Veritone, Inc. (VERI), a company that provides artificial intelligence (AI) computing solutions, has soared 5.87% in aftermarket trading session and consequently is trading at $20.75 at the time of the writing. The increase could be attributed to the announcement that the company’s synthetic voice solution supports NVIDIA Omniverse Audio2Face. On Friday, VERI closed the day at $19.60 after slightly declining by 0.46% during the mid-day session.
Why VERI on Rise?
On Thursday, VERI announced that its MARVEL.ai synthetic voice solution is compatible with Omniverse’s™ Audio2Face of NIVIDA. The Omniverse’s™ Audio2Face is an AI-based technology that causes the generation of facial motion and lip-syncs entirely from an audio source. MARVEL.ai provides a library of more than 200 synthetic stock voices and 150 languages to choose from when compared with Audio2Face, which focuses on bringing the best in class to VR, AR, 3D graphics, and virtual communities.
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Q3 2021 Operational Results
In early November, VERI released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated net revenue of $22.6 million during the quarter against $15.7 million for the same quarter of 2020. The total operating expenses for the three months were $33.6 million against $26.6 million for the same three-month period of 2020. The net loss suffered by the company during the period was $11.44 million (or $0.34 per basic and diluted share) against $11.01 million (or $0.40 per basic and diluted share) for the same period of 2020.
Financial Guidance for Q4 and FY2021
VERI also released the financial guidance for the fourth quarter of fiscal 2021 and full year 2021. The company expected the revenue to be in the range of $43.8 million to $45.3 million during Q4, while the non-GAAP net income is expected to stay in the range of $8.5 million to $10.0 million during the fourth quarter. For the full year 2021, the expected revenue stands in the range of $103.0 million to $105.5 million, while the non-GAAP net loss is expected to be in the range of $1.5 million to break even.
Future Outlook for VERI
Statistics reveal that during the last three months, VERI stock has declined approximately 20%. However, the more recent stats point toward a better scenario for the company. The stock appears to be in a good shape to attract potential investors in near future.