Veritone Inc (VERI) 2025 Q2 法說會逐字稿

Good day, and welcome to the Veritone Inc. second-quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Veritone Inc. 2025 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Cate Goldsmith. Please go ahead.

現在我想將會議交給凱特·戈德史密斯。請繼續。

Thank you, and good afternoon. After the market closed today, Veritone issued a press release and presenting results for the second quarter 2025, which ended June 30, 2025. The press release and other supplemental information are available on the Investor Relations section of Veritone's website.

謝謝，下午好。今天收盤後，Veritone 發布了一份新聞稿，公佈了截至 2025 年 6 月 30 日的 2025 年第二季業績。新聞稿和其他補充資訊可在 Veritone 網站的投資者關係部分查閱。

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 up for a live question-and-answer session.

參加今天電話會議的有 Veritone 總裁兼執行長 Ryan Steelberg 和財務長 Mike Zemetra，他們將發表準備好的講話，然後開始現場問答環節。

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 financial and operating performance. These forward-looking statements are subject to risks, uncertainties and assumptions that may cause the actual results to differ materially from those stated.

請注意，今天電話會議上討論的某些信息，包括對您的問題的某些回答將包含前瞻性陳述。這包括但不限於有關我們的業務策略和未來財務和經營業績的聲明。這些前瞻性陳述受風險、不確定性和假設的影響，可能導致實際結果與所述結果有重大差異。

Certain of these risks and assumptions are discussed in Veritone's SEC filings, including its annual report on Form 10-K. These forward-looking statements are based on assumptions as of today, August 7, 2025, and Veritone undertakes no obligation to revise or update them.

Veritone 向美國證券交易委員會提交的文件（包括其 10-K 表年度報告）中討論了其中的某些風險和假設。這些前瞻性陳述是基於截至 2025 年 8 月 7 日的假設，Veritone 不承擔修改或更新這些前瞻性聲明的義務。

During this call, the actual and forecasted financial measures we will be discussing include non-GAAP measures. Reconciliations of these measures to the corresponding GAAP measures are included in the press release we issued today.

在本次電話會議中，我們將討論的實際和預測財務指標包括非公認會計準則指標。我們今天發布的新聞稿中包含了這些指標與相應 GAAP 指標的對帳。

Finally, I would like to remind everyone that the call today is being recorded and will be made available for replay via a link on the Investor Relations section of Veritone's website at www.veritone.com.

最後，我想提醒大家，今天的電話會議正在錄音，並將透過 Veritone 網站 www.veritone.com 投資者關係部分的連結提供重播。

Now I would like to turn the call over to our President and Chief Executive Officer, Ryan Steelberg.

現在我想將電話轉給我們的總裁兼執行長 Ryan Steelberg。

Thank you, Cate, and thank you, everyone, for joining us this afternoon. I'm excited to speak with you about our recent quarter and our overall progress we've made against our strategic business priorities. I will start with an update on our exciting results and progress against our growth plans, and then Mike will cover our financials in more detail.

謝謝你，凱特，也謝謝大家今天下午加入我們。我很高興與您談論我們最近一個季度的情況以及我們在戰略業務重點方面取得的整體進展。我將首先介紹我們令人興奮的結果和成長計劃的進展情況，然後麥克將更詳細地介紹我們的財務狀況。

We are thrilled to report that our revenue of over $24 million for the quarter came in at the high end of our updated guidance in June and is a testament to the demand for our aiWARE platform and our market-leading AI applications and solutions. Our results demonstrate strong organic non-Veritone hire software revenue growth of over 45% in the quarter, and we expect this growth rate to continue through the balance of the year.

我們很高興地報告，本季度我們的收入超過 2400 萬美元，達到了我們 6 月更新後的預期的高位，這證明了對我們的 aiWARE 平台和我們市場領先的 AI 應用程式和解決方案的需求。我們的結果表明，本季非 Veritone 租賃軟體收入有機成長強勁，超過 45%，我們預計這一成長率將持續到今年年底。

Veritone is definitively growing again and this growth is being led by our core AI software solutions, spanning both Commercial and Public Sector business lines. Since co-founding Veritone in 2014, I can confidently say that there has never been a more exciting moment for our company than right now. We are translating demand into tangible and sustainable growth.

Veritone 正在再次實現成長，這一成長由我們的核心 AI 軟體解決方案引領，涵蓋商業和公共部門業務線。自 2014 年共同創立 Veritone 以來，我可以自信地說，對於我們公司來說，從來沒有比現在更令人興奮的時刻。我們正在將需求轉化為實際的、可持續的成長。

And what makes this even more compelling is that our fastest growth areas, including Veritone Data Refinery, or VDR, and Public Sector, not only delivered strong results, but also represent our largest pipelines and most expansive addressable markets in our history. We are building momentum in all the right areas and the opportunity ahead of us has never been greater.

更引人注目的是，我們成長最快的領域，包括 Veritone Data Refinery（VDR）和公共部門，不僅取得了強勁的業績，而且代表了我們歷史上最大的管道和最廣泛的潛在市場。我們正在所有正確的領域中積聚力量，我們面前的機會從未如此巨大。

In the quarter, we secured 104 new software customers and grew our VDR pipeline by over 100% from Q1 and over 33% just since our late June business update. The near-term VDR pipeline now surpasses $20 million as the demand for high-quality training data across both our Commercial and Public Sector verticals remains very strong. We have also broken through with yet another major DoD agency with the signing of our sole source contract with the US Air Force in June. This deal is already contributing revenue in 2025 and we expect it to ramp significantly in 2026 and beyond.

本季度，我們獲得了 104 個新的軟體客戶，並且我們的 VDR 管道較第一季度增長了 100% 以上，自 6 月底業務更新以來增長了 33% 以上。由於商業和公共部門垂直領域對高品質培訓數據的需求依然強勁，近期的 VDR 管道現已超過 2,000 萬美元。我們還在 6 月與美國空軍簽署了獨家來源合同，與國防部另一個主要機構的合作也取得了突破。這筆交易已在 2025 年貢獻了收入，我們預計 2026 年及以後的收入將大幅成長。

Our Public Sector pipeline is now up to $189 million, up from $110 million at the end of the first quarter. Overall, it has been a fantastic momentum-building quarter as we transition into the second half of the year. Our recently announced cost-saving initiatives, which are expected to generate $10 million in annualized savings together with our $10 million equity offering we completed in June, have strengthened our financial position and enhanced our ability to execute our strategy and focus on driving growth. Mike will provide more detail on these efforts and their impact across our core Commercial and Public Sector verticals shortly.

我們的公共部門通路資金目前已達 1.89 億美元，高於第一季末的 1.1 億美元。總體而言，隨著我們進入下半年，這是一個勢頭強勁的季度。我們最近宣布的成本節約舉措，加上我們 6 月份完成的 1000 萬美元股票發行，預計每年將節省 1000 萬美元，這增強了我們的財務狀況，提高了我們執行戰略和專注於推動增長的能力。麥克將很快詳細介紹這些努力及其對我們的核心商業和公共部門垂直領域的影響。

Now I want to provide an updated perspective on the AI landscape and our market opportunity. The AI landscape is indeed evolving rapidly. While enterprise-wide generative tools like Copilots and Chatbots have scaled quickly, function-specific applications remain mostly in pilot mode.

現在我想提供一個關於人工智慧領域和我們的市場機會的最新觀點。人工智慧領域確實正在快速發展。雖然 Copilots 和 Chatbots 等企業範圍的生成工具已經迅速擴展，但特定功能的應用程式大多仍處於試點模式。

This Gen AI paradox, as McKinsey describes it, underscores a gap between broad adoption and truly transformative use cases. Agentic AI aims to close this gap shifting from reactive LLM centric tools to proactive goal-driven agents capable of autonomous workflow execution. These agents combine planning, memory, and reasoning capabilities, but also pose new challenges around governance, data fragmentation, and effective monitoring and control. Scaling them effectively requires an infrastructure designed for trust, interoperability, and flexibility across different vendors.

正如麥肯錫所描述的，這種人工智慧悖論強調了廣泛採用和真正變革性用例之間的差距。Agentic AI 旨在縮小這一差距，從被動的 LLM 中心工具轉變為能夠自主執行工作流程的主動目標驅動代理程式。這些代理結合了規劃、記憶和推理能力，但也對治理、資料片段化以及有效監控和控制提出了新的挑戰。有效地擴展它們需要為跨不同供應商的信任、互通性和靈活性而設計的基礎設施。

This has been and remains Veritone's clear opportunity. Our aiWARE platform provides a scalable, secure and model agnostic foundation for ingesting and operationalizing both structured and unstructured data across disparate enterprise systems securely and at scale. This architecture aligns directly with the emerging Agentic AI mesh where multiple AI agents interact, collaborate and continuously learn while maintaining visibility and control.

這一直是 Veritone 的明顯機會。我們的 aiWARE 平台提供了可擴展、安全且與模型無關的基礎，用於安全、大規模地提取和操作不同企業系統中的結構化和非結構化資料。該架構與新興的 Agentic AI 網格直接一致，其中多個 AI 代理可以互動、協作並持續學習，同時保持可見度和控制力。

As organizations move towards more adaptive, workflow-driven AI Veritone offers the infrastructure and purpose-built aiWARE platform to power that evolution, unlocking operational agility, smarter operations, and new revenue opportunities. AiWARE also uniquely positions Veritone to capture one of the most compelling opportunities in the evolving AI value chain, training data.

