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DENVER & RESTON, Va. - Veritone, Inc. (NASDAQ: VERI), known for creating enterprise AI solutions, has partnered with Carahsoft Canada Inc. to offer its software to Canadian federal agencies. This collaboration allows Carahsoft to provide Veritone’s Software as a Service (SaaS) solutions, such as the AI-powered intelligent digital evidence management system (iDEMS), under the Government of Canada’s Supply Arrangement for SaaS.
The agreement enables the procurement of Veritone’s SaaS offerings, including maintenance, support, and training services, by Canadian agencies to support their programs and operational needs. Veritone’s aiWARE platform is a highlight of this arrangement, designed to help users convert large volumes of unstructured audio and video data into actionable intelligence, enhancing operational efficiency for federal agencies.
Veritone’s suite of solutions, which also includes Illuminate, Track, IDentify, Redact, Contact, and Automate Studio, is now more accessible to the public sector in Canada. These tools aim to assist government agencies in leveraging AI to improve workflow efficiency and success rates in their operations. The company’s recent stock performance shows promise, with a 17.8% return over the past week, though InvestingPro analysis indicates significant cash burn concerns that investors should monitor.
Lacey Wean, Sales Director for Law Enforcement Solutions at Carahsoft, expressed pride in making Veritone’s AI operating system and other solutions available to Canadian Government agencies. The partnership is expected to simplify application distribution and workflow management across cloud and on-premises infrastructure for these agencies.
In addition to the Canadian arrangement, Veritone’s AI software is also accessible through various U.S. contracts, indicating the company’s broader market reach.
This expansion into the Canadian market represents a strategic move for Veritone in increasing the global accessibility of its AI solutions to governmental customers. According to InvestingPro’s Fair Value analysis, the stock appears slightly undervalued at its current price of $2.78, suggesting potential upside for investors willing to weather the company’s current challenges. The information for this article is based on a press release statement and InvestingPro’s comprehensive research reports, which offer detailed analysis of over 1,400 US stocks.
In other recent news, Veritone reported its fourth-quarter and full-year 2024 financial results, which included an earnings per share (EPS) of $0.72, significantly outperforming the forecasted loss of $0.26. The company’s revenue for the quarter stood at $22.4 million, a decrease from the previous year’s $27.1 million. Despite this decline, Veritone’s fiscal 2025 revenue guidance projects an increase of 24% at the midpoint, with expected revenues between $107 million and $122 million. The company attributes this growth to its strong performance in the public sector, where it added 19 new customers, including the Bureau of Alcohol, Tobacco, and Firearms.
Veritone also announced the successful divestiture of Veritone One for up to $104 million, which has strengthened its financial foundation. Analyst firm H.C. Wainwright maintained a Buy rating on Veritone, emphasizing the company’s cost-cutting measures and steps to reduce debt. The firm believes these efforts, along with projected revenue growth, could make Veritone’s shares more appealing to investors. Additionally, Veritone’s new Veritone Data Refinery (VDR) business is expected to contribute significantly to revenue in the latter half of 2025.
These developments reflect Veritone’s strategic focus on AI solutions and public sector growth, with management expecting public sector revenue to increase by 100% to 150% in 2025.
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