SoundHound AI Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
SoundHound AI Reports Second Quarter 2024 Financial Results
SoundHound AI, Inc. (NASDAQ:SOUN), a global leader in voice artificial intelligence, has reported its financial results for the second quarter of 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | Quarter-over-Quarter (QoQ) | Year-over-Year (YoY) | Consensus Estimates |
|---|---|---|---|---|---|
| Total Revenue | $13.5M | N/A | N/A | +54% | $13.08M |
| GAAP EPS | -$0.11 | N/A | N/A | N/A | -$0.09 |
| Non-GAAP EPS | -$0.04 | N/A | N/A | N/A | N/A |
| GAAP Net Loss | -$37.3M | N/A | N/A | N/A | N/A |
| Non-GAAP Net Loss | -$14.8M | N/A | N/A | N/A | N/A |
| Adjusted EBITDA | -$13.8M | N/A | N/A | N/A | N/A |
Despite a year-over-year revenue increase of 54% to $13.5 million, the company reported a GAAP net loss of $37.3 million. The non-GAAP net loss was significantly lower at $14.8 million, reflecting adjustments for non-recurring expenses and stock-based compensation.
Revenue Performance Across Major Segments:
The earnings report did not explicitly break down revenue performance by major segments. The mentioned customer activity suggests significant contributions from customer service, automotive, and partnerships.
| Segment | Q2 2024 Performance | Previous Guidance |
|---|---|---|
| Customer Service | Major new contracts, acquisitions, expanding services | Not provided |
| Automotive | Entered production with multiple brands | Not provided |
| Partnerships | New strategic alliances formed | Not provided |
SoundHound AI's acquisition of Amelia and signing new contracts in the automotive and customer service sectors indicate strong performance and strategic expansion in those areas.
Key Operational Data:
| Metric | Q2 2024 Performance |
|---|---|
| Cumulative Subscriptions & Bookings Backlog | $723M (100% YoY growth) |
| Annual Run Rate Queries | 5 billion (90% YoY growth) |
| Debt Prepayment | $100M (saving $55M in interest and fees) |
| Cash Balance | $201M |
The significant increase in subscriptions and bookings backlog, as well as the elevated annual run rate of queries, reflect operational growth and increased market adoption of SoundHound's products.
Executive Comments:
Keyvan Mohajer, CEO and Co-Founder, highlighted strong customer momentum and the strategic acquisition of Amelia to expand into new verticals. CFO Nitesh Sharan emphasized capital structure improvements and the potential for accelerated growth due to high-impact M&A activities.
Dividends and Share Repurchase Program:
No dividends or share repurchase programs were announced.
Forward Guidance:
SoundHound updated its revenue outlook, now expecting full-year 2024 revenue to exceed $80 million and 2025 revenue to surpass $150 million.
Stock Price Movement:
After the earnings release, SoundHound's stock price saw a significant increase of approximately 21.16%.
SoundHound AI's recent financial results underscore their growth trajectory and strategic market expansions, positioning the company for continued success in the voice AI industry.