隨著組織向更具適應性、工作流程驅動的 AI 邁進，Veritone 提供了基礎設施和專用的 aiWARE 平台來推動這一發展，釋放了營運敏捷性、更智慧的營運和新的收入機會。AiWARE 還使 Veritone 擁有獨特的優勢，可以抓住不斷發展的 AI 價值鏈中最引人注目的機會之一——訓練資料。

As reported just last week by -- the Wall Street Journal, Big Tech will spend over $400 billion this year on AI CapEx and OpEx in what has become a new tech arms race. As next-generation LLM and multimodality models become more sophisticated, demand for high-quality domain-specific training data sets has surged. Industry estimates suggest that approximately $3 billion will be spent this year alone by fewer than 50 companies including the major hyperscalers on acquiring and preparing training data and is expected to grow to over $17 billion by 2032.

正如《華爾街日報》上週報導的那樣，大型科技公司今年將在人工智慧資本支出和營運支出上投入超過 4000 億美元，這已成為一場新的科技軍備競賽。隨著下一代 LLM 和多模態模型變得越來越複雜，對高品質領域特定訓練資料集的需求激增。業內估計，光是今年，包括主要超大規模企業在內的不到 50 家公司將花費約 30 億美元用於獲取和準備訓練數據，預計到 2032 年將增長到 170 億美元以上。

Veritone is uniquely equipped to serve this market through our VDR solution, which transforms massive volumes of unstructured video, audio and text into centralized license ready data sets for internal use or external model training. In the first half of 2025 VDR greatly exceeded our expectations in both adoption and revenue contribution. Data customers across both our Commercial and Public Sector verticals ranging from major media networks to public institutions are using VDR to extract new value from both current and legacy data archives, which often are underutilized, some dating back over a decade.

Veritone 透過我們的 VDR 解決方案以獨特的方式服務於這個市場，該解決方案將大量非結構化視訊、音訊和文字轉換為可供內部使用或外部模型訓練的集中許可資料集。2025 年上半年，VDR 在採用率和收入貢獻方面都大大超出了我們的預期。我們商業和公共部門垂直領域的資料客戶（從主要媒體網路到公共機構）正在使用 VDR 從當前和遺留資料檔案中提取新價值，這些資料檔案通常未被充分利用，有些甚至可追溯到十多年前。

On the buy side, VDR is now directly supplying clean structured training data to some of the world's largest hyperscalers and AI model developers. In many ways, VDR represents the next-generation solution for unstructured training data, building on what data labeling companies like Scale AI recently acquired by Meta for over $30 billion and Shutterstock have done for the training data economy.

在買方方面，VDR 現在直接向世界上一些最大的超大規模企業和 AI 模型開發人員提供乾淨的結構化訓練資料。在許多方面，VDR 代表了非結構化訓練資料的下一代解決方案，它建立在資料標籤公司（例如 Scale AI，最近被 Meta 以超過 300 億美元收購）和 Shutterstock 為訓練資料經濟所做的貢獻之上。

Veritone's differentiation lies in our ability to process complex and diverse media types and modalities like audio and video at tremendous scale. In the second quarter alone, Veritone aiWARE processed millions of hours of video and audio or in data science speak, over 5 trillion tokens. Through multimodal tokenization, Veritone efficiently transforms these millions of hours of unstructured video and audio assets into the foundation training blocks of intelligent systems.

Veritone 的差異化在於我們能夠大規模處理複雜多樣的媒體類型和模式，例如音訊和視訊。僅在第二季度，Veritone aiWARE 就處理了數百萬小時的視頻和音頻，或者用數據科學的話說，超過 5 兆個令牌。透過多模式標記化，Veritone 有效地將數百萬小時的非結構化視訊和音訊資產轉換為智慧型系統的基礎訓練區塊。

Our aiWARE powered pipeline enables transformer-based sequence modeling and other training methods using discrete audio and video tokens, bringing enterprise-grade media into the era of AI. Whether it's leveraged for third-party model training, fine-tuning enterprise customers' models or even for training Veritone's proprietary internal models, we are providing a modern day Agentic stack for customers around their audio, video, and text data.

我們的 aiWARE 驅動管道使用離散音訊和視訊令牌實現基於變壓器的序列建模和其他訓練方法，將企業級媒體帶入人工智慧時代。無論是用於第三方模型訓練、微調企業客戶的模型，還是用於訓練 Veritone 的專有內部模型，我們都為客戶提供圍繞其音訊、視訊和文字資料的現代 Agentic 堆疊。

As I mentioned earlier, our qualified VDR pipeline now exceeds $20 million, up from $15 million at the end of June and more than doubling since early May. This growth reflects both expansion with existing customers as well as new agreements with leading hyperscalers and foundational model developers. We expect to formalize partnerships with nearly all of the major hyperscalers by the end of 2025.

正如我之前提到的，我們合格的 VDR 管道現在超過 2000 萬美元，高於 6 月底的 1500 萬美元，自 5 月初以來增長了一倍多。這一成長既反映了現有客戶的擴張，也反映了與領先的超大規模企業和基礎模型開發商達成的新協議。我們預計到 2025 年底將與幾乎所有主要的超大規模企業建立正式的合作關係。

The growth in our Commercial business continues to accelerate, driven by our growing demand for our differentiated AI-powered solar software and managed services. We enable IP owners to unlock the full value of all of their media libraries by making them searchable, discoverable, and monetizable across a range of channels including advertising, broadcasting, documentary production, TV and film projects and internal initiatives.

受我們對差異化的人工智慧太陽能軟體和託管服務的需求不斷增長的推動，我們的商業業務成長持續加速。我們使 IP 所有者能夠釋放其所有媒體庫的全部價值，使其可以透過廣告、廣播、紀錄片製作、電視和電影項目以及內部計劃等一系列管道進行搜尋、發現和貨幣化。

In the second quarter, Veritone Commercial successfully closed 11 software enterprise deals with clients such as Inter Milan, Laver Cup, United States Soccer Federation, Alpha Media, St. Louis Zoo, ESPN, and the Big Ten Network. These agreements underscore the continued expansion of Veritone's Software-as-a-Service offerings and highlight the critical role of our AI solutions and AI differentiated managed services in supporting our customers.

第二季度，Veritone Commercial 成功與國際米蘭、拉沃爾杯、美國足球聯合會、Alpha Media、聖路易斯動物園、ESPN 和十大聯盟網絡等客戶達成了 11 項軟體企業交易。這些協議強調了 Veritone 軟體即服務產品的持續擴展，並凸顯了我們的 AI 解決方案和 AI 差異化託管服務在支援客戶方面的關鍵作用。

Turning to the Public Sector. The major highlight this quarter is our multiyear agreement with the US Air Force to deploy our AI platform and intelligent digital evidence management system, or ITEMS. We will provide the Air Force with advanced investigative and information capabilities to enhance and accelerate data analysis for investigative activity across diverse mission areas.

轉向公共部門。本季度的主要亮點是我們與美國空軍達成的多年協議，部署我們的人工智慧平台和智慧數位證據管理系統（ITEMS）。我們將為空軍提供先進的調查和資訊能力，以增強和加速跨不同任務領域的調查活動的數據分析。

This contract represents a material portion of our sales pipeline and represents a strong alignment between our capabilities and the mission-critical needs of our federal partners. We have already begun recognizing revenue from this contract in 2025 with revenue contributions expected to accelerate meaningfully in 2026. This latest sole source award with the Air Force represents our third contract with this agency and greatly expands the scope of our partnership.

該合約是我們銷售管道的重要組成部分，代表了我們的能力與聯邦合作夥伴的關鍵任務需求之間的高度契合。我們已經在 2025 年開始確認該合約的收入，預計 2026 年的收入貢獻將大幅加速。這是我們與空軍簽訂的最新獨家合同，也是我們與該機構的第三份合同，大大擴展了我們的合作範圍。

Our work with the DoD's Defense Logistics Agency also continues to expand. Our task orders with the DLA funded under the JETS 2.0 IDIQ specifically require contractors to be confident in the use of Veritone applications, which has resulted in a number of contracted service providers entering into reseller agreements with Veritone IDMs for new opportunities.

我們與國防部國防後勤局的合作也不斷擴大。我們與 DLA 在 JETS 2.0 IDIQ 資助下簽訂的任務訂單特別要求承包商對使用 Veritone 應用程式充滿信心，這導致許多簽約服務提供者與 Veritone IDM 簽訂了經銷商協議，以獲得新的機會。

In conjunction with our recently achieved awardable status through the Department of Defense's P1 Solutions Marketplace, we are realizing accelerated opportunities to expand our work with the DoD and other areas of federal, state, and local government and agencies. In the second quarter, we signed 35 new Public Sector customers including the Riverside County Sheriffs Department and a top five police agency in the United States. Additionally, we signed 95 renewal contracts in the quarter, further validating the mission-critical nature of our aiWARE software and strong customer retention.

