Summary by Moomoo AI
On August 8, 2024, SoundHound AI, Inc. reported its financial results for the second quarter ended June 30, 2024, revealing a 54% year-over-year revenue increase to $13.5 million and a strong cash balance of $201 million. Despite the revenue growth, the company experienced a GAAP net loss of $37.3 million and a non-GAAP net loss of $14.8 million. The quarter was marked by significant operational achievements, including the acquisition of Amelia, a conversational AI leader, which is expected to expand SoundHound AI's reach into new enterprise verticals such as finance, insurance, and healthcare. The company also reported a cumulative subscriptions and bookings backlog customer metric of $723 million, approximately doubling year-over-year, and an annual run rate of over 5 billion queries, up roughly 90% from the previous year. Additionally, SoundHound AI prepaid $100 million in debt during the quarter, saving over $55 million in interest and fees. The company updated its revenue outlook for 2024 and 2025, now expecting to exceed $80 million in 2024 and $150 million in 2025, following the acquisition of Amelia.
