is it responsible for the content, opinions, products or other materials on external sites or information sources. If you use, act upon or make decisions in reliance on information contained in any disseminated report/release or any hyperlink, you do so at your own risk and agree to hold us, our officers, directors, shareholders, affiliates and agents harmless. You acknowledge that you are not relying on the Publisher, and we are not liable for, any actions taken by you based on any information contained in any disseminated email or hyperlink.