結合我們最近透過國防部 P1 解決方案市場獲得的獲獎地位，我們正在實現加速擴大與國防部以及聯邦、州和地方政府和機構的其他領域的合作的機會。第二季度，我們簽約了 35 個新的公共部門客戶，其中包括河濱縣治安部門和美國排名前五的警察機構。此外，我們在本季度簽署了 95 份續約合同，進一步驗證了我們的 aiWARE 軟體的關鍵任務性質和強大的客戶保留率。

We are confident that Veritone is well positioned to take advantage of the surge in AI spend by our government as use cases and demand for our solutions and AI continue to grow. Our direct Public Sector pipeline has grown to nearly $200 million, with defense technology spending projected to approach $1 trillion and the administration's prioritization of AI innovation, highlighted by the White House's recent AI action plan, we see significant additional business opportunities in the Public Sector, both this year and beyond.

我們相信，隨著我們的解決方案和人工智慧的使用案例和需求不斷增長，Veritone 將能夠充分利用政府在人工智慧方面支出的激增。我們的直接公共部門管道已成長至近 2 億美元，國防技術支出預計將接近 1 兆美元，而且政府優先考慮人工智慧創新，白宮最近的人工智慧行動計畫也強調了這一點，我們看到公共部門在今年及以後將有大量的額外商業機會。

Turning to our higher division. The second quarter delivered solid performance across multiple key areas. The strategy is implemented to navigate the challenging hiring market yielded positive outcomes, resulting in year-over-year growth for our SaaS and Media services formerly known as Broadbean and exceeding our Q2 revenue targets.

轉向我們的更高級別部門。第二季度，多個關鍵領域表現穩健。該策略的實施是為了應對充滿挑戰的招聘市場，並取得了積極的成果，使我們的 SaaS 和媒體服務（以前稱為 Broadbean）實現了同比增長，並超過了我們的第二季度收入目標。

We also surpassed annual sales targets and achieved record growth in Media service revenue in our inaugural year as a LinkedIn gold partner. With our programmatic business slated to conclude its LinkedIn pay-for-performance and Applied Connect integration in early Q3, we expect to benefit from these efforts across our entire portfolio.

在成為 LinkedIn 金牌合作夥伴的第一年，我們也超越了年度銷售目標，並在媒體服務收入方面實現了創紀錄的成長。我們的程式化業務計劃在第三季初完成其 LinkedIn 按效果付費和 Applied Connect 集成，我們預計這些努力將惠及我們的整個投資組合。

These investments with LinkedIn will enable us to continue delivering substantial value to clients and strengthen our collaboration with LinkedIn, the new global market leader. We signed 58 new software deals in the quarter including some of our most significant deals to date while also building a more robust pipeline that could lead to even more positive results in the second half of the year, particularly in Q4, which traditionally is our strongest quarter for media deals in the higher division.

對 LinkedIn 的這些投資將使我們能夠繼續為客戶提供巨大價值，並加強與新的全球市場領導者 LinkedIn 的合作。我們在本季簽署了 58 份新的軟體交易，其中包括迄今為止最重要的交易，同時也建立了更強大的管道，這可能會在下半年帶來更積極的成果，特別是在第四季度，傳統上這是我們高級部門媒體交易表現最強勁的季度。

Another major hire initiative focused on expanding our SaaS revenue through enhanced ATS partnerships and integrations is also gaining momentum and shows considerable promise for the SaaS revenue growth. At the close of Q1, we executed our most critical partnership agreement to date with Workday. This elevated us to the highest platinum level of partners and created substantial opportunities for co-selling and lead generation with a global leader in the market.

另一個主要的招募計畫重點是透過加強 ATS 合作夥伴關係和整合來擴大我們的 SaaS 收入，該計畫也正在獲得發展勢頭，並顯示出對 SaaS 收入成長的巨大希望。在第一季末，我們與 Workday 簽署了迄今為止最重要的合作協議。這使我們晉升為最高級別的白金合作夥伴，並為與市場全球領導者進行聯合銷售和潛在客戶開發創造了大量機會。

In our first active quarter, our lead pipeline with Workday clients exceeds $1 million in contract value despite the nascent stage of lead and deal flow. We finalized 11 new Workday client deals this quarter. Furthermore, new integrations with major global ATSs and as well as our partnership with the integrations marketplace combo will provide Veritone access to over 100 new ATS integrations in Q3 and beyond. We successfully concluded several notable deals this quarter with global corporations such as KPMG, [Dauer], [Faten], CBRE and Suncorp, among others.

在我們第一個活躍的季度中，儘管銷售線索和交易流程尚處於起步階段，但我們與 Workday 客戶的銷售線索合約價值已超過 100 萬美元。本季我們完成了 11 筆新的 Workday 客戶交易。此外，與全球主要 ATS 的新整合以及與整合市場組合的合作將使 Veritone 在第三季及以後能夠訪問 100 多個新的 ATS 整合。本季度，我們成功與畢馬威、[Dauer]、[Faten]、世邦魏理仕和 Suncorp 等全球公司達成了幾項重要交易。

Before turning things over to Mike, I want to congratulate our team for their strong performance and perseverance. Veritone is growing again, and we remain very bullish on our future. Our pipeline is the largest it has ever been, led by Public Sector and VDR, and our AI software revenue growth is accelerating.

在將任務交給麥克之前，我想祝賀我們團隊的出色表現和毅力。Veritone 正在再次發展，我們對我們的未來仍然非常樂觀。我們的產品線達到了有史以來的最大規模，由公共部門和 VDR 引領，我們的 AI 軟體收入成長正在加速。

Now Mike, over to you.

現在，麥克，輪到你了。

Thank you, Ryan. We continued our strong momentum in the first half of 2025 with solid financial results in Q2. Revenue came in at the top end of our recent guidance with our software products and services, excluding Veritone hire, growing over 45% year over year, driven by strong performances across our Public Sector and Commercial enterprise. We ended Q2 with solid customer metrics and contributions made across our software products and services and managed services.

謝謝你，瑞安。2025 年上半年我們延續了強勁勢頭，第二季取得了穩健的財務表現。我們的軟體產品和服務（不包括 Veritone 租賃）的收入達到了我們近期預期的最高水平，同比增長超過 45%，這得益於我們公共部門和商業企業的強勁表現。我們在第二季結束時，憑藉穩健的客戶指標以及軟體產品和服務以及託管服務的貢獻。

As we enter the second half of 2025 we remain very confident on the future growth prospects across our core software products and services, which I will explain in more detail. During my prepared remarks, I will discuss Q2 year-over-year performance in KPIs which exclude the results of our media agency, which are presented as discontinued operations in the corresponding historical financial periods, balance sheet and liquidity position, and Q3 and fiscal 2025 guidance.

進入 2025 年下半年，我們對核心軟體產品和服務的未來成長前景仍然充滿信心，我將對此進行更詳細的解釋。在我的準備好的發言中，我將討論第二季度 KPI 的同比表現，其中不包括我們媒體代理機構的業績，這些業績在相應的歷史財務期間、資產負債表和流動性狀況以及第三季度和 2025 財年指引中列為已終止經營的業務。

Starting with Q2 2025 performance. Q2 revenue was slightly over $24 million, which was flat from Q2 2024 principally due to a $1 million increase from our software products and services, offset by a $1.9 million decline in our managed services. The $1.8 million revenue growth in our software products and services was driven by our public sector, which grew over 90% year over year, coupled with the Commercial enterprise software products and services revenue that improved $0.8 million year over year.

從 2025 年第二季的表現開始。第二季營收略高於 2,400 萬美元，與 2024 年第二季持平，主要原因是我們的軟體產品和服務增加了 100 萬美元，但託管服務減少了 190 萬美元。我們的軟體產品和服務收入成長 180 萬美元，這得益於公共部門的營收年增超過 90%，再加上商業企業軟體產品和服務收入年增 80 萬美元。

The growth in the Public Sector was driven by execution of larger deals in Q2 2025, including the Department of Defense and larger public safety agencies, including a top five law enforcement agency in the US and Riverside County. We expect these larger Public Sector deals coupled with our expanding Public Sector pipeline to generate substantial growth in the second half of 2025, which I will explain in more detail.

公共部門的成長得益於 2025 年第二季較大交易的執行，其中包括國防部和較大的公共安全機構，其中包括美國五大執法機構和河濱縣。我們預計，這些規模更大的公共部門交易加上我們不斷擴大的公共部門管道將在 2025 年下半年大幅成長，我將對此進行更詳細的解釋。

The growth in Commercial enterprise was led by Veritone Data Refinery, or VDR. VDR, which launched in Q4 2024 and is one area where we anticipate substantial year-over-year growth throughout the remainder of fiscal 2025, and today has a near-term sales pipeline over $20 million, up over 100% from our guidance in Q1 2025. The $1.9 million decline in Q2 Managed Services was principally driven by a $2 million decline in representation services driven by declines in our very ad services and a onetime live-event campaign of $1 million in Q2 2024, which did not recur in Q2 2025 offset by a $0.1 million improvement in licensing.

