Veritone (VERI)
Market Price (9/13/2026): $1.07 | Market Cap: $100.6 MilSector: Information Technology | Industry: Systems Software
Veritone (VERI)
Market Price (9/13/2026): $1.07Market Cap: $100.6 MilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% Megatrend and thematic driversMegatrends include Artificial Intelligence, Digital Content & Streaming, and Digital Advertising. Themes include AI Software Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -137% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -78 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -85% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -60% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -114% High stock price volatilityVol 12M is 113% Key risksVERI key risks include [1] a history of operating losses and financial pressures creating an uncertain path to profitability, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Digital Content & Streaming, and Digital Advertising. Themes include AI Software Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -137% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -78 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -85% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -60% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -114% |
| High stock price volatilityVol 12M is 113% |
| Key risksVERI key risks include [1] a history of operating losses and financial pressures creating an uncertain path to profitability, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Veritone (VERI) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Deteriorating Financial Performance and Revised Outlook. Veritone (VERI) experienced a significant decline in its stock price, losing approximately 61.7% from around $2.35 on May 28, 2026, to $0.90 on September 11, 2026. A core reason for this trend was the company's financial performance and subsequent revisions to its fiscal year 2026 guidance. For fiscal Q2 2026 (ended June 30, 2026), Veritone reported revenue of $24.3 million, missing analyst estimates of $28.29 million. Although the company beat EPS expectations by reporting a non-GAAP EPS of -$0.11 against an estimated -$0.12, its GAAP gross profit decreased by $1.5 million year-over-year from fiscal Q2 2025, with GAAP gross margin falling 901 basis points to 58.5% due to a higher mix of lower-margin revenue. Furthermore, Veritone lowered its full-year fiscal 2026 revenue guidance to a range of $100 million to $115 million, after reaffirming a higher range of $130 million to $145 million just a quarter earlier in fiscal Q1 2026 (ended March 31, 2026).
2. Significant Liquidity Concerns and "Going Concern" Warning. The company's precarious financial position, characterized by limited liquidity and a "going concern" warning, heavily impacted investor confidence. As of June 30, 2026, Veritone reported cash and cash equivalents of $12.4 million and a working capital deficit of $53.1 million. Compounding these issues, $45.6 million of 1.75% convertible senior notes are set to mature in November 2026. Management explicitly stated "substantial doubt about the company's ability to continue as a going concern" without generating significant cash flows or securing additional financing. Cash used in operating activities amounted to $22.1 million in the first half of fiscal 2026.
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Veritone (VERI) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Deteriorating Financial Performance and Revised Outlook. Veritone (VERI) experienced a significant decline in its stock price, losing approximately 61.7% from around $2.35 on May 28, 2026, to $0.90 on September 11, 2026. A core reason for this trend was the company's financial performance and subsequent revisions to its fiscal year 2026 guidance. For fiscal Q2 2026 (ended June 30, 2026), Veritone reported revenue of $24.3 million, missing analyst estimates of $28.29 million. Although the company beat EPS expectations by reporting a non-GAAP EPS of -$0.11 against an estimated -$0.12, its GAAP gross profit decreased by $1.5 million year-over-year from fiscal Q2 2025, with GAAP gross margin falling 901 basis points to 58.5% due to a higher mix of lower-margin revenue. Furthermore, Veritone lowered its full-year fiscal 2026 revenue guidance to a range of $100 million to $115 million, after reaffirming a higher range of $130 million to $145 million just a quarter earlier in fiscal Q1 2026 (ended March 31, 2026).
2. Significant Liquidity Concerns and "Going Concern" Warning. The company's precarious financial position, characterized by limited liquidity and a "going concern" warning, heavily impacted investor confidence. As of June 30, 2026, Veritone reported cash and cash equivalents of $12.4 million and a working capital deficit of $53.1 million. Compounding these issues, $45.6 million of 1.75% convertible senior notes are set to mature in November 2026. Management explicitly stated "substantial doubt about the company's ability to continue as a going concern" without generating significant cash flows or securing additional financing. Cash used in operating activities amounted to $22.1 million in the first half of fiscal 2026.
