SoundHound AI Inc (NAS:SOUN)
$ 14.09 -0.93 (-6.19%) Market Cap: 5.21 Bil Enterprise Value: 5.12 Bil PE Ratio: 0 PB Ratio: 17.57 GF Score: 23/100
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Q3 2024 SoundHound AI Inc Earnings Call Transcript

Nov 12, 2024 / 10:00 PM GMT
Release Date Price: $7.56 (-2.70%)

Key Points

Positve
  • SoundHound AI Inc (SOUN) reported a significant revenue increase of 89% year over year, surpassing $25 million in a quarter for the first time.
  • The company achieved a run rate of over 6 billion queries annualized, marking a 100% increase year over year.
  • SoundHound AI Inc (SOUN) has expanded its AI agent customer service offerings into hundreds of more brands, indicating strong demand across all business sectors.
  • The company has diversified its customer base significantly, reducing reliance on large point-in-time deals and decreasing customer concentration risk.
  • SoundHound AI Inc (SOUN) is pioneering in the automotive sector with generative AI technologies, securing partnerships with major brands like Stellantis and expanding into the EV space.
Negative
  • Gross margin decreased to 49% year over year due to the impact of recent acquisitions, although non-GAAP gross margin was 60%.
  • Operating loss for Q3 was $33.8 million, indicating ongoing financial challenges despite revenue growth.
  • R&D expenses increased by 53% year over year, primarily driven by acquisitions, which could impact profitability.
  • Sales and marketing expenses rose by 87% year over year, reflecting increased costs associated with acquisitions and market expansion.
  • The company faces challenges in integrating recent acquisitions and aligning key metrics, which may affect short-term operational efficiency.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SOUN.OQ - SoundHound AI Inc
Q3 2024 SoundHound AI Inc Earnings Call
Nov 12, 2024 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello and thank you for standing by. I would like to welcome you to the Sun. How Q3, 2024 earnings conference call at this time, I'll participate our listen-only mode. After the speaker's presentation, there will be a question answer session to ask a question during the session. You'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again. Please be advised that today's conference is prerecorded. Like turn the conference over to Scott Smith, head of Investor relations. Please go ahead.

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Unidentified_2 [2]
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