Business
SoundHound AI Reports First Quarter Revenue Increase of 56%
Significantly Improves Cash Position and Operating Expenses; Reaffirms Full Year Guidance SANTA CLARA, Calif.--(BUSINESS WIRE)-- SoundHound AI, Inc. (Nasdaq:
About this update from Soundhound Ai, Inc.
[{"type":"text","content":"\nSignificantly Improves Cash Position and Operating Expenses; Reaffirms Full Year Guidance\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 first quarter of 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230511005364/en/SoundHound AI Reports First Quarter Revenue Increase of 56% (Graphic: Business Wire)\n“The incredible surge in demand for conversational AI is giving SoundHound a unique advantage. As an established innovator with years of experience providing AI solutions to world class brands, we’re fast becoming an obvious partner for businesses looking to harness emerging capabilities,” said Keyvan Mohajer, CEO and Co-Founder of SoundHound. “Our SoundHound Chat AI platform now offers the most powerful voice assistant available today, and it’s one of many ways we’re helping new and existing customers build game-changing consumer experiences.”\n\n\nFinancial Highlights\n\n\n\nFirst quarter reported revenue was $6.7 million, an increase of 56% year-over-year\n\n\n\nFirst quarter gross margin was 71%, an improvement of approximately 1,200 basis points compared to 59% in the prior year\n\n\n\nFirst quarter earnings per share was a net loss of ($0.13), improving both year over year and sequentially\n\n\n\nFirst quarter adjusted EBITDA (non-GAAP) was a loss of ($14.8) million, an improvement of 21% from the prior quarter and a year-over-year improvement of 13%\n\n\n\nSignificantly strengthened balance sheet through multiple financings, cumulatively raising over $150 million year-to-date through April\n\n\n\nDrove meaningful operating efficiencies through corporate restructuring, resulting in 40% reduction to ongoing operating expense run-rate\n\n\n\n“In the first quarter we significantly strengthened our liquidity position while streamlining our costs. At the same time, our new innovations have driven positive customer reception that has meaningfully increased demand for our products and solutions,” said Nitesh Sharan, CFO of SoundHound. “Our top-line grew by 56% and every cost category improved sequentially, fueling steady progress towards profitability.”\n\n\nBusiness Highlights\n\n\n\nAnnounced that SoundHound’s voice AI technology w...