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Veritone Inc. (NASDAQ:VERI) saw its shares climb 53.11% to $8.36 in after-hours trading on Tuesday, following announcements of contract wins and preliminary third-quarter results.
Check out the current price of VERI stock here.
The California-based company announced contract wins to deploy its Veritone Data Refinery product with leading hyperscalers and venture-backed model developers.
Veritone’s near-term VDR pipeline and recent bookings now total nearly $40 million, doubling since August, and include both commercial and public sector clients.
Ryan Steelberg, president and CEO of the enterprise AI platform, said, "Veritone is emerging as a critical partner to many global hyperscalers and the next generation of AI model developers. We are firmly on track to have formalized partnerships with nearly every major hyperscaler by the end of 2025."
Veritone reported preliminary, unaudited third-quarter revenue between $28.5 million and $28.7 million, marking a 30.5% increase at the midpoint compared to the third quarter of 2024.
The non-generally accepted accounting principles (GAAP) net loss ranged from $5.5 million to $6.0 million, a 48.2% increase from the midpoint versus the non-GAAP net loss from continuing operations in the same period last year.
The company reported a GAAP net loss between $19.3 million and $29.3 million.
The financial results are preliminary, unaudited and subject to change pending the company’s Form 10-Q filing.
Veritone will hold its third-quarter earnings call on Nov. 6 at 5:00 p.m. Eastern Time.
Veritone has gained 145.95% over the past six months and 39.29% in the last month. It trades within a yearly range of $1.22 to $6.43, with a market capitalization of $382.76 million and an average daily volume of 7.27 million shares.
The AI-driven data solutions company beat analyst estimates in the second quarter, reporting revenue of $24.01 million compared to the $23.66 million estimate, and an earnings per share of negative $0.18 versus the expected negative $0.20.
Price Action: According to Benzinga Pro data, VERI closed at $5.46 on Tuesday, up 4.40%.
With a strong Momentum in the 89th percentile, Benzinga’s Edge Stock Rankings indicate that VERI has a positive price trend across all time frames. Here is how the stock fares on other parameters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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