3. Share Dilution from Equity Offerings. To address its liquidity needs and the maturing convertible notes, Veritone initiated a $50 million at-the-market (ATM) follow-on common stock offering in May 2026. Through this program, the company sold 5.9 million shares, generating $9.4 million in net proceeds through June 30, 2026, and continued selling additional shares after the quarter end. This ongoing equity issuance at declining prices contributed to significant share dilution, which typically exerts downward pressure on a stock's value as the ownership stake of existing shareholders is reduced.
4. Restructuring Efforts and Workforce Reduction. In June 2026, Veritone approved a restructuring plan involving a reduction of at least 25% of its workforce and cuts in software costs. While these actions are expected to result in approximately $4.5 million to $5.3 million in pre-tax charges, the company had realized about $11.3 million in annualized cost savings by August 13, 2026. Despite the intent to improve financial efficiency, a substantial workforce reduction and broad restructuring can signal underlying operational challenges and create uncertainty for investors regarding the company's future growth trajectory and stability.
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Stock Movement Drivers
Fundamental Drivers
The -50.9% change in VERI stock from 5/31/2026 to 9/12/2026 was primarily driven by a -50.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.12 | 1.04 | -50.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 91 | 1.2% |
| P/S Multiple | 2.2 | 1.1 | -50.9% |
| Shares Outstanding (Mil) | 93 | 94 | -1.2% |
| Cumulative Contribution | -50.9% |
Market Drivers
5/31/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| VERI | -50.9% | |
| Market (SPY) | 1.0% | 37.4% |
| Sector (XLK) | -1.8% | 33.1% |
Fundamental Drivers
The -63.1% change in VERI stock from 2/28/2026 to 9/12/2026 was primarily driven by a -44.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.82 | 1.04 | -63.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95 | 91 | -3.9% |
| P/S Multiple | 1.9 | 1.1 | -44.5% |
| Shares Outstanding (Mil) | 65 | 94 | -30.9% |
| Cumulative Contribution | -63.1% |
Market Drivers
2/28/2026 to 9/12/2026| Return | Correlation | |
|---|---|---|
| VERI | -63.1% | |
| Market (SPY) | 11.7% | 43.9% |
| Sector (XLK) | 35.4% | 39.3% |
Fundamental Drivers
The -65.9% change in VERI stock from 8/31/2025 to 9/12/2026 was primarily driven by a -47.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.05 | 1.04 | -65.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 91 | 1.1% |
| P/S Multiple | 1.7 | 1.1 | -36.1% |
| Shares Outstanding (Mil) | 50 | 94 | -47.2% |
| Cumulative Contribution | -65.9% |
Market Drivers
8/31/2025 to 9/12/2026| Return | Correlation | |
|---|---|---|
| VERI | -65.9% | |
| Market (SPY) | 19.5% | 36.3% |
| Sector (XLK) | 43.6% | 33.7% |
Fundamental Drivers
The -66.1% change in VERI stock from 8/31/2023 to 9/12/2026 was primarily driven by a -60.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9122026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.07 | 1.04 | -66.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 139 | 91 | -34.6% |
| P/S Multiple | 0.8 | 1.1 | 32.3% |
| Shares Outstanding (Mil) | 37 | 94 | -60.8% |
| Cumulative Contribution | -66.1% |
Market Drivers
8/31/2023 to 9/12/2026| Return | Correlation | |
|---|---|---|
| VERI | -66.1% | |
| Market (SPY) | 75.7% | 29.9% |
| Sector (XLK) | 117.7% | 29.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VERI Return | -21% | -76% | -66% | 81% | 42% | -81% | -97% |
| Peers Return | -10% | -40% | 100% | 87% | 14% | -20% | 82% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| VERI Win Rate | 58% | 42% | 17% | 50% | 42% | 33% | |
| Peers Win Rate | 47% | 40% | 63% | 55% | 50% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| VERI Max Drawdown | -65% | -78% | -84% | -69% | -67% | -85% | |
| Peers Max Drawdown | -42% | -56% | -29% | -30% | -40% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PLTR, AI, AXON, OTEX, ADBE. See VERI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/11/2026 (YTD)
How Low Can It Go
| Event | VERI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.4% | -18.8% |
| % Gain to Breakeven | 114.6% | 23.1% |
| Time to Breakeven | 59 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.6% | -7.8% |
| % Gain to Breakeven | 40.0% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -58.5% | -9.5% |
| % Gain to Breakeven | 140.9% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.8% | -33.7% |
| % Gain to Breakeven | 99.3% | 50.9% |
| Time to Breakeven | 28 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -59.8% | -19.2% |
| % Gain to Breakeven | 148.9% | 23.8% |
| Time to Breakeven | 142 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.3% | -3.7% |
