SoundHound AI, Inc. - SOUN STOCK NEWS

SoundHound AI (Nasdaq: SOUN), a leader in voice artificial intelligence, has announced its participation in two upcoming investor events in September. CFO Nitesh Sharan will present at the H.C. Wainwright Annual Global Investment Conference in New York on September 9 at 1:30pm ET, and at the Piper Sandler Growth Frontiers Conference in Nashville on September 11 at 11:30am ET. Both presentations will be broadcast live, with registration links provided. The company will also participate in one-on-one investor meetings at both conferences. Interested parties can find more information on SoundHound's investor relations website and register for company email notifications.

SoundHound AI (Nasdaq: SOUN) has announced a partnership with MUSC Health to deploy an AI agent named Emily, powered by its recently acquired Amelia Patient Engagement solution. Emily is designed to enhance patient access by streamlining appointment management and answering non-clinical questions 24/7. The AI agent integrates with Epic to provide personalized patient self-service, aiming to increase satisfaction and operational efficiency.

MUSC Health's Chief Digital Transformation Officer, Crystal Broj, highlights that Emily is already positively impacting patient access by reducing call volumes and wait times. Michael Anderson, EVP of Enterprise AI at SoundHound AI, emphasizes the solution's ability to provide immediate, personalized support throughout the care continuum.

SoundHound AI (Nasdaq: SOUN) reported strong Q2 2024 results with 54% year-over-year revenue growth to $13.5 million. The company closed the quarter with over $200 million in cash. Key highlights include:

- Acquisition of Amelia, an enterprise conversational AI leader, expanding into finance, insurance, and healthcare
- GAAP gross margin of 63%; non-GAAP gross margin of 67%
- Annual query run rate over 5 billion, up 90% year-over-year
- Cumulative subscriptions & bookings backlog of $723 million, roughly doubled year-over-year
- Prepaid $100 million debt, saving over $55 million in interest and fees

SoundHound updated its revenue outlook, now expecting to exceed $80 million in 2024 and $150 million in 2025. The company continues to expand its customer base across various industries, including automotive, restaurants, and customer service.

SoundHound AI (Nasdaq: SOUN) has acquired Amelia, a leading enterprise AI software company, for $80M in cash and equity. This strategic move positions SoundHound as a foremost provider of voice and conversational generative AI across multiple industries. The acquisition brings together complementary product portfolios and expands SoundHound's customer base to nearly 200 marquee customers, including top global banks and Fortune 500 organizations.

Key highlights:

• Combined revenue in 2025 expected to exceed $150M
• Amelia to contribute over $45M in recurring AI software revenue
• Transaction expected to be accretive to SoundHound earnings in H2 2025
• Combined company holds approximately $160M cash and $39M debt at closing
• Expands into new verticals: healthcare, insurance, financial services, and retail
• Enhances voice commerce ecosystem potential

SoundHound AI (Nasdaq: SOUN) has expanded its SoundHound Chat AI voice assistant with integrated ChatGPT to Alfa Romeo and Citroën vehicles across multiple European markets. This follows recent launches in Peugeot, Opel, and Vauxhall vehicles. The assistant will be available in Alfa Romeo Junior Ibrida and various Citroën models.

The AI-powered assistant enhances traditional in-vehicle capabilities with ChatGPT-style responses, offering features like navigation, real-time information, and conversational interactions. SoundHound reports up to a sixfold increase in voice assistant usage and a 5x increase in Net Promoter Score across brands, indicating growing demand for intelligent AI voice assistants in vehicles.

SoundHound AI (Nasdaq: SOUN), a leader in voice artificial intelligence, has announced it will release its 2024 second quarter financial results on Thursday, August 8, 2024 after market close. The company will host a conference call and webcast to discuss the results on the same day at 2:00 p.m. PT / 5:00 p.m. ET.

Co-Founder and CEO Keyvan Mohajer and CFO Nitesh Sharan will lead the conference call. Investors can access a live audio webcast at investors.soundhound.com, where a replay will also be available. Those interested in receiving company email notifications can register at the investor relations website.

SoundHound AI (Nasdaq: SOUN) and Beef 'O' Brady's have partnered to implement an advanced voice AI ordering system for phone orders. The system, initially live in corporate locations and available for franchises, is trained on Beef 'O' Brady's menu and understands natural speech. It answers 100% of calls, even during busy periods, and can handle multiple orders simultaneously.

The AI can also answer menu-related questions, provide information about specials, promotions, and handle inquiries about opening times and allergens. This collaboration aims to enhance customer satisfaction and operational efficiency, especially as the 2024 Summer Olympics approach. SoundHound's voice AI solutions are already deployed in over 10,000 restaurant locations, reflecting a growing trend in AI-assisted food ordering.

SoundHound AI has launched its Chat AI voice assistant, integrated with ChatGPT, in Peugeot, Opel, and Vauxhall vehicles across 11 European markets including Austria, France, Germany, Italy, Spain, and the United Kingdom. By July's end, this rollout will extend to 17 markets in 12 languages. Initially, in March 2024, Stellantis’ DS Automobiles was the first to adopt this technology. The new inclusion in Peugeot, Opel, and Vauxhall offers drivers hands-free control over navigation, calls, real-time information, and more. SoundHound’s data reveals a significant rise in AI usage, with a sixfold increase and a 50% rise in interaction frequency. This innovation heralds a new era in in-vehicle voice AI technology.

SoundHound AI announced the automatic conversion of all series A preferred stock into class A common stock, a move triggered by strong stock performance surpassing the set conditions. This follows the company's successful voluntary conversion of most preferred shares by investors. The conversion eliminates all preferred stock rights. This step comes after SoundHound AI's recent full repayment of $100 million in debt, marking a significant milestone in the company's financial restructuring. For more details, see the Current Report on Form 8-K filed on June 27, 2024.