Veritone One (NASDAQ: VERI) reported Q3 EPS of ($0.86), $0.07 worse than the analyst estimate of ($0.79). Revenue for the quarter came in at $7.5 million versus the consensus estimate of $6.04 million.

Chad Steelberg, CEO and Chairman of Veritone, commented, “We are very pleased with our strong financial and operational performance in the third quarter - our revenue was a record $7.5 million due to the contributions from our recent acquisitions and organic sales growth in each of our vertical markets; we announced three exciting new applications for law enforcement and media customers; and, we closed three strategic acquisitions that strengthen and extend the capabilities of our businesses. These acquisitions mark an inflection point in our business, as they enhance and expand our AI and Media technology offerings and solidify our position as a leading AI solutions provider.”

Third Quarter 2018 Financial Highlights:

• Net revenues in Q3 2018 were $7.5 million, an increase of 103% versus Q3 2017, including $2.2 million of revenue from our recent acquisitions.
• AI and Digital Content Solutions net revenues, excluding the Company’s recent acquisitions, increased by 25% versus Q2 2018 and by 150% versus Q3 2017.
• Media Agency net revenues, excluding the Company’s recent acquisitions, increased 30% versus Q2 2018 and by 31% versus Q3 2017.
• Gross Profit in Q3 2018 was $6.0 million, up 76% from $3.4 million in Q3 2017.
• Adjusted EBITDAS loss in Q3 2018 was $8.6 million, versus $11.0 million in Q2 2018 and $7.6 million in Q3 2017.

GUIDANCE:

Veritone One sees Q4 2018 revenue of $9.3-9.7 million, versus the consensus of $9.51 million.

For earnings history and earnings-related data on Veritone One (VERI) click here.