Veritone Q1 Net Revenues Increased 177% to $12.1 Million
|RADIO ONLINE | Wednesday, May 8, 2019|
Veritone, the creator of aiWARE, reported Q1 net revenues increased 177% to $12.1 million as compared with $4.4 million in 2018. The company generated net revenues of over $400,000 from government market customers, Veritone's first quarter with meaningful revenue from this market. Adjusted EBITDAS loss rate improved to 77%, compared with 82% in Q4 2018 and 233% in Q1 2018. Cash and cash equivalents and marketable securities were $50.9 million at the end of the quarter.
Veritone CEO and Chairman Chad Steelberg commented, "During the first quarter, we delivered strong top line growth across the board, resulting in record net revenues of $12.1 million, above the high end of our guidance range. Advertising net revenues were up 83%, and aiWARE SaaS revenues were up 117%, versus the first quarter of 2018, reflecting both the contributions of our recent acquisitions and organic growth."
Veritone recently received a 2019 NAB Product of the Year Award in the Best New Radio Technology category for Attribute, Veritone's near real-time media attribution solution.