商業企業的成長由 Veritone Data Refinery（VDR）推動。VDR 於 2024 年第四季推出，我們預計該領域在 2025 財年剩餘時間內將實現大幅同比增長，目前其近期銷售額超過 2000 萬美元，比我們在 2025 年第一季的預期增長 100% 以上。第二季託管服務下降 190 萬美元，主要是由於代理服務下降 200 萬美元，這歸因於我們的廣告服務下降以及 2024 年第二季度 100 萬美元的一次性現場活動，該活動在 2025 年第二季度沒有再次發生，但許可費用增加了 10 萬美元，抵消了這一影響。

As we previously discussed, we expect this negative trend in representation services to continue throughout 2025, and or until the macro economy shows demonstrated improvements over 2024. Overall, Veritone hire remained relatively flat year-over-year, driven largely by the higher softness in the macro economy. Excluding Veritone Hire, our software products and services grew over 45% year over year.

正如我們之前所討論的，我們預計代理服務的這種負面趨勢將持續到 2025 年，或直到宏觀經濟在 2024 年出現明顯改善。總體而言，Veritone 的僱用情況與去年同期相比保持相對平穩，這主要受到宏觀經濟疲軟程度加劇的影響。除 Veritone Hire 外，我們的軟體產品和服務年增超過 45%。

Turning to key performance metrics across our software products and services in Q2 2025. ARR of $62.6 million, up 7% from Q1 2025 of $58.7 million and down year over year from the expected declines in consumption-based revenue from customers across our hiring software products and services over the trailing 12 months.

轉向 2025 年第二季我們軟體產品和服務的關鍵績效指標。ARR 為 6,260 萬美元，較 2025 年第一季的 5,870 萬美元增長 7%，與過去 12 個月我們招聘軟體產品和服務的客戶消費收入的預期下降相比有所下降。

Overall, ARR from recurring subscription-based SaaS customers was up slightly by 2% year over year. As of Q2 2025, 81% of our ARR was from subscription versus consumption-based customers, up from 74% at Q2 2024 and flat sequentially from Q1 2025. Total new bookings of $15.8 million, up $1.8 million or 13% year over year, primarily due to larger renewals across our software customer base.

總體而言，來自定期訂閱的 SaaS 客戶的 ARR 年比略有增長 2%。截至 2025 年第二季度，我們 81% 的 ARR 來自訂閱客戶而非消費客戶，高於 2024 年第二季的 74%，與 2025 年第一季持平。新訂單總額為 1,580 萬美元，比去年同期增加 180 萬美元，或 13%，這主要歸功於我們軟體客戶群的續約量增加。

Gross revenue retention continued to be above the 98th percentile and total software product and service customers of 3067, which was down 9% year over year, predominantly from our Commercial enterprise sector. which includes lower consumption-based customers from Veritone Hire and the continuing impact of sunsetting legacy CareerBuilder customers post the June 2023 acquisition of Broadbean and a smaller customers as we focus on larger ARR opportunities, offset by an increase across Public Sector, largely from growth in public safety customers.

總營收留任率持續高於第 98 個百分位，軟體產品和服務客戶總數為 3067 個，年減 9%，主要來自我們的商業企業部門。其中包括來自 Veritone Hire 的消費型客戶減少，以及 2023 年 6 月收購 Broadbean 後 CareerBuilder 傳統客戶和較小客戶（因為我們專注於更大的 ARR 機會）的持續影響，但公共部門的成長（主要來自公共安全客戶的成長）抵消了這種影響。

Q2 GAAP gross profit was $15.3 million, compared to $16.4 million in Q2 2024, a decline of $1.1 million, largely driven by the higher mix of lower margin revenue in Q2 2025 with GAAP gross margins of 63.9% as compared to 68.2% in Q2 2024. Excluding noncash depreciation and amortization expense, 2025 non-GAAP gross margins were 68.9% as compared to 73.6% in Q2 2024, a decline of 470 basis points, largely due to the decline in higher-margin consumption-based revenue, coupled with a higher mix of lower margin revenue.

第二季 GAAP 毛利為 1,530 萬美元，而 2024 年第二季為 1,640 萬美元，下降了 110 萬美元，這主要是由於 2025 年第二季利潤率較低的收入組合較高，GAAP 毛利率為 63.9%，而 2024 年第二季為 68.2%。不包括非現金折舊和攤銷費用，2025 年非 GAAP 毛利率為 68.9%，而 2024 年第二季為 73.6%，下降了 470 個基點，這主要是由於利潤率較高的消費型收入下降，加上利潤率較低的收入組合增多。

Note that in Q2 2025, VDR gross margins were approximately 40%. We expect that as the VDR product matures, margins will initially be similar to Q2, but should expand into late 2025 and 2026 as we grow and diversify the mix of our content offerings. Q2 operating loss of $19.3 million improved by $1 million or 5% year over year, primarily driven by lower operating expenses, offset by a lower non-GAAP gross profit from the decline in revenue over the same period.

請注意，2025 年第二季度，VDR 毛利率約為 40%。我們預計，隨著 VDR 產品的成熟，利潤率最初將與第二季度相似，但隨著我們內容產品組合的成長和多樣化，利潤率應該會擴大到 2025 年末和 2026 年。第二季營業虧損為 1,930 萬美元，較去年同期減少 100 萬美元或 5%，主要由於營業費用降低，但被同期收入下降導致的非 GAAP 毛利降低所抵銷。

Net loss from continuing operations was $26.8 million, an increase of $3.4 million or 14.5% as compared to Q2 2024. The year-over-year increase was principally driven by a $3.4 million change in the estimated fair value of earnout from the divestiture of Veritone One recorded in Q2 2025. Non-GAAP net loss from continuing operations was $8.7 million as compared to $9.7 million in Q2 2024 and $11.1 million in Q1 2025. The improvement was partially due to lower operating losses driven by increased discipline on cost management offset by lower non-GAAP gross profit.

持續經營淨虧損為 2,680 萬美元，與 2024 年第二季相比增加 340 萬美元，增幅為 14.5%。年成長主要是由於 2025 年第二季記錄的 Veritone One 剝離所產生的獲利估計公允價值變動 340 萬美元。非公認會計準則持續經營淨虧損為 870 萬美元，而 2024 年第二季為 970 萬美元，2025 年第一季為 1,110 萬美元。這一改善部分是由於成本管理紀律加強導致的營業虧損減少，但非公認會計準則毛利潤下降抵消了這一影響。

Further, in June 2025, we initiated up to $8 million of a targeted $10 million annualized cost reduction through reductions in personnel and improvements in our operating structure, including our platform costs. These cost reductions were initiated in part due to the softness in our managed services coupled with delays in certain Public Sector deals that were expected to close earlier in 2025. As I will explain further, these reductions should provide us a more efficient cost structure as we manage towards our planned growth in the second half of 2025 and profitability into 2026 and beyond.

此外，2025 年 6 月，我們透過裁減人員和改善營運結構（包括平台成本）啟動了高達 800 萬美元的年度成本削減計劃，其中的目標是削減 1,000 萬美元。削減成本的部分原因是我們的託管服務疲軟，加上預計在 2025 年初完成的某些公共部門交易出現延遲。我將進一步解釋，這些削減應該為我們提供更有效率的成本結構，以便我們實現 2025 年下半年的計畫成長以及 2026 年及以後的獲利能力。

Turning to our balance sheet. As of June 30, 2025, we held cash and restricted cash of $13.9 million as compared to $17.3 million at December 31, 2024. The net change in cash reflects net cash outflows from operations of $25.2 million, principally driven by our non-GAAP net loss of $19.8 million deferred purchase consideration of $1.2 million and interest paid on debt of approximately $3 million, coupled with the timing of working capital in the quarter, offset by net cash inflows from investing and financing activities of $23 million driven by net cash inflows of $29.9 million from our January and June 2025, registered direct offerings, partially offset by $3.9 million in debt principal payments and $2.3 million in capital expenditures.

轉向我們的資產負債表。截至 2025 年 6 月 30 日，我們持有的現金和受限現金為 1,390 萬美元，而 2024 年 12 月 31 日為 1,730 萬美元。現金淨變化反映了經營活動產生的淨現金流出 2,520 萬美元，主要由於我們的非公認會計準則淨虧損 1,980 萬美元、遞延購買對價 120 萬美元和支付的債務利息約 300 萬美元，再加上本季度營運資金的時間安排，抵消了投資和融資活動產生的 2,300 萬美元流入月註冊的直接發行產生的 2,990 萬美元淨現金流入，部分抵消了 390 萬美元的債務本金支付和 230 萬美元的資本支出。

Turning to liquidity today. On June 30, 2025, we completed a registered direct offering, selling 6.5 million shares of common stock priced at $1.09 per share and $1.8 million of prefunded warrants priced at $1.08 per share for gross proceeds of approximately $10 million. Of the total funding, approximately $3 million of the gross proceeds was received in July 2025. Included in the funding was $1 million from our CEO, Ryan Steelberg, which will price at the greater of $1.41 per share, which was the closing price of Veritone's stock on June 27, 2025, or the closing price of Veritone stock two trading days following the filing of our Q2 Form 10-Q.