| % Gain to Breakeven | 15.4% | 3.9% |
| Time to Breakeven | 3 days | 6 days |
In The Past
Veritone's stock fell -53.4% during the 2025 US Tariff Shock. Such a loss loss requires a 114.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | VERI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.4% | -18.8% |
| % Gain to Breakeven | 114.6% | 23.1% |
| Time to Breakeven | 59 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.6% | -7.8% |
| % Gain to Breakeven | 40.0% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -58.5% | -9.5% |
| % Gain to Breakeven | 140.9% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.8% | -33.7% |
| % Gain to Breakeven | 99.3% | 50.9% |
| Time to Breakeven | 28 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -59.8% | -19.2% |
| % Gain to Breakeven | 148.9% | 23.8% |
| Time to Breakeven | 142 days | 105 days |
In The Past
Veritone's stock fell -53.4% during the 2025 US Tariff Shock. Such a loss loss requires a 114.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Veritone (VERI)
Veritone, Inc. (VERI) is an artificial intelligence (AI) company that specializes in providing AI computing solutions. At the core of its business is the aiWARE platform, an AI operating system designed to process and analyze vast quantities of structured and unstructured data. This platform utilizes various machine learning algorithms and cognitive processes to extract valuable insights, serving a critical role in data analysis and intelligence.
The aiWARE platform incorporates a broad spectrum of AI capabilities, including transcription, language translation, face and object detection, logo recognition, sentiment analysis, and optical character recognition. These advanced features help clients unlock meaningful information from their data. In addition to its AI technology offerings, Veritone also operates a media advertising agency, providing services such as media planning and strategy, media buying and placement, campaign messaging, and custom analytics.
Veritone serves a diverse client base across multiple vertical markets. Its AI solutions are adopted by customers in sectors like media and entertainment, government, legal and compliance, and energy. The company's media advertising services cater directly to advertisers, as well as indirectly through partnerships with advertising agencies and marketing consultants.
AI Analysis | Feedback
Imagine an 'Adobe Creative Cloud' for artificial intelligence, offering a suite of specialized AI tools (like transcription, facial recognition, and sentiment analysis) to help businesses extract valuable insights from all types of data.
It's also like a modern advertising agency, similar to WPP or Omnicom, but deeply integrated with and powered by its own advanced AI for media planning, buying, and campaign analytics.
AI Analysis | Feedback
Veritone (VERI) offers the following major products and services:
- aiWARE platform: An AI operating system that utilizes various machine learning algorithms to process and extract valuable insights from structured and unstructured data.
- Media Advertising Agency Services: Comprehensive services encompassing media planning, strategy, buying, placement, campaign messaging, clearance verification, attribution, and custom analytics for advertisers.
AI Analysis | Feedback
Veritone (VERI) primarily sells its AI computing solutions and media advertising agency services to other companies and organizations. The provided background information does not list the names of specific major customer companies. However, it identifies the major customer categories and vertical markets that Veritone serves. These include:
- Media and entertainment companies
- Government entities
- Legal and compliance organizations
- Energy companies
- Advertisers
- Advertising agencies
- Marketing consultants
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- Amazon.com, Inc. (AMZN)
- Microsoft Corporation (MSFT)
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Ryan S. Steelberg, Chief Executive Officer and Chairman of the Board
Ryan S. Steelberg co-founded Veritone in 2014 and has over 25 years of executive management experience in technology, marketing, business development, and sales. He is a serial entrepreneur who, with his brother Chad Steelberg, co-founded and led several successful technology ventures. These include AdForce, an internet advertising network that went public and was later acquired by CMGi in 1999. They also co-founded 2CAN Media, a digital media company acquired by CMGi in 1999, and dMarc Broadcasting, an advertising network that Google acquired for $1.2 billion in 2006. Across his ventures, he has raised over $180 million in equity financing and generated more than $3 billion in shareholder value. Ryan Steelberg also served as the President and CEO of Brand Affinity Technologies, Inc. from 2007 to 2014.
