Overview
- Veritone entered a definitive agreement to sell about 12.86 million shares at $5.83 each for expected gross proceeds of roughly $75 million, with closing targeted for Friday.
- Shares fell more than 18% on Thursday following the offering announcement, after jumping roughly 48% to 53% on Wednesday in premarket and after-hours trading.
- The company guided preliminary, unaudited third-quarter revenue to $28.5 million to $28.7 million, with an adjusted non-GAAP net loss of $5.5 million to $6.0 million and a GAAP net loss of $19.3 million to $29.3 million.
- Veritone said its Veritone Data Refinery bookings and near-term pipeline have doubled since August to nearly $40 million, including contracts with leading hyperscalers and venture-backed model developers.
- Management plans to report audited third-quarter results on Nov. 6, and the company last reported cash and cash equivalents of about $13.57 million as of June 30.