今天談談流動性。2025 年 6 月 30 日，我們完成了註冊直接發行，以每股 1.09 美元的價格出售了 650 萬股普通股，並以每股 1.08 美元的價格出售了 180 萬美元的預付認股權證，總收益約為 1000 萬美元。在全部資金中，約有 300 萬美元的總收益於 2025 年 7 月收到。這筆融資包括來自我們執行長 Ryan Steelberg 的 100 萬美元，定價為每股 1.41 美元（即 Veritone 股票 2025 年 6 月 27 日的收盤價）或我們提交 Q2 10-Q 表後兩個交易日的 Veritone 股票價格（以較高者收盤價）。

At June 30, 2025, our consolidated debt is down from a peak of $201 million in December 2021 to approximately $128 million today, comprised of term debt of approximately $37 million maturing in December 2027 and convertible debt of $91.3 million due November 2026. As of today, we have over $25 million available across our $35 million ATM, which was established in November 2024.

截至 2025 年 6 月 30 日，我們的合併債務從 2021 年 12 月的 2.01 億美元高峰下降至今天的約 1.28 億美元，其中包括 2027 年 12 月到期的約 3700 萬美元定期債務和 2026 年 11 月到期的 9130 萬美元可轉換債務。截至今天，我們於 2024 年 11 月建立的價值 3,500 萬美元的 ATM 機上已有超過 2,500 萬美元可用。

That said, we are currently exploring potential financing structures, including discussions with our current debt holders, which we believe could improve our current liquidity position and balance sheet. At June 30, 2025, we had 47.6 million shares issued and outstanding and 2.5 million warrants outstanding to our debt holders.

話雖如此，我們目前正在探索潛在的融資結構，包括與我們目前的債務持有人進行討論，我們相信這可以改善我們目前的流動性狀況和資產負債表。截至 2025 年 6 月 30 日，我們已發行並流通股票 4,760 萬股，並向債權人持有 250 萬張認股權證。

Now turning to updated fiscal Q2 2025 and full year 2025 guidance. Our software products and services revenue pipeline and long-term outlook continue to be at all-time highs. More specifically, we continue to see strong demand across the approximate $10 billion global digital evidence management market.

現在轉向更新的 2025 財年第二季和 2025 年全年指引。我們的軟體產品和服務收入管道和長期前景繼續處於歷史最高水平。更具體地說，我們繼續看到約 100 億美元的全球數位證據管理市場需求強勁。

In the Public Sector alone, we are beginning to march towards our 100% to 150% revenue growth target for fiscal year 2025. In Q2, we announced we were awarded a sole source contract with the Air Force Office of Special Investigations, or OSI. Under the contract, the company's AI power solutions, including items, will provide OSI with advanced investigative, intelligence, and counterintelligence capabilities in support of the DoD and interagency mission requirements.

光是在公共部門，我們就開始朝 2025 財年 100% 至 150% 的營收成長目標邁進。在第二季度，我們宣布與空軍特別調查辦公室（OSI）簽訂了獨家合約。根據合同，該公司的人工智慧動力解決方案（包括產品）將為OSI提供先進的調查、情報和反情報能力，以支援國防部和跨機構的任務要求。

During Q2 2025, we began to recognize revenue on the award. This is the initial deployment with plans to raw our IDM solution across the broader DoD investigative and counterintelligence branches, over the next several years. While we cannot discuss the magnitude or exact specifics of this deal. It will serve as a substantial growth driver of our Public Sector revenue in 2025 and '26.

2025 年第二季度，我們開始確認該獎項的收入。這是初步部署，我們計劃在未來幾年內將 IDM 解決方案推廣到國防部更廣泛的調查和反情報部門。雖然我們無法討論這筆交易的規模或具體細節。它將成為我們2025年和2026年公共部門收入的重要成長動力。

We also remain in near-term contract basis on several large projects with various facets of the US federal government and international public safety customers with a near-term sales pipeline in excess of $180 million. As previously noted, on the Commercial side, we are seeing strong and increasing demand for our VDR product. More specifically, we are in active discussions with the largest hyperscalers on various VDR initiatives some of which are near-term agreements that approach or exceed $10 million individually and others are longer-term partnerships where we are being positioned to serve as their provider of choice across their VDR initiatives.

我們還與美國聯邦政府和國際公共安全客戶的各個部門簽訂了幾個大型項目的短期合同，短期銷售額超過 1.8 億美元。如前所述，在商業方面，我們看到對我們的 VDR 產品的需求強勁且不斷增長。更具體地說，我們正在與最大的超大規模企業就各種 VDR 計劃進行積極討論，其中一些是短期協議，單獨協議金額接近或超過 1000 萬美元，另一些是長期合作夥伴關係，我們將在這些 VDR 計劃中成為他們的首選提供者。

Our near-term sales pipeline on VDR, which launched in the second half of 2024 is now over $20 million, which is an increase of 100% or $10 million since March 2025 and $5 million since the end of June 2025. More specifically, in Q3 2025, revenue is expected to be between $28 million and $30 million as compared to $22 million from Q3 2024, a 32% increase at the midpoint and 21% sequentially from Q2 2025.

我們於 2024 年下半年推出的 VDR 的近期銷售額目前已超過 2000 萬美元，自 2025 年 3 月以來增長了 100% 或 1000 萬美元，自 2025 年 6 月底以來增長了 500 萬美元。更具體地說，預計 2025 年第三季的營收將在 2,800 萬美元至 3,000 萬美元之間，而 2024 年第三季的營收為 2,200 萬美元，中位數成長 32%，季增 21%。

In Q3, we expect our software products and services to increase over 45% year over year, led by growth in the Public Sector and Commercial enterprise. Specifically, we expect our Public Sector revenue to grow from 50% year over year and our Commercial revenue led by VDR to grow or 45%. Included in this growth is our hiring products and services, which we expect to be relatively flat year-over-year given the current macroeconomic environment.

在第三季度，我們預計我們的軟體產品和服務將年增 45% 以上，這主要得益於公共部門和商業企業的成長。具體來說，我們預計公共部門收入將年增 50%，而以 VDR 為主導的商業收入將成長 45%。這一成長包括我們的招聘產品和服務，考慮到當前的宏觀經濟環境，我們預計這些產品和服務的同比增長將相對持平。

Consistent with Q2 2025, our managed services is expected to be down year-over-year, principally due to the representation side of our business, which has experienced some slowness as a result of the more challenging macro environment. We expect Q3 non-GAAP gross margins to be around 61% to 63%, driven by the forecasted higher mix of EDR revenue in the period. Q3 non-GAAP net loss is projected to be between $6 million to $6.5 million as compared to $11.1 million in Q3 2024, representing a 43% improvement at the midpoint and a 28% improvement sequentially from Q2 2025.

與 2025 年第二季一致，我們的託管服務預計將同比下降，這主要是由於我們的代理業務由於宏觀環境更具挑戰性而出現了一些放緩。我們預計第三季非 GAAP 毛利率將在 61% 至 63% 左右，這得益於預計該期間 EDR 收入組合將有所增加。預計第三季非 GAAP 淨虧損將在 600 萬美元至 650 萬美元之間，而 2024 年第三季為 1,110 萬美元，中位數改善 43%，較上季 2025 年第二季改善 28%。

Turning to fiscal 2025 outlook. We are updating our prior guidance for fiscal 2025, which we are expecting revenue to be between $108 million to $115 million which at the midpoint represents a 20% increase year over year. The change in our outlook is principally driven by the confidence in some of our more larger growth initiatives across the Public Sector and Commercial VDR coupled with a forecasted decline in managed services, reflecting the more challenging macro market today.

展望2025財年。我們正在更新 2025 財年的先前指引，預計營收將在 1.08 億美元至 1.15 億美元之間，中間值代表年增 20%。我們前景的變化主要是由於對公共部門和商業 VDR 的一些更大規模增長計劃的信心，加上託管服務的預測下降，反映了當今更具挑戰性的宏觀市場。

And non-GAAP net loss to be between $30 million to $25 million, representing a 33% improvement year over year at the midpoint. The change is reflective of the timing shifts in revenue, coupled with the compression in gross margins on VDR in 2025, which we expect to improve upon fiscal 2026.

非公認會計準則淨虧損在 3,000 萬美元至 2,500 萬美元之間，年比中位數改善 33%。這項變更反映了營收時間的變化，再加上 2025 年 VDR 毛利率的壓縮，我們預計 2026 財年毛利率將有所改善。

Before closing the call, I'd like to remind everyone listening that Veritone will be attending H.C. Wainwright's 27th Annual Global Conference, September 8 through the 10 in New York City. That concludes my prepared remarks.

在結束通話之前，我想提醒所有聽眾，Veritone 將於 9 月 8 日至 10 日參加在紐約舉行的 H.C. Wainwright 第 27 屆年度全球會議。我的準備好的發言到此結束。

Operator, we would now like to open up the call for questions.

接線員，我們現在想開始提問環節。

We will now begin the question-and-answer session. (Operator Instructions) Scott Buck, H.C. Wainwright.

我們現在開始問答環節。（操作員指示） Scott Buck、H.C. Wainwright。

Jesse Sobelson, D. Boral Capital.

