SoundHound AI, Inc. - SOUN STOCK NEWS

SoundHound AI has acquired key assets from Allset, an online ordering platform. This acquisition aims to enhance SoundHound's vision of a voice commerce ecosystem, allowing consumers to order food via voice AI from various devices like cars, phones, and smart devices.

Allset’s team will join SoundHound, contributing their expertise and expanding SoundHound's restaurant partnerships and technological capabilities. Allset's existing restaurant partners and new signups will gain access to SoundHound's voice AI products, aiming to improve operational efficiency and increase sales.

The acquisition includes plans to integrate voice-enabled food and drink ordering across millions of devices. SoundHound already collaborates with over 10,000 restaurant locations and works with major clients in sectors like smart devices, TVs, and automotive. The Allset leadership team, including Co-Founders Stas Matviyenko and Anna Polishchuk, will play a pivotal role in advancing SoundHound's voice monetization platform.

SoundHound AI announced a significant financial milestone by agreeing to prepay its $100 million debt in full, saving over $55 million in interest and fees. This move also releases approximately $14 million of restricted cash. Post-payment, the company retains a cash balance of $180 million and has no outstanding debt, bolstering its liquidity and financial flexibility. CFO Nitesh Sharan highlighted that this debt-free status will enable SoundHound to capitalize on growing customer demand for its voice AI solutions.

SoundHound AI reported a 73% revenue growth to $11.6 million in Q1 2024, closing the quarter with $226 million in cash. The company raised its full-year revenue outlook, emphasizing the demand for subscriptions in voice AI technology across automotive and customer service sectors. The financial highlights include GAAP gross margin of 60%, non-GAAP gross margin of 66%, GAAP EPS loss of ($0.12), non-GAAP EPS loss of ($0.07), GAAP net loss of ($33.0) million, non-GAAP net loss of ($19.9) million, and Adjusted EBITDA of ($15.4) million. Business highlights comprise the acquisition of SYNQ3, partnerships in the automotive industry, and collaborations with large brands in the customer service sector.

SoundHound AI, Inc. (Nasdaq: SOUN) has partnered with Perplexity to enhance the SoundHound Chat AI assistant with online LLM capabilities, allowing for more complex and real-time responses to web-based queries. This collaboration aims to improve the voice assistant's functionality across various devices, including cars and IoT devices, making it the most advanced voice assistant on the market. The integration of Perplexity's search capabilities will provide users with accurate and up-to-date information, expanding the assistant's capabilities to handle a wider range of questions effortlessly.

SoundHound AI, Inc. (Nasdaq: SOUN) will report its 2024 first quarter financial results on May 9, 2024, after market close. The company will host a conference call and webcast on the same day. Keyvan Mohajer, Co-Founder and CEO, and Nitesh Sharan, CFO, will lead the call at 2:00 p.m. PT / 5:00 p.m. ET. Investors can access the live webcast at investors.soundhound.com.

SoundHound AI integrates ChatGPT into its voice assistant for the first time in Japan, making it the world's first in-vehicle voice assistant with generative AI. DS Automobiles launches the assistant named Iris in 13 languages across 18 countries, providing hands-free control for various tasks.

SoundHound AI, Inc. (SOUN) partners with NVIDIA DRIVE to introduce an innovative in-vehicle voice assistant that operates on the edge without cloud connectivity. The solution combines real-time and generative AI capabilities, enabling drivers to access Vehicle Intelligence for instant information and seamless voice interaction.

SoundHound AI, Inc. (Nasdaq: SOUN) will participate in the Citizens JMP Technology Conference on March 4. Nitesh Sharan, CFO of SoundHound AI, will present at the event in San Francisco. The presentation will be broadcast live, offering investors insights into the company's financial outlook and strategic direction.

SoundHound AI, Inc. (SOUN) reported a record quarter with 80% Q4 revenue growth to $17.1 million, achieving a 2x increase in combined cumulative subscriptions and bookings backlog to $661 million year-over-year. Adjusted EBITDA improved by 80% in Q4, showcasing strong financial performance. The company expanded its customer base, secured notable partnerships, and launched innovative AI products, positioning itself as a leader in voice artificial intelligence.