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SoundHound AI Reports Record Quarter With Significant Growth Across All Key Metrics
Cumulative Bookings Backlog Up 3.4x and Reported Revenue Up 2.8x Year-Over-Year SANTA CLARA, Calif.--(BUSINESS WIRE)-- SoundHound AI, Inc. (Nasdaq: SOUN), a
About this update from Soundhound Ai, Inc.
[{"type":"text","content":"\nCumulative Bookings Backlog Up 3.4x and Reported Revenue Up 2.8x Year-Over-Year\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 three and nine months ended September 30, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221110005989/en/SoundHound AI Reports Record Quarter With Significant Growth Across All Key Metrics (Graphic: Business Wire)\n“Adoption of our voice AI is accelerating fast, as evidenced by our record quarterly revenue. In addition to strong growth in royalty revenues across automotive and IoT customers, increasing numbers of businesses are now looking to use our AI to automate their customer service – particularly for restaurant phone and drive-thru ordering,” said Keyvan Mohajer, Co-Founder and CEO of SoundHound. “Across industries voice AI is proving to be the next big interface and, as the only independent platform, SoundHound is well-positioned to establish itself as a leader in this market. On November 17, we will also unveil a new breakthrough technology that we believe will redefine conversational AI and mark a new chapter in human-computer interaction.”\n\nThird Quarter Business Highlights\n\n\nRecord cumulative bookings backlog of $302 million, up 239% year-over-year, marking the fourth straight quarter of triple-digit growth\n\n\nRecord reported revenues of $11.2 million, up 178% year-over-year, driven by strong product royalty revenue\n\n\nRecord monthly queries of ~180 million, surpassing an annual run rate of 2 billion queries, more than doubling year to date compared to the prior year\n\n\nRecord gross margin of 77%, compared to 59% for the third quarter of 2021, benefiting from economies of scale and a favorable product mix\n\n\nSignificant international market expansion of existing multi-year volume commitment with Hyundai, Kia and Genesis\n\n\nBuilding upon our existing 17 automotive brands we announced new and expanded relationships with Stellantis in Europe, Dongfeng Peugeot Citroën Automobiles in China, and initiated integrations with LG and Harman automotive technology platforms\n\n\nRapidly expanding channel relationships with SoundHound for Restaurants, including new integrations with Oracle and To...