Mike Zemetra, Chief Financial Officer
Mike Zemetra brings extensive financial leadership experience from various industries, including media, SaaS, and biotech. He is a former Big 4 CPA with expertise in both public and private sectors, including IPO experience, and has guided companies from early stages to over $1 billion in revenue.
Craig Gatarz, Chief Legal Officer
Craig Gatarz possesses over 25 years of experience in corporate law, having led business and legal affairs for both public and private companies.
Julie Harding, Chief People Officer
Julie Harding is a seasoned People leader with over 15 years of experience. She is known for her people-centric approach and develops strategic initiatives that empower employees, leading a team focused on enhancing innovative employee experiences and fostering a global culture of growth and engagement at Veritone.
Sean King, Chief Revenue Officer and General Manager of Veritone Commercial
Sean King leads Veritone's Media and Entertainment business and has over 20 years of experience in senior management roles spanning sales, technology operations, and strategic partnership development. He is dedicated to applying AI to help organizations in media embrace the next era and enhance their content investment.
AI Analysis | Feedback
1. Financial Health and Path to Profitability
Veritone faces significant financial challenges, including a history of sustained operating losses, negative net margins, and ongoing cash burn. The company has a poor financial strength rating, characterized by a high debt-to-equity ratio and negative cash flow from operations, with some analyses placing it in a "distress zone" regarding bankruptcy risk. While Veritone aims to achieve profitability by the second half of 2026, this objective is contingent on stringent expense control and successful implementation of cost-cutting measures. Continued unprofitability necessitates external funding, which could lead to further dilution for existing shareholders.2. Intense Competition and Rapid Technological Change
Operating in the dynamic artificial intelligence (AI) and software industries, Veritone confronts intense competition and the rapid pace of technological advancements. The company's aiWARE platform, a broad AI operating system, puts it in direct competition with established large technology companies such as Amazon Web Services (AWS), Google, and Microsoft, as well as specialized AI firms like C3.ai and Palantir. Veritone's strategy of offering a comprehensive platform means it often competes with specialized providers who possess deeper resources and stronger brand recognition within specific market verticals, making it challenging for Veritone to match their depth and scale.3. Revenue Concentration and Execution Risk
Despite securing new contracts and demonstrating growth in data processing volume, Veritone faces risks related to sustaining revenue growth and effectively converting its project pipeline into consistent recurring revenue streams. There have been reports of declining SaaS Annual Recurring Revenue (ARR) and customer churn, which contradict the company's optimistic outlook. Furthermore, a reliance on a limited number of major customers presents a vulnerability, as any reduction in usage or business from these key clients could materially impact Veritone's financial performance. Failure to meet profitability or growth targets could result in significant fluctuations and drops in the company's stock price.AI Analysis | Feedback
The increasing commoditization and accessibility of core artificial intelligence (AI) and machine learning (ML) functionalities, such as transcription, language translation, face detection and recognition, object detection and recognition, and optical character recognition. These capabilities, which form the basis of Veritone's aiWARE platform, are increasingly offered as standard services by major cloud providers (e.g., AWS, Google Cloud, Microsoft Azure) and through powerful open-source models. This trend makes it easier for competitors to offer similar functionalities, often with greater resources and broader integration, or for customers to build their own solutions, thereby potentially eroding Veritone's differentiation, competitive advantage, and pricing power for its specialized AI operating system.
