Q2 2024 SoundHound AI Inc Earnings Call Transcript
Key Points
- SoundHound AI Inc (SOUN) reported a 54% increase in Q2 revenue year-over-year, marking strong growth.
- The acquisition of conversational AI leader Amelia is expected to significantly expand SoundHound AI Inc (SOUN)'s penetration in conversational AI across new verticals.
- SoundHound AI Inc (SOUN) has seen a steep increase in engagement with its technology, with an annual run rate of queries now over 5 billion.
- The company's Polaris model beats numerous benchmarks against state-of-the-art models, resulting in higher accuracy and better user experience.
- SoundHound AI Inc (SOUN) has successfully integrated its technology into multiple automotive brands, including Stellantis, and expanded into new markets like Latin America.
- Gross margins decreased to 63% in Q2, impacted by the acquisition of lower-margin call center agent business.
- Operating loss for Q2 was $22 million, including non-cash acquisition impacts related to fair value accounting.
- The integration of Amelia is expected to require significant effort and time to fully align across the enterprise.
- SoundHound AI Inc (SOUN) faces challenges in managing the increased demand and ensuring timely implementation for new customers.
- The company reported a net loss of $37.3 million in the quarter, leading to a GAAP net loss per share of $0.11.
Hello, and thank you for standing by this. I would like to welcome you to the SoundHound Q2 2024 earnings conference call.
(Operator Instructions) I would now like to turn the conference over to Scott Smith, Head of Investor Relations. Please go ahead.
Good afternoon, and thank you for joining our second quarter 2024 conference call. With me today is our CEO, Keyvan Mohajer; and our CFO Mitesh Sharan.
We will begin with some short remarks. Before moving to Q&A, we would also like to remind everyone that we'll be making forward-looking statements on this call and actual results could differ materially from those suggested by our forward-looking statements. Please refer to our filings with the SEC for a detailed discussion of the risks and uncertainties that could affect our business and for discussion statements that qualify as forward looking statements.
In addition, we may discuss certain non-GAAP measures. Please refer to today's press release for more detailed
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