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SoundHound AI, Inc. Announces Second Quarter Financial Results With $283 Million In Cumulative Bookings Backlog, Up More Than 3x Year-Over-Year
SANTA CLARA, Calif.--(BUSINESS WIRE)-- SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today reported its financial
About this update from Soundhound Ai, Inc.
[{"type":"text","content":" SANTA CLARA, Calif.--(BUSINESS WIRE)--\nSoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today reported its financial results for the three months ended June 30, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220811005284/en/SoundHound AI Inc. Announces Second Quarter Financial Results 2022 (Graphic: Business Wire)\n“We are delighted to have kicked off our first quarter as a publicly listed company with strong business momentum. We have seen significant growth in bookings, user queries, customers, and new product launches,” said Keyvan Mohajer, Co-Founder and CEO of SoundHound. “We believe conversational voice AI is the next major disruption in computing. Our technological breakthroughs put us right at the forefront of this massive opportunity to voice enable billions of devices and services, and create a new monetization ecosystem.”\n\nSecond Quarter Business Highlights\n\n\nCumulative bookings backlog increased 207% year-over-year, marking the third straight quarter of triple-digit growth\n\n\nMonthly queries increased 3x since the start of 2021 and more than doubled year over year\n\n\nReported revenues were $6.2 million, up 43% quarter-over-quarter, down year-over-year, although up 56% when excluding prior year one-time revenue impact derived from a customer upon the conclusion of a professional services contract\n\n\nAnnounced several new and expanded relationships including Square, Hyundai, Stellantis and LG\n\n\nLaunched first-of-its-kind voice ordering solution SoundHound for Restaurants with strong initial demand\n\n\nCommenced trading on NASDAQ on April 28th\n\n\n“Despite broader macroeconomic volatility, our Q2 results demonstrate our accelerating growth,” said Nitesh Sharan, CFO of SoundHound. “We are driving targeted investments in sales, marketing and technology, disrupting legacy providers while concurrently scaling new opportunities. The combination of our unique ecosystem strategy and superior technology is category defining.”\n\nSecond Quarter 2022 Financial Highlights\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n\n\n(thousands) \n\n\n\n\nJune 30, 2022\n\n\n\n\nMarch 31 2022\n\n\n\n\nJune 30, 2021\n\n\n\n\n\n \n\n\nCumulative bookings backlog1\n\n\n\n\n \n\n\n$\n\n\n\n \n\n\n283,431\n\n\n\n \n\n\n \n\n\n\n\...