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Veritone (VERI) operates primarily in the artificial intelligence (AI) computing solutions market through its aiWARE platform, a proprietary AI operating system that leverages machine learning algorithms for various cognitive processes. The company previously offered media advertising agency services but divested this business in October 2024 to focus on its core enterprise AI software and services.
The addressable markets for Veritone's main products and services are as follows:
AI Computing Solutions (aiWARE Platform)
- Global Artificial Intelligence (AI) Market: The global artificial intelligence market size was valued at USD 390.91 billion in 2025 and is projected to reach USD 3,497.26 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 30.6% from 2026 to 2033. Another projection estimates the global AI market to soar from USD 189 billion in 2023 to USD 4.8 trillion by 2033. North America is expected to dominate the AI market, accounting for a 43.05% market share in 2025. The U.S. artificial intelligence market was valued at USD 132.68 billion in 2025 and is projected to reach USD 750.04 billion by 2032.
- Global AI Software Market: The global Artificial Intelligence (AI) software market size was valued at US$122 billion in 2024 and is forecast to reach US$467 billion in 2030, growing at a CAGR of 25%.
- Global AI Operating System (AI OS) Market: This market was estimated at USD 1.18 billion in 2025 and is expected to reach USD 1.30 billion in 2026, with a projection to grow to USD 2.39 billion by 2032 at a CAGR of 10.61%. Another report indicates the global Artificial Intelligence Operating System market size was US$408 million in 2025 and is forecast to reach US$858 million by 2032, with a CAGR of 11.2% from 2026 to 2032. The "AI in the operating systems market" is estimated to reach US$29.297 billion by 2029 globally, from US$12.496 billion in 2024.
- Global Cognitive AI Market: The cognitive AI market size reached USD 33.78 billion in 2025 and is forecast to grow to USD 110.45 billion by 2030, at a CAGR of 26.74%. North America held a 37.45% share in 2024.
- Global AI-Powered Cognitive Search Market: This market was valued at USD 2.87 billion in 2024 and is expected to reach USD 9.52 billion by 2032. The U.S. AI-Powered Cognitive Search Market size reached USD 0.81 billion in 2024 and is expected to reach USD 2.51 billion in 2032.
- Global AI Vision Market: This market is expected to grow from USD 14.85 billion in 2024 to USD 43.02 billion in 2029.
- Global AI Voice Generator Market: This market is expected to grow from USD 4.16 billion in 2025 to USD 20.71 billion by 2031.
- Global Natural Language Processing (NLP) Market: The global NLP market is valued at USD 24.10 billion based on a five-year historical analysis.
Media Advertising Agency Services (Historical, Divested in October 2024)
- Global Advertising Services Market: The global advertising services market size is expected to grow from USD 1.03 trillion in 2025 to USD 1.23 trillion in 2026 and is forecast to reach USD 2.33 trillion by 2031. North America contributed 37.94% of global revenue in 2025.
- U.S. Advertising and Marketing Industry: The total advertising and marketing industry size in the U.S. is approximately $551.9 billion, with an estimated range of $550 billion by 2024. The U.S. advertising market size was valued at USD 284.12 billion in 2025 and is projected to reach USD 480.02 billion by 2034.
- Global Advertising Agencies Market: The global advertising agencies market is projected to increase from a valuation of US$463.49 billion in 2024 to US$861.64 billion by 2034. The global traditional advertising agency service market size was USD 235,847.5 million in 2024.
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Veritone (VERI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
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Public Sector Expansion and iDEMS Solutions: Veritone is aggressively pursuing growth within the public sector, with projections indicating a significant revenue increase, estimated between 100% and 150% for 2025. The company has secured new public sector customers and a landmark contract with the NCAA. Its Public Sector sales pipeline exceeded $100 million as of Q2 2024. A key aspect of this growth is the deployment of Veritone's aiWARE platform and Intelligent Digital Evidence Management System (iDEMS) across entities like the United States Air Force Office of Special Investigations (AFOSI), supporting Department of Defense requirements.
