Veritone Q3 rev $35.1M, net loss $20.9M; secures $77.5M term loan to repurchase notes at discount

Veritone, Inc.

2023-Q3 EPS reported -$1.92 revenue$93,363,000

Q3 2023: revenue $35.1M (down 6% YoY); net loss $20.9M vs $4.9M prior year.
Software revenue $20.4M (down 29% pro forma) driven by reduced Amazon spending; ARR $98.6M (down 24%).
Enters $77.5M senior secured term loan (SOFR+8.5%, floor 3%) with Highbridge; uses $37.5M to buy $50M notes at 75% par.
Issues warrants for 3.0M shares at $2.576; quarterly amortization 2.5% starting June 2024.
Guidance: Q4 rev $33-34.5M; FY rev $126-128M, non-GAAP net loss $36-37M (vs $15.9M prior year).

item 1.01 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Veritone, Inc. entered into Commitment Letter with certain funds managed by Highbridge Capital Management, LLC and with certain other lenders valued at $77.5 million (effective 2023-11-07).

Action: entry
Agreement: credit facility
Counterparty: certain funds managed by Highbridge Capital Management, LLC and with certain other lenders
Value: $77.5 million
Effective: 2023-11-07

Exact text from the filing

On November 7, 2023, Veritone, Inc. (the “Company”) entered into a commitment letter with certain funds managed by Highbridge Capital Management, LLC and with certain other lenders (collectively, the “Lenders”), pursuant to which the Lenders have committed, subject to the terms and conditions contained therein, to establish a senior secured term loan facility in an aggregate principal amount of $77.5 million (the “Term Loan”) and to provide the entire principal amount of the Term Loan.

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Veritone, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-060668

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