Revenue at High End of Guidance
Veritone's revenue for the quarter exceeded $24 million, reaching the high end of the updated guidance, driven by strong demand for the aiWARE platform and AI applications.
Strong Growth in AI Software Solutions
Organic non-Veritone Hire software revenue grew over 45% year-over-year, driven by core AI software solutions in both commercial and public sectors.
Significant Public Sector Pipeline Growth
The public sector pipeline increased to $189 million from $110 million at the end of Q1 2025, with significant contracts like the U.S. Air Force and Riverside County Sheriff's Department.
Veritone Data Refinery (VDR) Expansion
The VDR pipeline grew by over 100% from Q1 and over 33% since late June, with a near-term pipeline surpassing $20 million.
Successful Cost-Saving Initiatives
Implemented cost-saving initiatives expected to generate $10 million in annualized savings, improving financial position and strategic execution.
Partnerships and New Clients
Closed 11 enterprise software deals with clients like Inter Milan, ESPN, and the Big Ten Network, highlighting the expansion of SaaS offerings.
Strong ARR and Bookings
Annual Recurring Revenue (ARR) reached $62.6 million, up 7% from Q1 2025, with total new bookings of $15.8 million, up 13% year-over-year.