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Veritone Data Refinery (VDR) and Hyperscaler Partnerships: The launch and continued expansion of the Veritone Data Refinery (VDR) are highlighted as a crucial growth driver. VDR plays a vital role in transforming unstructured data into AI-ready assets, which is essential for training advanced AI models and addresses a growing market need. The VDR's bookings and near-term pipeline have shown substantial growth, exceeding $40 million by Q3 2025. Veritone is also actively forming formalized partnerships with major hyperscalers, intending to partner with nearly every major hyperscaler by the end of 2025, which is expected to further boost VDR adoption and utilization.
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Growth of Core AI Software Products and Services via the aiWARE Platform: Veritone is strategically focusing on becoming a pure-play enterprise AI solutions provider, emphasizing its core AI software and services. The aiWARE platform, which serves as an AI operating system, is central to this strategy, fueling the global data economy and enabling various AI applications. This focus includes expanding its customer base and leveraging the platform for diverse AI solutions, as evidenced by securing over 100 new business and renewal software agreements in Q1 2025.
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Acceleration in Managed Services, Particularly Advertising: Managed Services, especially in advertising, are anticipated to accelerate and experience significant growth. The company has reported strong bookings across its advertising services, with Q2 pacing showing an increase in excess of 10% year-over-year.
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Share Repurchases
- In November 2025, Veritone agreed to repurchase approximately 50% of its 1.75% Convertible Senior Notes due 2026, using approximately $39.0 million in cash and issuing 625,000 shares of common stock.
Share Issuance
- In October 2025, Veritone completed a registered direct offering that generated approximately $75.0 million in gross proceeds through the sale of 12,864,494 shares of common stock at $5.83 per share.
- In September 2025, the company completed an underwritten public offering of 9,505,705 shares of common stock at $2.63 per share, raising approximately $25 million in gross proceeds. An over-allotment option for an additional 1,425,855 shares was fully exercised, bringing the net proceeds to approximately $26.8 million.
- In June 2025, Veritone announced a $10 million direct stock offering, which included the sale of 6,452,293 shares of common stock and pre-funded warrants, with CEO Ryan Steelberg investing $1 million personally.
Outbound Investments
- In May 2023, Veritone acquired Broadbean, a provider of job board aggregation and recruitment software, for $52 million.
- Veritone divested its media agency, Veritone One, for up to $104 million, with an $8.0 million non-cash charge related to the earnout recorded in Q3 2025.
Capital Expenditures
- For the third quarter of 2025, capital expenditures amounted to $3.5 million.
- In the last 12 months (as of March 13, 2026), capital expenditures were -$4.70 million.
- For the full year 2025, capital expenditures consumed $6.1 million of operating cash flow.
Peer Outperformance in Systems Software
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 66.7% | 197.8% | 290.3% | TTMI 829% · FLEX 752% · SANM 443% |
| Semiconductor Materials & Equipment | 27 | 129.7% | 86.5% | 105.3% | AXTI 743% · AEHR 712% · KLAC 433% |
| Technology Distributors | 9 | 33.3% | 81.8% | 98.4% | CLMB 340% · AVT 193% · SNX 141% |
| Electronic Components | 26 | 43.3% | 59.8% | 71.2% | CLS 3861% · BELFA 1376% · COHR 394% |
| Communications Equipment | 36 | 19.4% | 86.0% | 69.3% | AAOI 1314% · LITE 959% · FEIM 922% |
