Business
SoundHound AI Reports 54% Growth and Record Q2 Revenue of $13.5 Million; Closes Quarter With Over $200 Million in Cash
Acquires Amelia, an enterprise conversational AI leader, to significantly expand to new verticals across finance, insurance, and healthcare SANTA CLARA,
About this update from Soundhound Ai, Inc.
[{"type":"text","content":"\nAcquires Amelia, an enterprise conversational AI leader, to significantly expand to new verticals across finance, insurance, and healthcare\n\n\n SANTA CLARA, Calif.--(BUSINESS WIRE)--\nSoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today reported its financial results for the second quarter 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240808933986/en/SoundHound AI Reports 54% Growth and Record Q2 Revenue of $13.5 Million; Closes Quarter With Over $200 Million in Cash (Graphic: Business Wire)\n“This has been a milestone quarter, with strong customer momentum across all of our key industries – including several new global brands,” said Keyvan Mohajer, CEO and Co-Founder of SoundHound AI. “And today we announced a significant acquisition that will expand SoundHound’s reach across multiple new enterprise verticals. We believe the demand for voice and conversational AI is increasing and are committed to strengthening our leadership position in this growing market.”\n\n\nSecond Quarter Financial Highlights\n\n\n\nReported revenue was $13.5 million, an increase of 54% year-over-year\n\n\n\nGAAP gross margin was 63%; non-GAAP gross margin was 67%\n\n\n\nGAAP earnings per share was a loss of ($0.11); non-GAAP earnings per share was a loss of ($0.04)\n\n\n\nGAAP net loss was ($37.3) million; non-GAAP net loss was ($14.8) million\n\n\n\nAdjusted EBITDA was ($13.8) million\n\n\n\nCumulative subscriptions & bookings backlog1 customer metric was $723 million and roughly doubled year-over-year\n\n\n\nAnnual run rate of over 5 billion queries, second quarter up approximately 90% year-over-year\n\n\n\nCompleted conversion of all preferred equity into class A common stock\n\n\n\nPrepaid $100 million debt in the quarter; saving over $55 million in interest and fees over the remaining life of the loan\n\n\n\nStrong cash balance of $201 million at the end of the second quarter\n\n\n\n“We continued to realize strong growth in the second quarter while meaningfully improving our capital structure,\" said Nitesh Sharan, CFO of SoundHound AI. \"This is allowing us to further accelerate our organic business while capitalizing on high-impact M&A. Today’s acquisition of Amelia is a key step towards harnessing the huge growth potential in conver...