Investor Presentation August 2025 Before you invest, you should read our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, Quarterly Reports on Form 10-Q and the other documents we have filed and may in the future file with the SEC for more complete information about the Company. You may obtain these documents for free on our website or by visiting EDGAR on the SEC website at www.sec.gov. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any ...

Core Insights - The article discusses the emerging niche of artificial intelligence analytics, highlighting BigBear.ai (BBAI) and Veritone (VERI) as notable small-cap players in this sector [1][2]. Company Overview - BigBear.ai focuses on "decision intelligence" for government and defense clients, specializing in mission-critical AI applications for national security and defense [2]. - Veritone provides an enterprise AI platform (aiWARE) targeting media, public sector, and commercial markets, with a suite of audio/video data analytics tools [2]. Market Position and Strategy - BigBear.ai has a backlog of $385 million as of March 31, 2025, with significant government contracts, including a $165 million contract from the U.S. Army [4][8]. - Veritone has shifted its focus solely to AI software, achieving an Annual Recurring Revenue (ARR) of $58.7 million, with 81% from subscriptions [9][10]. Financial Performance - BigBear.ai eliminated $57.7 million of long-term debt and raised $64.7 million in gross proceeds, strengthening its balance sheet [6][8]. - Veritone's revenue declined by 7% year-over-year to $22.5 million, but it has a higher gross margin of 61.1%, significantly above BigBear.ai's 21.3% [9][10]. Growth Prospects - BigBear.ai is positioned for growth in defense AI, leveraging its backlog and government contracts [4][8]. - Veritone's growth strategy includes vertical-specific AI solutions and expanding into government applications, indicating a competitive edge in software sales [10][12]. Stock Performance - BigBear.ai's stock has increased by nearly 382% over the past year, while Veritone's shares have recently rebounded, rising 111.1% in the past month [14][15]. - Over the past three months, BigBear.ai shares rose by 153.3%, outperforming the broader market, while Veritone gained 25.9% [15]. Valuation Comparison - BigBear.ai trades at a forward Price-to-Sales (P/S) ratio of 12.02, significantly higher than Veritone's 1.13, indicating a premium valuation for BigBear.ai [18][19]. - Veritone's expected revenue growth of 18% in 2025 and narrowing losses suggest a more attractive valuation and clearer path to profitability [19][26].

Financial Performance & Metrics - Total revenue for Q1 2025 was $22463 thousand, a decrease of 7% compared to $24153 thousand in Q1 2024[83] - Software Products & Services revenue for Q1 2025 reached $145 million[68], with 3156 total customers[68] - The company's Annual Recurring Revenue (ARR) stood at $587 million in Q1 2025[68] - Gross Revenue Retention exceeded 90% in Q1 2025[68] - Non-GAAP Net Loss for Q1 2025 was $(11130) thousand, compared to $(7619) thousand for Q1 2024[83] Strategic Initiatives & Growth - Veritone is targeting a 345% CAGR from 2024 to 2027 in the training data market[55] - The company estimates a direct revenue opportunity of $5-10M+ in 2025, $30M in 2026, and $60M in 2027 from the training data market[58] - Veritone Data Refinery (VDR) aims to transform unstructured data into AI-ready assets, targeting a $17 billion training data market[50, 57] Business Updates & Partnerships - Veritone completed the divestiture of Veritone One[14] - The company launched Veritone iDEMS and Veritone Data Refinery Offering (VDR)[14] - Veritone's AI solutions have been added to Carahsoft Canada's Supply Arrangement for SaaS under the Government of Canada Cloud Initiative[71]