Net revenues soared 103% to $7.5 million. This includes $2.2 million from its recent acquisitions. AI and Digital Content Solutions net revenues, excluding the company’s recent acquisitions, increased by 150%. Media Agency net revenues, excluding recent acquisition, rose by 31%.
The operating leverage provided by the increase in net revenues from its aiWARE operating system and the recent acquisitions drove gross profit higher by 74%.
At the aiWARE operating system, artificial intelligence customer count surged 151% to 93 by the end of the third quarter and the total AI accounts soared 273% to 634. At Veritone One Media Agency, active clients increased by 59% to 78 and net new clients under master service agreements rose 11% to 10 at the end of the third quarter.
https://news.alphastreet.com/the-future-workplace-will-be-a-mix-of-man-machine-and-algorithm/
Looking ahead into the fourth quarter, the company expects AI customer count for its aiWARE operating system of 89 at year-end, a net decrease of 4 customers, due to expected non-renewals from certain Politics customers following the midterm election cycle, offset by new customer wins.
Total AI Accounts are anticipated to be 728 at year-end, an addition of 94 accounts. The company expects 275 Active Third-Party Cognitive Engines at year-end, an addition of 23 engines, and 2.9 million total hours of video and audio content processed on aiWARE during the quarter.
Shares of Veritone ended Monday’s regular session down 2.13% at $6.88 on the Nasdaq. The stock has fallen over 70% in the year so far and over 53% in the past three months.