Q2 2026 Veritone Inc Earnings Call Transcript
Key Points
- Revenue grew 20% sequentially and 5% year-over-year, driven by strong VDR and licensing services.
- Executed $11.3 million in annualized cost reductions, with plans to reach $15-$20 million by end of 2026.
- Closed several of the largest individual VDR deals in Q2, with a near-term pipeline of over $65 million.
- Launched new AI products (Veritone Assess, Document Redaction) and secured key public sector contracts, including California Highway Patrol.
- Reduced total debt by $85 million year-over-year, lowering annualized debt carry costs by over $13 million.
- Revenue slightly missed expectations due to delayed public sector budgets from the DoD, impacted by the Iran conflict.
- Lowered full-year 2026 revenue guidance to $100-$115 million, reflecting reduced VDR and public sector contributions.
- Non-GAAP gross margin declined 890 basis points year-over-year to 63.7%, due to revenue mix.
- Cash and restricted cash decreased to $12.7 million from $27.7 million at end of 2025, with net cash outflows from operations of $22.1 million.
- Customer count declined 8% year-over-year, with continued churn in smaller Broadbean customers due to a challenging hiring market.
Good day, and welcome to the Veritone second-quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Cate Goldsmith, Investor Relations. Please go ahead.
Thank you, and good afternoon. After the market closed today, Veritone issued a press release announcing results for the second quarter ended June 30, 2026. The press release and other supplemental information are available on the Investor Relations section of Veritone's website.
Joining us for today's call are Veritone's President and Chief Executive Officer, Ryan Steelberg; and Chief Financial Officer, Mike Zemetra, who will provide prepared remarks and then open the call for a live question-and-answer session.
Please note that certain information discussed on the call today, including certain answers to your questions, will include forward-looking statements. This includes, without limitation, statements about our business strategy and future
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