VERI

Veritone's own 10-K says it plainly: management has determined 'substantial doubt about our ability to continue as a going concern' over the next twelve months, driven by the November 2026 maturity of ~$45.6M of Convertible Notes 'along with historical negative cash flows and recurring losses.' The company ended FY2025 with just $27.4M cash against that $45.6M note wall, and it burned $53.2M in operating cash flow during the year. The arithmetic doesn't close without new financing, more asset sales, or a restructuring — each of which the filing explicitly flags as a way stockholders could 'be further diluted or lose all or part of their investment.'

The fundamentals underneath give no cushion. Revenue was essentially flat at $92.2M (-0.5% YoY) and has stalled around $92M for two years, so this is not a growth story bailing out the balance sheet. The FY2025 net loss ballooned to -$112M (net margin -121%), operating margin is -88%, and stockholders' equity has been reduced to a sliver — $3.48M against $185M of liabilities (53x leverage), with a -$514M accumulated deficit. Gross margin of ~35% is weak for a self-described AI software company, and even the mix shift toward higher-value Software Products & Services (71% of revenue vs 66% prior year) isn't moving the top line.