Summary by Moomoo AI
SoundHound AI achieved record Q2 2024 revenue of $13.5 million, up 54% YoY, with a GAAP gross margin of 63%. The company ended the quarter with a strong cash position of $201 million after prepaying $100 million in debt. The cumulative subscriptions and bookings backlog reached $723 million, roughly doubling YoY.The company announced the acquisition of Amelia, an enterprise conversational AI leader, to expand into new verticals including finance, insurance, and healthcare. The combined entity will serve nearly 200 marquee customers, including top global banks and Fortune 500 organizations. SoundHound also acquired Allset, a food ordering platform with nearly 7,000 restaurant partners.In the automotive sector, SoundHound's Chat AI went into full production with multiple Stellantis brands and signed new contracts in Latin America. The company updated its revenue outlook, now expecting to exceed $80 million in 2024 and $150 million in 2025. The company's query volume reached an annual run rate of over 5 billion, up approximately 90% YoY.
