Research Desk Line-up: Covisint Post Earnings Coverage
LONDON, UK / ACCESSWIRE / July 5, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Veritone, Inc. (NASDAQ: VERI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=VERI, following the Company's release of its first quarter fiscal 2017 financial results on June 20, 2017. The provider of cloud-based artificial intelligence (AI) analytics and cognitive solutions outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Application Software industry. Pro-TD has currently selected Covisint Corporation (NASDAQ: COVS) for due-diligence and potential coverage as the Company announced on June 05, 2017, its financial results for Q4 FY17 and full year FY17 which ended on March 31, 2017. Register for a free membership today, and be among the early birds that get access to our report on Covisint when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on VERI; also brushing on COVS. With the links below you can directly download the report of your stock of interest free of charge at:
Veritone's net revenues in Q1 2017 surged 50% to $3.1 million from $2.1 million in Q1 2016. The increase in net revenues was due primarily to an increase in media agency revenues of $864,000, or 43%, as well as an increase of $168,000, or 410%, in SaaS licensing revenues from the Company's artificial intelligence platform. Veritone's revenue numbers surpassed analysts' expectations of $2.40 million.
During Q1 2017, Veritone's gross profit advanced 66% to $2.9 million, or 93.7% of net revenues, compared to $1.8 million, or 84.6% of net revenues, in Q1 2016. The increase in both gross profit and gross margin was due primarily to the operating leverage provided by the Company's higher net revenue level as well as to lower transcription costs per hour.
Veritone's total operating expenses in Q1 2017 grew 68% to $9.5 million compared to $5.7 million in Q1 2016. The increase in operating expenses was due primarily to higher investments in software development, engineering, sales, and marketing.
Net loss attributable to Veritone's common stockholders totaled $6.9 million, or $3.09 per share, compared with a net loss attributable to common stockholders of $4.8 million, or $3.86 per share, in Q1 2016. The Company's earnings numbers were ahead of Wall Street's expectations for a loss of $4.16 per share.
At the end of Q1 2017, Veritone's Artificial Intelligence Platform had 25 customers on the platform, reflecting an increase of 525% on a y-o-y basis. The Company had 57 total accounts on the platform at the end of the reported quarter compared with four at the prior year's corresponding quarter.
At the end of Q1 2017, Veritone had 48 third-party active cognitive engines compared with 11 at the end of Q1 2016, reflecting an increase of 336%. The Company reported 367,000 total hours of video and audio files ingested and processed during Q1 2017 compared with 190,000 in Q1 2016.
During Q1 2017, Veritone' Artificial Intelligence Platform received $1.9 million in total contract value (TCV) of new bookings compared with $156,000 in Q1 2016. The Company recorded $111,000 in monthly recurring revenue under agreements in effect at the end of the quarter versus $14,000 at the end of the prior year's comparable quarter.
During Q1 2017, Veritone's Media Agency Business added eight net new customers under master service agreements compared with four net new customers in Q1 2016. The segment had 39 active customers at the end of the reported quarter compared with 30 at the end of the prior year's same quarter. In the reported quarter, average media spending per customer was $670,000, up 11% compared with $602,000 in Q1 2016.
As of March 31, 2017, Veritone had cash and cash equivalents of $8.8 million. On a pro-forma basis, after giving effect to the net proceeds of approximately $32.6 million received from the Initial Public Offering, additional investment of $29.3 million by Acacia Research Corporation in connection with the IPO, the funding of $6.0 million under the Company's Bridge Loan and the conversion of the Company's preferred stock and $28.0 million of convertible debt upon the closing of the IPO, the Company had $76.7 million in cash and cash equivalents, no long-term debt, and 13.9 million shares of common stock outstanding.
At the close of trading session on Monday, July 03, 2017, Veritone's stock price rose 1.62% to end the day at $11.90. A total volume of 7.25 thousand shares were exchanged during the session. At Monday's closing price, the stock's net capitalization stands at $180.52 million.
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