NEWS
SoundHound AI Reports 54% Growth and Record Q2 Revenue of $13.5 Million; Closes Quarter With Over $200 Million in Cash
SoundHound AI (Nasdaq: SOUN) reported strong Q2 2024 results with 54% year-over-year revenue growth to $13.5 million.
SoundHound AI (Nasdaq: SOUN) reported strong Q2 2024 results with 54% year-over-year revenue growth to $13.5 million.
The company closed the quarter with over $200 million in cash. Key highlights include:
- Acquisition of Amelia, an enterprise conversational AI leader, expanding into finance, insurance, and healthcare
- Acquisition of Amelia, an enterprise conversational AI leader, expanding into finance, insurance, and healthcare
- GAAP gross margin of 63%; non-GAAP gross margin of 67%
- Annual query run rate over 5 billion, up 90% year-over-year
- Cumulative subscriptions & bookings backlog of $723 million, roughly doubled year-over-year
- Prepaid $100 million debt, saving over $55 million in interest and fees
SoundHound updated its revenue outlook, now expecting to exceed $80 million in 2024 and $150 million in 2025.
The company continues to expand its customer base across various industries, including automotive, restaurants, and customer service.
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