SoundHound AI, a global leader in conversational intelligence, reported a net loss of $24,184,000 for the three months ended June 30, 2023, with a diluted net loss per share of $0.11. This represents an increase in net loss from the previously reported $21,932,000. The company also reported a net loss of $52,296,000 for the six months ended June 30, 2023, with a diluted net loss per share of $0.25. The adjustments to the financial statements were due to revisions in the company's unaudited condensed consolidated financial statements for the three months ended March 31, 2023. SoundHound AI's business development has been marked by the entry into an Equity Distribution Agreement with several financial institutions, allowing the company to offer and sell up to $150 million of its Class A Common...Show More

SoundHound AI, a global leader in conversational intelligence, reported a net loss of $24,184,000 for the three months ended June 30, 2023, with a diluted net loss per share of $0.11. This represents an increase in net loss from the previously reported $21,932,000. The company also reported a net loss of $52,296,000 for the six months ended June 30, 2023, with a diluted net loss per share of $0.25. The adjustments to the financial statements were due to revisions in the company's unaudited condensed consolidated financial statements for the three months ended March 31, 2023. SoundHound AI's business development has been marked by the entry into an Equity Distribution Agreement with several financial institutions, allowing the company to offer and sell up to $150 million of its Class A Common Stock. In April 2024, SoundHound AI sold over 7 million shares at an average price of $4.17 per share, raising $30.2 million in gross proceeds. The company's future plans include leveraging its proprietary Voice AI technology to expand its market reach, particularly in the restaurant industry, following the acquisition of SYNQ3, a provider of voice AI solutions. SoundHound AI aims to become the largest Voice AI provider for restaurants, with the acquisition expected to significantly extend its market reach to over 10,000 signed locations. The company's three-pillar revenue model focuses on Product Royalties, Service Subscriptions, and Monetization, with the majority of current contributions coming from Product Royalties.