Jesse Sobelson，D. Boral Capital。

I think the big thing, this is a great quarter doing exactly what you guys said you were going to do you got this guidance for the rest of the year that points to some pretty significant acceleration in the growth rate. I mean impacted a midpoint near 30% year over year here, while you've provided a lot of details on growing the business to signing the contracts with -- it was in the Public Sector, the growth in the pipeline.

我認為最重要的是，這是一個偉大的季度，正如你們所說的那樣，你們對今年剩餘時間的預期表明增長率將顯著加快。我的意思是，這裡對中點的影響比去年同期接近 30%，而您提供了許多有關業務增長與簽訂合約的細節 - 這是在公共部門，是管道的增長。

Can you guys elaborate on what specifically needs to convert whether it's revenue recognition from this Air Force contract or any VDR pipeline signings that need to happen to support this step-up in the acceleration that we're seeing guided for the top line? And I'm just kind of curious what gives you the level of confidence into the visibility you have for that acceleration?

你們能否詳細說明具體需要轉換什麼，無論是來自空軍合約的收入確認，還是任何 VDR 管道簽署，都需要支持我們所看到的加速提升的收入增長？我只是有點好奇，是什麼讓您對這種加速的可見度如此有信心？

Thank you, Jesse. I think as we sit here right now, we probably have our smallest gap of go-get revenue to realize that guide for Q3. And I say a bunch of that already in terms of bookings and visibility for the balance of the year. So again, as we sit here today in the end of the first week in August, our delta of go-get to hit that guide midpoint and hopefully, the high end is the smallest it's ever been.

謝謝你，傑西。我認為，就我們現在的情況來看，我們實現第三季目標所需的收入差距可能最小。就今年餘下的預訂量和可見性而言，我已經說了很多。因此，今天，當我們坐在這裡，八月的第一周即將結束的時候，我們的努力目標就是達到這個指導中點，並且希望最高點是有史以來最小的。

The other way of saying that is sort of the contracted opportunities and the businesses and opportunities that we're currently servicing will support the balance of that opportunity for revenue. So again, we're -- we have the customers. We are transacting as we -- as Mike and I both mentioned, we're already generating revenue from these new DoD contracts, we're already generating revenue from these new customers with VDR. So we're very, very excited. We've been sort of waiting for this to happen, and they're all kind of hitting on all cylinders right now.

換句話說，合約機會以及我們目前正在服務的業務和機會將支持該收入機會的平衡。所以再說一次，我們有客戶。我們正在進行交易——正如麥克和我都提到的那樣，我們已經從這些新的國防部合約中獲得收入，我們已經從這些 VDR 新客戶中獲得收入。所以我們非常非常興奮。我們一直在等待這一刻的發生，現在他們都在全力以赴。

Awesome. That's really great detail. It's really exciting to see we're excited here too. I guess, let's just back up and ask a broader level question here as well and then take a step back. But just with the -- within -- everything is moving very fast through very rapid advancements and even generative AI.

驚人的。這真是非常棒的細節。看到我們在這裡也很興奮，真是令人興奮。我想，讓我們回過頭來，在這裡也問一個更廣泛的問題，然後再退一步。但隨著——內部——一切都在透過非常快速的進步甚至產生人工智慧快速發展。

How do you view Veritone's differentiation, particularly in these regulated industries like defense and law enforcement versus the broader AI platforms out there such as like Palantir, Microsoft, or other open source options.

您如何看待 Veritone 的差異化，特別是在國防和執法等受監管行業與 Palantir、微軟或其他開源選項等更廣泛的 AI 平台的比較。

I think first and foremost, and this goes back all the way to our founding. We kind of and thankfully had a vision that AI-based models were going to become commoditized over time. There will be thousands of vision models. There'd be thousands of speech models. And even today, there's hundreds of next-generation LLM and multimodal models.

我認為首先，這可以追溯到我們建國之初。幸運的是，我們有一個願景，那就是基於人工智慧的模型將隨著時間的推移而商品化。將會有數千個視覺模型。將會有數千種語音模型。即使在今天，也有數百種下一代 LLM 和多模式模型。

The key is having a platform, aiWARE, that, in effect, can manage the full end-to-end stack, but be agnostic to these models or independent of these different models, meaning customers like iHeartMedia and others, they've been customers for many years. We own, I'll say, the software platform application layer with these entities. And so as models advance, they don't have to go anywhere. So they can rely on the full technology stack of Veritone and aiWARE as this -- as the models mature.

關鍵是擁有一個平台，aiWARE，它實際上可以管理完整的端到端堆疊，但對這些模型無關或獨立於這些不同的模型，這意味著像 iHeartMedia 和其他公司這樣的客戶，他們已經是多年的客戶了。我想說，我們擁有具有這些實體的軟體平台應用層。因此，隨著模型的進步，它們不必去任何地方。因此，隨著模型的成熟，他們可以依賴 Veritone 和 aiWARE 的完整技術堆疊。

The one thing, though, that was kind of a byproduct. And candidly, and VDR is kind of a culmination of the scale that we've been accumulating over the last decade. But as you've just read through and a good parallel is what Altman just described, when OpenAI opened a couple of their weighted models, as many of us have read about, what they did in open source was their training data, right, which is really interesting.

但有一件事，那隻是副產品。坦白說，VDR 是我們過去十年來累積的規模的頂峰。但是正如您剛剛讀到的，一個很好的類比就是 Altman 剛才所描述的，當 OpenAI 開放他們的幾個加權模型時，正如我們許多人讀到的，他們在開源中所做的是他們的訓練數據，對吧，這真的很有趣。

And so what that points to is when you think about Veritone and why we are such a strategic partner and able to not only maintain these long-lasting relationship with customers, but able to bring on net new big customers, it is not just about the understanding the orchestration of the AI and the models, but it's also understanding the unstructured data at huge scale.

所以，當你想到 Veritone 時，你就會明白為什麼我們是如此重要的策略合作夥伴，不僅能夠與客戶保持長期關係，而且能夠帶來新的大客戶，這不僅是了解人工智慧和模型的編排，而且還了解大規模的非結構化資料。

I gave a little piece in my speech, which we're going to follow up on and talk a lot more over the next few weeks. But our scale of tokenizing audio and video and other forms of unstructured data is at huge scale. I actually mentioned that we, in effect, tokenized or, in effect, realized over 5 trillion tokens of -- in terms of scale for audio and video processing just in Q2. If you based upon the research if you kind of look at what it took to build these other foundational models, that's massive scale. And frankly, that was just in one quarter.

我在演講中提到了一小段內容，我們將在接下來的幾週內繼續跟進並進行更多討論。但是我們對音訊、視訊和其他形式的非結構化資料的標記規模是巨大的。我實際上提到過，僅在第二季度，我們就在音訊和視訊處理規模上實現了超過 5 兆個代幣。如果你根據研究來看一下建構這些其他基礎模型所需的條件，你會發現規模是巨大的。坦白說，這只是一個季度的情況。

So again, our differentiation is not just understanding and making a very early bet that there were going to be hundreds, thousands, millions of AI models. So we made a bet that it's going to be -- you need to have the orchestration of not just the models, but the true understanding of the end-to-end platform that can manage the unstructured and structured day at the same time.

因此，我們的差異化不僅僅是理解並很早就押注將會有數百、數千、數百萬個人工智慧模型。因此，我們打賭說——你不僅需要對模型進行編排，還需要真正理解能夠同時管理非結構化和結構化日子的端到端平台。

The last thing I'll put a little bow on that is we're platform agnostic. We're not limited to a single cloud provider. Our platform has now been successfully deployed in air gap network isolated environments. So not only can we run this readily available in public clouds in government clouds, but we can also run it in network isolated environments and even on-prem, which is a big differentiator.

最後我要強調的是，我們與平台無關。我們不局限於單一的雲端提供者。我們的平台現已成功部署在氣隙網路隔離環境。因此，我們不僅可以在政府雲端的公有雲中輕鬆運行它，還可以在網路隔離環境甚至本地運行它，這是一個很大的區別。

Glenn Mattson, Ladenburg.

格倫馬特森，拉登堡。

First on ITEMS. In the past, you've spoken about multiple kind of, I think you said seven- or eight-figure kind of multiyear sized deals of the win in the Air Force is a significant one, clearly. I guess partly, I'm curious, do you need to close more of those style deals to meet your guidance for the year you reiterated, so I'm guessing you feel pretty comfortable there.

首先是 ITEMS。過去，您曾談到多種類型，我想您說過七位數或八位數的多年期合同，空軍的勝利顯然是一項重大合同。我想部分原因是，我很好奇，您是否需要完成更多此類交易才能滿足您重申的年度指導，所以我想您對此感到很滿意。

But also just can you speak to like what winning that contract and what it means for these next contracts? Is it get easier to close them as you get more reference customers of that size any color that would be great.

但是您能否談談贏得該合約以及它對接下來的合約意味著什麼？隨著您獲得更多該規模的參考客戶，關閉它們是否會變得更容易，無論哪種顏色都很好。

I'll pick those off. First, of course, our ability to point to a very large multifaceted contract with the Air Force spread quickly. And we can attest and what we kind of spoke to is that we are seeing a multitude of different opportunities and inbound demand spread quickly across the DoD and even outside the DoD because of the Air Force contract announcement. And that's, I'd say, commensurate with any other type of business. So referral and having that public disclosure is very, very important.