| Semiconductors | 55 | 23.1% | 33.3% | 36.1% | POET 1852% · MU 1245% · NVDA 890% |
| Technology Hardware, Storage & Peripherals | 21 | 37.9% | 74.9% | 32.1% | DELL 1154% · STX 1048% · SMCI 980% |
| Internet Services & Infrastructure | 6 | 17.9% | 40.0% | 18.2% | DOCN 62% · VRSN 35% · GDDY 30% |
| Electronic Equipment & Instruments | 27 | -12.8% | 9.0% | -10.6% | PI 234% · OSIS 116% · ACFN 111% |
| IT Consulting & Other Services | 28 | -24.3% | -15.2% | -29.5% | CHRN 499900% · APLD 1248% · TSSI 712% |
| Application Software | 122 | -27.1% | -13.7% | -44.7% | VIDA 193536% · INLX 5416% · PLTR 547% |
| Systems Software ← | 66 | -19.3% | -0.9% | -59.2% | QNC 499% · ZETA 344% · PAYS 340% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 95.14 |
| Mkt Cap | 38.6 |
| Rev LTM | 5,246 |
| Op Inc LTM | 1,216 |
| FCF LTM | 808 |
| FCF 3Y Avg | 768 |
| CFO LTM | 1,007 |
| CFO 3Y Avg | 935 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.5% |
| Rev Chg 3Y Avg | 11.0% |
| Rev Chg Q | 12.7% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 17.0% |
| Op Inc Chg 3Y Avg | 22.6% |
| Op Mgn LTM | 23.2% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 19.2% |
| CFO/Rev 3Y Avg | 17.3% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 14.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 38.6 |
| P/S | 4.0 |
| P/Op Inc | 11.2 |
| P/EBIT | 10.8 |
| P/E | 14.0 |
| P/CFO | 9.7 |
| Total Yield | 0.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.0% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.7% |
| 3M Rtn | 6.7% |
| 6M Rtn | 1.9% |
| 12M Rtn | -34.2% |
| 3Y Rtn | -43.9% |
| 1M Excs Rtn | -1.4% |
| 3M Excs Rtn | 3.5% |
| 6M Excs Rtn | -16.2% |
| 12M Excs Rtn | -49.2% |
| 3Y Excs Rtn | -116.9% |
Comparison Analyses
Price Behavior
| Market Price | $1.04 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 05/12/2017 | |
| Distance from 52W High | -87.6% | |
| 50 Days | 200 Days | |
| DMA Price | $1.09 | $2.56 |
| DMA Trend | down | down |
| Distance from DMA | -4.9% | -59.3% |
| 3M | 1YR | |
| Volatility | 96.4% | 113.8% |
| Downside Capture | 435.78 | 504.90 |
| Upside Capture | 184.51 | 267.33 |
| Correlation (SPY) | 32.9% | 39.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.75 | 4.49 | 2.45 | 3.08 | 3.43 | 2.36 |
| Up Beta | 5.67 | 5.29 | 2.81 | 3.01 | 2.02 | 1.65 |
| Down Beta | 17.82 | 4.27 | 1.71 | 2.41 | 3.45 | 2.13 |
| Up Capture | 152% | 170% | 31% | 189% | 600% | 3982% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 23 | 54 | 113 | 342 |
| Down Capture | 925% | 580% | 363% | 283% | 198% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 24 | 40 | 71 | 136 | 393 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VERI | |
|---|---|---|---|---|
| VERI | -71.6% | 113.5% | -0.60 | - |
| Sector ETF (XLK) | 39.7% | 26.3% | 1.24 | 36.9% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 39.5% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 10.3% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -8.4% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | 9.4% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 24.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VERI | |
|---|---|---|---|---|
| VERI | -46.2% | 110.4% | -0.06 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 37.2% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 38.0% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 7.0% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 4.2% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 23.2% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 18.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VERI | |
|---|---|---|---|---|
| VERI | -22.9% | 107.9% | 0.24 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 32.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 31.2% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 5.1% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 7.2% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 19.7% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -22.8% | -43.3% | |
