DENVER - Veritone, Inc. (NASDAQ: NASDAQ:VERI), a company specializing in AI-powered solutions for enterprise, has appointed Michael Keithley to its Board of Directors, a move aimed at strengthening its position in the media and entertainment industries. Keithley, with a career spanning three decades, has held leading technology roles at United Talent Agency and Creative Artists Agency and is recognized for his expertise in emerging technologies and digital innovation.
The addition of Keithley to the board is part of Veritone's strategy to expand its market presence and enhance its offerings in media, entertainment, and sports. Ryan Steelberg, CEO and Chairman of Veritone, hailed Keithley as a business-centric leader whose knowledge of digital trends and user experience will be critical to the company's growth. Keithley's appointment is expected to provide valuable insights as Veritone continues to develop its enterprise AI platform, aiWARE™, and its applications in content creation and management.
Keithley's experience includes significant contributions to the IT workforce in the entertainment industry and a history of fostering strategic partnerships with Silicon Valley's tech firms, venture capitalists, and startups. He has also served on various advisory boards and is a Founding Limited Partner at GTM Capital.
Veritone's aiWARE™ platform is designed to transform data into actionable intelligence, combining AI technology with human expertise. The company serves a diverse set of industries, including media, entertainment, public sector, and talent acquisition, aiming to enhance efficiency, decision-making, and profitability for its clients.
This announcement is based on a press release statement from Veritone, Inc.
In other recent news, Veritone Inc . has reported significant developments. The company has partnered with Creative Artists Agency (CAA) to launch theCAAvault, a secure platform for storing and managing the digital assets of CAA's clients. This initiative is part of a broader effort to ensure the ethical use of artificial intelligence in the entertainment sector.
On the financial front, Veritone reported a strong start to 2024 with total revenue of $31.6 million and a year-over-year increase in non-GAAP gross profit to $24.6 million. The company also observed a 7% improvement in subscription-based Annual Recurring Revenue (ARR) from Q1 2023, despite a non-GAAP operating loss of $7.6 million.
In addition, Veritone aims to achieve non-GAAP profitability by Q4 2024 and throughout 2025. The company has also announced the launch of an AI consulting and services group in response to the increasing demand for AI expertise. These are among the recent developments that continue to shape Veritone's strategic direction.
InvestingPro Insights
As Veritone, Inc. (NASDAQ: VERI) welcomes Michael Keithley to its board, investors and stakeholders are closely monitoring the company's financial health and market performance. With a market capitalization of $92.8 million, Veritone's scale in the AI industry is notable, yet the company faces financial challenges. One of the key InvestingPro Tips highlights Veritone's impressive gross profit margins, which stood at 77.9% over the last twelve months as of Q1 2024, reflecting the company's ability to maintain profitability on its core services. However, investors should be aware of the company's cash burn, as another InvestingPro Tip points out the company's rapid depletion of cash reserves.
Veritone's stock has experienced significant price volatility, a trend that is underscored by a 20% decrease in the 1-month price total return and a contrasting 23.5% rise over the last three months. This volatility is something potential investors should consider, especially in light of the company's short-term obligations exceeding its liquid assets. With analysts not expecting profitability this year and a Price/Book multiple of 6.23, which is considered high, the company's valuation poses questions about its future cash flow yield.
For investors seeking a deeper analysis of Veritone and additional insights, InvestingPro offers a comprehensive set of tips, with 11 more tips available to guide investment decisions. To access these insights and enhance your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/VERI.
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