Business
SoundHound AI Reports Strong Q4 Revenue, Up 84% Year-Over-Year
Full Year 2022 Revenue of $31.1 Million at High End of Guidance; Company Expects to Grow Revenue by Approximately 50% in 2023 SANTA CLARA, Calif.--(BUSINESS
About this update from Soundhound Ai, Inc.
[{"type":"text","content":"\nFull Year 2022 Revenue of $31.1 Million at High End of Guidance; Company Expects to Grow Revenue by Approximately 50% in 2023\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 fourth quarter and full year 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230307005995/en/SoundHound AI Reports Strong Q4 Revenue, Up 84% Year-Over-Year (Graphic: Business Wire)\n“Conversational AI is at a watershed moment and our proprietary Dynamic Interaction and Generative AI solutions are perfectly positioned. From electricity to telecommunications to internet search, each generation has established a new foundational capability to better serve society, and AI will catalyze this next horizon,” said Keyvan Mohajer, Co-Founder and CEO of SoundHound. “Such a convergence of technological maturity and market demand is rare, and SoundHound, as a leading innovator of voice and conversational AI, is in a unique position to create tremendous value.”\n\nFourth Quarter and Full Year Financial Highlights\n\n\nFourth quarter revenue was $9.5 million, an increase of 84% year-over-year\n\n\nFourth quarter gross margin was 71%, an increase of 4 percentage points year-over-year\n\n\nFourth quarter earnings per share was a net loss of ($0.15), compared to ($0.32) in the prior year. Net loss was ($30.7) million, compared to ($21.8) million in the prior year\n\n\nAt the end of 2022, cumulative bookings backlog was $332 million, an increase of 59% year-over-year\n\n\nIn 2022, queries grew over 85% year-over-year leading to an annual run rate of approximately 2.2 billion queries\n\n\nFull year revenue was $31.1 million, an increase of 47% year-over-year\n\n\nFull year earnings per share was a net loss of ($0.73), compared to ($1.18) in the prior year. Net loss was ($115.3) million, compared to ($79.5) million in the prior year\n\n\n“We closed 2022 on a strong note, and we are entering 2023 in a position of strength. Customer engagement is robust, we are rolling out waves of industry-defining innovations, and the market demand for our solutions is high,” said Nitesh Sharan, CFO of SoundHound. “We have taken the necessary steps to significantly improve our operating efficiency, st...