| 3/26/2026 | -29.5% | -29.9% | -16.5% |
| 11/6/2025 | -10.6% | -33.2% | -11.6% |
| 8/7/2025 | 22.9% | 16.0% | 13.9% |
| 5/8/2025 | -9.0% | -11.1% | -20.6% |
| 3/13/2025 | 11.5% | 15.8% | -6.8% |
| 11/12/2024 | -23.9% | -20.6% | -32.6% |
| 8/8/2024 | -12.3% | 31.2% | 7.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 6 |
| # Negative | 15 | 16 | 16 |
| Median Positive | 11.8% | 21.8% | 20.2% |
| Median Negative | -10.6% | -12.4% | -23.7% |
| Max Positive | 26.9% | 128.9% | 195.6% |
| Max Negative | -37.0% | -43.3% | -39.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -22.8% | -43.3% | |
| 3/26/2026 | -29.5% | -29.9% | -16.5% |
| 11/6/2025 | -10.6% | -33.2% | -11.6% |
| 8/7/2025 | 22.9% | 16.0% | 13.9% |
| 5/8/2025 | -9.0% | -11.1% | -20.6% |
| 3/13/2025 | 11.5% | 15.8% | -6.8% |
| 11/12/2024 | -23.9% | -20.6% | -32.6% |
| 8/8/2024 | -12.3% | 31.2% | 7.4% |
| 5/7/2024 | 12.0% | -0.9% | -24.0% |
| 3/12/2024 | 26.9% | 128.9% | 176.0% |
| 11/8/2023 | -24.5% | -24.2% | -19.4% |
| 8/8/2023 | -37.0% | -34.0% | -28.2% |
| 5/2/2023 | -8.2% | -4.7% | -29.6% |
| 3/2/2023 | 17.0% | -8.2% | -8.3% |
| 11/8/2022 | -9.9% | 21.8% | 26.6% |
| 8/9/2022 | -11.6% | -10.6% | -25.2% |
| 5/3/2022 | -0.2% | -27.6% | -26.7% |
| 11/10/2021 | 4.2% | -9.3% | -23.3% |
| 8/3/2021 | 1.9% | 8.7% | 4.0% |
| 5/4/2021 | -2.2% | -4.1% | -9.4% |
| 3/4/2021 | -3.9% | -2.1% | -30.7% |
| 11/9/2020 | 10.2% | 33.4% | 195.6% |
| 8/10/2020 | -6.9% | -13.7% | -39.8% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 6 |
| # Negative | 15 | 16 | 16 |
| Median Positive | 11.8% | 21.8% | 20.2% |
| Median Negative | -10.6% | -12.4% | -23.7% |
| Max Positive | 26.9% | 128.9% | 195.6% |
| Max Negative | -37.0% | -43.3% | -39.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 04/01/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 04/01/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/17/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 8/14/2026Latest: Q2 2026 Earnings Reported 8/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP net loss | Reported | -32.00 Mil | -27.00 Mil | -22.00 Mil | 50.0% | Lowered | Guidance: -18.00 Mil for 2026 | |
| 2026 Revenue | Reported | 100.00 Mil | 107.50 Mil | 115.00 Mil | -21.8% | Lowered | Guidance: 137.50 Mil for 2026 | |
| 2026 Operating Expense Reductions | Reported | 3.50 Mil | 6.00 Mil | 8.50 Mil | ||||
Prior: Q4 2025 Earnings Reported 3/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP Net Loss | Reported | -22.50 Mil | -18.00 Mil | -13.50 Mil | -37.5% | Higher New | Guidance: -28.80 Mil for 2025 | |
| 2026 Revenue | Reported | 130.00 Mil | 137.50 Mil | 145.00 Mil | 22.8% | Higher New | Guidance: 112.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Non-GAAP Net Loss | Reported | -5.00 Mil | -3.25 Mil | -1.50 Mil | -48.0% | Higher New | Actual: -6.25 Mil for Q3 2025 | |
| Q4 2025 Revenue | Reported | 33.40 Mil | 36.40 Mil | 39.40 Mil | 25.5% | Higher New | Actual: 29.00 Mil for Q3 2025 | |
| 2025 Non-GAAP Net Loss | Reported | -31.60 Mil | -28.80 Mil | -26.00 Mil | 4.7% | Lowered | Guidance: -27.50 Mil for 2025 | |
| 2025 Revenue | Reported | 109.00 Mil | 112.00 Mil | 115.00 Mil | 0.4% | Raised | Guidance: 111.50 Mil for 2025 | |
Insider Activity
Updated 8/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Steelberg, Ryan | PRESIDENT AND CEO | The RSS Living Trust, dated April 6, 2012 | Buy | 8242026 | 0.85 | 148,810 | 126,637 | 621,472 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Steelberg, Ryan | PRESIDENT AND CEO | The RSS Living Trust, dated April 6, 2012 | Buy | 8242026 | 0.85 | 148,810 | 126,637 | 621,472 | Form |
Veritone — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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