我會把它們摘下來。首先，當然，我們與空軍簽訂的一項非常大的、多方面的合約的能力很快就得到了提升。我們可以證明，而且我們所說的是，由於空軍合約公告，我們看到大量不同的機會和需求在國防部內部甚至國防部外部迅速蔓延。我想說，這與任何其他類型的業務都是相稱的。因此，推薦和公開揭露非常非常重要。

The second thing is relative to our pipeline, the OSI Air Force contract alone presents a great, huge opportunity for years to come. And remember, the Air Force and the group that we're working with, yes, it's today kicking off with OSI, but this is an entity that is really taking the charge in some areas, the lead on expanding this overhaul of the government's law enforcement and counterterrorism opportunities into other agencies as well.

第二件事是相對於我們的管道而言，OSI 空軍合約本身就為未來幾年帶來了巨大的機會。請記住，空軍和我們正在合作的團體，是的，今天與 OSI 一起啟動，但這是一個真正在某些領域承擔責任的實體，在將政府執法和反恐改革擴展到其他機構方面發揮了主導作用。

So yes -- and this opportunity for us really is the tip of the iceberg for expansion just in the areas of use cases for investigations and counterterrorism and we expect this to expand into other agencies as well. So we do have a healthy pipeline that crosses over into many other areas of DoD. And -- but again, to sort of be specific to your question is, we have enough meat if we can just execute on, frankly, the kind of customers that we already have. I think we're pretty confident to hit many of our goals.

是的——對我們來說，這個機會實際上只是在調查和反恐用例領域擴展的冰山一角，我們希望這也能擴展到其他機構。因此，我們確實擁有一條涵蓋國防部許多其他領域的健康管道。而且 — — 但再次強調，具體回答你的問題是，如果我們能夠坦率地執行我們已有的客戶類型，我們就有足夠的肉。我認為我們非常有信心實現許多目標。

That being said, as we attested to a material increase in the size of our pipeline, we are bringing on more and more new customers, as we mentioned, 35 new customers in Public Sector in the previous quarter and we expect that to continue to accelerate here over the next few quarters.

話雖如此，正如我們所證明的，我們的管道規模大幅增加，我們正在吸引越來越多的新客戶，正如我們所提到的，上一季度公共部門新增了 35 位客戶，我們預計這一增長速度將在未來幾個季度繼續加速。

You also mentioned the top five public safety customer. I'm not -- I can't recall if you've mentioned that in the past or not, but can you give any more color around what the -- what kind of an agency and what the use cases are that company .

您也提到了前五名公共安全客戶。我不記得你以前是否提到過這一點，但你能否更詳細地介紹一下這家公司是什麼樣的機構，以及它的用例是什麼？。

It's an ITEM customer. It's one of the biggest law enforcement agencies in the world. We're not at liberty to give specific names. But let's just say, hopefully, we're closing some homicide and murder investigations, deleveraging our next-generation AI-based software here. But we're thrilled, and we're all excited about our DoD efforts, but our state and local enforcement business continues to grow and thrive as well. And the Sheriff department, which we talked about and also this police agency, is kind of a good representation of the demand for our solutions in SLED as well.

這是一位 ITEM 客戶。它是世界上最大的執法機構之一。我們不能透露具體的名字。但我們只能說，希望我們能夠結束一些兇殺案和謀殺案調查，從而降低我們下一代基於人工智慧的軟體的槓桿率。但我們很激動，我們都對國防部的努力感到興奮，但我們的州和地方執法業務也在繼續增長和繁榮。我們討論過的治安部門以及這個警察機構也很好地體現了對我們 SLED 解決方案的需求。

One more if I could squeeze in on VDR. You talked -- I think the pipeline you think is $20 million now. Can you quantify just give some more color on how you come over that number and what that means is translate to revenue? I know in that pie chart on your slide deck, you upped the range, the higher end of the range kind of -- can you just kind of help us understand like the bridge between that and revenue and the timing.

如果我能擠進 VDR 的話，我還會再來一次。您剛才說了——我認為您認為這條管道現在價值 2000 萬美元。您能否量化一下，再詳細說明您是如何得出這個數字的，以及這個數字轉化為收入意味著什麼？我知道，在您幻燈片上的餅圖中，您提高了範圍，範圍的高端——您能否幫助我們理解它與收入和時間之間的橋樑。

Yes. So I think as Mike articulated in his remarks, that near-term pipeline is kind of qualified as $20 million with high visibility between the next 3 to 12 months. VDR could just continue to grow and grow and grow. I think we've really hit a perfect use case sweet spot. As I articulated in my remarks, I really do believe Veritone has created a more technology version for unstructured data that scale AI did and others in primarily legacy data labeling efforts to help train data.

是的。因此，我認為，正如麥克在他的演講中所闡述的那樣，近期的管道規模約為 2000 萬美元，並且在未來 3 到 12 個月內具有很高的可見性。VDR 可以持續成長、成長、再成長。我認為我們確實已經找到了完美的用例最佳點。正如我在演講中闡明的那樣，我確實相信 Veritone 已經為非結構化資料創建了一個更具技術性的版本，就像擴展 AI 和其他主要在傳統資料標記工作中所做的那樣，以幫助訓練資料。

We are working with many of the largest hyperscalers and model developer companies today. So we are representing them in providing and helping them train their next-generation AI models. And the budgets are massive. So again, we are being successful. I've -- it's probably -- I'm very excited about Public Sector. I'm very excited about DoD, but VDR could be lightning in a bottle. Still a lot more work to do, but I think we've got great product market fit right now, and it's pedal down on sort of our bullishness for VDR.

目前，我們正在與許多最大的超大規模企業和模型開發公司合作。因此，我們代表他們提供並幫助他們訓練下一代人工智慧模型。而且預算非常龐大。所以，我們再次取得了成功。我 — — 可能 — — 我對公部門非常感興趣。我對 DoD 感到非常興奮，但 VDR 可能是瓶中閃電。還有很多工作要做，但我認為我們現在的產品市場契合度很好，而且我們對 VDR 的樂觀情緒有所下降。

Seth Gilbert, UBS.

瑞銀的賽斯吉伯特。

(technical difficulty) The full-year guide by $4 million and reduced the high end of the non-GAAP net loss by $5 million. So just curious if you could talk about where you're making investments? Or is there anything paid in HMOs.

（技術難題）全年指引減少了 400 萬美元，非公認會計準則淨虧損的高端減少了 500 萬美元。我只是好奇您是否可以談談您在哪裡進行投資？或 HMO 中是否有任何付款。

The first -- did you hear the first part of that, Mike, I didn't hear the first part of the question. But if you got it.

第一個－你聽到問題的第一部分了嗎，麥克，我沒有聽到問題的第一部分。但如果你得到了它。

I didn't hear the first part, but yes, I think I can articulated. Yes. Just in terms of the non-GAAP net loss, what I explained is just kind of the velocity of VDR and the compression on margins. And so while we raise the top end of the revenue guide, we tightened on the lower end or I guess, the higher end than the non-GAAP net loss as a result of that margin compression.

我沒有聽到第一部分，但是是的，我認為我可以表達清楚。是的。就非公認會計準則淨虧損而言，我所解釋的只是 VDR 的速度和利潤率的壓縮。因此，雖然我們提高了收入指南的最高值，但由於利潤率壓縮，我們收緊了非公認會計準則淨虧損的最低值，或者我猜是最高值。

Got it. Sorry, I was switching between a few calls. Maybe one more. If the Public Sector grows 50% in 3Q, which I believe I heard you say on the call, then in order to get to the 100% to 150% year-over-year guide for the year, you need to grow the Public Sector by about $3 million quarter over quarter, maybe almost 300%. So I'm just wondering if that's fair to assume a big uptick in 4Q? And is it all from the DoD revenue kind of maybe hitting in 4Q?

知道了。抱歉，我正在切換幾個電話。也許還有一個。如果公共部門在第三季度增長 50%，我相信我在電話會議上聽到您這麼說，那麼為了達到今年 100% 到 150% 的同比增長目標，您需要使公共部門的季度環比增長約 300 萬美元，甚至可能接近 300%。所以我只是想知道，假設第四季出現大幅上漲是否公平？這些收入是否全部來自國防部的收入，可能在第四季達到高峰？

Yes. On 4Q, I mean we're not giving specific guidance, but I think your math is probably directionally accurate. And it's not dependent on a single contract, but that contract obviously is a vehicle for a good portion of that growth.

是的。關於第四季度，我的意思是我們沒有給出具體的指導，但我認為你的數學可能是方向上準確的。它並不依賴單一的合同，但合約顯然是實現很大一部分成長的工具。

Scott Buck, H.C. Wainwright.

斯科特·巴克、H.C. 溫賴特。

The 3Q guide suggests a nice sequential step-up in revenue. I'm curious, what do you think you kind of have in hand versus what you have to go out and earn here over the next couple of months to meet the midpoint of that guide?

第三季指南顯示營收將連續大幅成長。我很好奇，您認為您手頭上有什麼，以及您在接下來的幾個月中必須出去賺多少錢才能達到該指南的中點？

Scott, as I kind of mentioned earlier, you may have been off the call, but I said right now, we probably have the smallest delta of go-get that we've really had in any quarter. We have a lot of the deal flow kind of in the works already either under contract and just delivering and executing against such as VDR or areas that, again, we had to get over the hump to get the Air Force contract done with initial phases deployed.

史考特，正如我之前提到的，你可能已經下線了，但我說現在，我們的進步幅度可能是所有季度中最小的。我們已經在進行大量的交易流程，要么是簽訂了合同，要么只是交付和執行 VDR 或其他領域，我們必須克服困難才能完成空軍合同並部署初始階段。

But now that, that contract and award is live and our initial software has been deployed again, now it's just ramping and scaling. So again, to be very clear, I would say, our contracted opportunity provides us probably the best resolution for us to I'd say, perform against the guide with the smallest delta of go-get that we've had in a very long time.

但現在，合約和獎項已經生效，我們的初始軟體也已再次部署，現在只是在逐步擴大和擴展。因此，我要再次明確地說，我們簽訂的合約機會可能為我們提供了最好的解決方案，我們可以在很長一段時間內以最小的增量來執行指南。

That's great and very helpful. Did you disclose what revenue from the Air Force was during the quarter?

這很棒，非常有幫助。您是否揭露了本季來自空軍的收入是多少？

No, we do not.

不，我們沒有。

Can you?

你可以嗎？

No, we're not going to. We're not going to break down specific contracts or specific line items.

不，我們不會這麼做。我們不會分解具體的合約或具體的項目。

Fair enough. On the VDR pipeline, are there significant customer concentrations in there? Or is it fairly evenly dispersed?

很公平。在 VDR 管道上，是否有顯著的客戶集中度？或者說它分佈相當均勻？

I think the space in general, as I've said in our -- in my prepared remarks, the space is dominated by really the top 50 major players. So it is a massive category, but it is dominated by 50 players around that area. So again, this is unlike other areas of our business where we have thousands of customers you can sort of interpret that -- again, to be clear, we don't have a single customer who's dominated it. But in terms of the current ecosystem out there, this is both good and bad, it is -- the super majority of the spend is concentrated to about 50 major big tech companies today and AI model development companies.

我認為，正如我在準備好的演講中所說的那樣，整個領域實際上由前 50 名主要參與者主導。所以這是一個龐大的類別，但它由該地區的 50 名玩家主導。所以，這與我們業務的其他領域不同，我們在其他業務領域有成千上萬的客戶，你可以這樣理解——再次明確地說，我們沒有一個客戶佔據主導地位。但就目前的生態系統而言，這既有好處也有壞處——絕大多數支出集中在當今約 50 家大型科技公司和人工智慧模型開發公司。

On the flip side, the positive side is I probably -- as we stated, we're engaged with almost all of them already. right? We haven't -- we're not actively doing business with all of them yet. I think we did say is our goal is to be actively engaged in working with all of the major hyperscalers by the end of the year. So on one side, I would say there is the potential of concentration within that 50 group. But on the opposite side is it afford us the ability because of the killer offering that we have and the great assets that we have we're already engaged with near a majority of the 50 already.

另一方面，積極的一面是——正如我們所說的，我們已經與幾乎所有公司都進行了接觸，對嗎？我們還沒有——我們還沒有積極地與他們所有人開展業務。我想我們確實說過，我們的目標是在今年年底前積極與所有主要的超大規模企業合作。因此，一方面，我認為該 50 個群體內部存在著集中的潛力。但另一方面，它賦予我們能力，因為我們擁有殺手級產品和優秀資產，我們已經與 50 強中的大多數公司進行了合作。

Okay. And as you guys have gone out and sold VDR to your spoken to customers on VDR, are you getting better in that sales process? I mean I imagine each incremental opportunity, your sales team was able to learn a little something new and might be more efficient moving forward.

好的。當你們向 VDR 上交談過的客戶銷售 VDR 時，你們的銷售流程是否變得更好了？我的意思是，我想像每一個增量機會，您的銷售團隊都能夠學到一些新東西，並且可能會更有效地前進。

Yes. I'll say empirically, the answer is yes, based upon the data we provided where we continue to increase our pipeline, right? So -- and a lot of that pipeline increase is not just net new customers, but it's repeat business or expanded business with existing customers in VDR. So I would say that is a good testament to not just us getting better on the sales process, but people getting through trials, building confidence and trust in our VDR products and solutions to accelerate. So I'd say that's exciting.

是的。從經驗上來說，答案是肯定的，根據我們提供的數據，我們會繼續增加我們的管道，對嗎？因此 — — 許多管道的成長不僅僅是淨新客戶，還包括重複業務或與 VDR 中現有客戶的擴展業務。所以我想說，這不僅證明了我們的銷售流程越來越好，而且人們也通過了試驗，對我們的 VDR 產品和解決方案建立了信心和信任。所以我認為這很令人興奮。

On the flip side, this audio and video and unstructured data as a training data class is relatively newer. So again, part of it is just familiarity with a lot of different groups who are, let's say, first time really trying to think about what their next-generation, multi-modality, video-based models may look like or groups who are trying to fine-tune legacy multimodality models.

另一方面，這種音訊、視訊和非結構化資料作為訓練資料類別相對較新。因此，部分原因在於我們對許多不同群體很熟悉，比如說，他們是第一次真正嘗試思考他們的下一代多模態、基於影片的模型會是什麼樣子，或者是嘗試微調傳統多模態模型的群體。

So not only, I would say it's two sides. Not only are we learning more about what these different groups are trying to achieve with their next-generation models. But on the flip side, they are learning more about us. And I can say confidently is we're building great trust. People know that Veritone can deliver at scale.

所以我認為這不只是兩面。我們不僅進一步了解了這些不同的團體試圖透過下一代模型實現什麼目標。但另一方面，他們對我們了解得越來越多。我可以自信地說，我們正在建立強大的信任。人們知道 Veritone 可以大規模交付。

And I did touch on kind of the scale and size of tokens that we are dealing with. And we're talking about hundreds of millions, billions and obviously, potentially trillions of tokens in the context of just the scale of the audio video that we're dealing with. So we're bullish, and I'd say it's really two sides. One, we're getting more confident. And two, our customers who we're working with and selling to are getting more confident in -- with a higher level of trust in us.

我確實談到了我們正在處理的代幣的規模和大小。就我們所處理的音訊視訊的規模而言，我們談論的是數億、數十億，顯然甚至是數萬億的代幣。所以我們很樂觀，而且我認為這確實是雙方面的。一是我們變得更有自信。其次，與我們合作並向我們銷售產品的客戶對我們的信心越來越強，信任度也越來越高。

This concludes our question-and-answer session. I would like to turn the conference back over to President and Chief Executive Officer, Ryan Steelberg, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給總裁兼執行長 Ryan Steelberg，請他致閉幕詞。

Well, first, I'd like to thank everybody. I'm obviously very excited about this quarter. It's taken us a long time to clean up a lot of things. But as sort of we've been sort of indicating now for a few quarters, there's really a lot of excitement on some killer core assets in our AI software business in VDR that we knew were coming, and this quarter kind of culminated in a couple of things. One, we got over the hump with the big OSI Air Force contract and really started to sort of jog into a run with the growth of VDR, which is going to be a great accelerant for the balance of the year and into the future.

嗯，首先我要感謝大家。我顯然對本季感到非常興奮。我們花了很長時間清理很多東西。但正如我們幾個季度以來一直在表明的那樣，我們的人工智慧軟體業務 VDR 中的一些殺手級核心資產確實令人興奮不已，我們知道這些資產即將到來，而本季在某些事情上達到了高潮。首先，我們克服了 OSI 空軍大合約的困難，並隨著 VDR 的成長真正開始步入正軌，這將成為今年及未來平衡發展的巨大推動力。

45% year-over-year growth in the second quarter in our core AI software is phenomenal. And I think there's a lot -- there's a high ceiling there. So again, we're exiting this quarter and moving into the second half of the year with a purview into next year, feeling great. We still got to execute, but our pipeline is large. We're dealing with some of the largest tech companies out there who were selling with and sort of finding the sky limit for Veritone.

我們核心人工智慧軟體第二季度年增 45%，這是一個驚人的數字。我認為那裡有很多東西——那裡有很高的上限。因此，我們結束本季並進入下半年，展望明年，感覺很棒。我們仍需執行，但我們的管道很大。我們正在與一些最大的科技公司打交道，他們正在與 Veritone 合作銷售產品，並尋找其發展上限。

Mike covered it, but please check our IR sites or please register. We are going to be attending a multitude of different financial conferences here over the balance of the year and into the first quarter of next year. Hope to meet and talk to both our existing and new investors. But I appreciate everybody's time today. Thank you.

Mike 已經報道了，但請查看我們的 IR 網站或註冊。我們將在今年餘下時間以及明年第一季參加這裡舉行的各種金融會議。希望與我們的現有投資者和新投資者見面並交談。但我感謝大家今天抽出時間。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。