SoundHound AI, Inc. (NASDAQ: SOUN) witnessed a significant surge in its stock valuation, experiencing an increase of 17.03% to $7.42 subsequent to the unveiling of its financial performance. The fiscal report for the fourth quarter and the entirety of 2023 was disclosed by SoundHound (SOUN), marking a pivotal year marked by rapid integration of cutting-edge generative AI capabilities.
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Its practical applications of voice AI have already been implemented, fostering consumer engagement across various platforms including vehicles, devices, and customer service sectors. Additionally, SOUN acquired SYNQ3, solidifying its position as the leading voice AI provider for the restaurant industry.
Its adeptness and agility during this era of AI innovation have propelled the company to the forefront in delivering tangible commercial value. Quarterly revenue amounted to $17.1 million, showcasing an impressive 80% year-over-year increase, while annual revenue reached $45.9 million, demonstrating a 47% year-over-year growth.
Adjusted EBITDA stood at ($3.7) million for the quarter, a notable improvement from ($18.8) million in the previous year, reflecting an 80% enhancement. Similarly, full-year Adjusted EBITDA was ($35.9) million, up from ($72.8) million in the prior year, marking a 51% increase.
The combined cumulative subscriptions and bookings backlog for customers surged to $661 million, doubling in comparison to the previous year. Moreover, SOUN achieved an annual run rate of approximately 3.5 billion queries, indicating a nearly 50% increase year-over-year.
SoundHound concluded the year on a strong note, witnessing accelerated revenue growth and substantial market penetration. The company has fortified its financial position and implemented strategic measures to enhance its bottom line, ensuring its ability to meet the escalating demand for its AI solutions.
The merger with SYNQ3 expands SoundHound AI’s service offerings, positioning it as the foremost voice AI provider for the restaurant sector and significantly extending its market presence.
Leveraging the combined expertise of SoundHound’s innovation and SYNQ3’s industry knowledge and client base, the collaboration facilitates the swift deployment of advanced generative AI capabilities within the industry.
SoundHound Chat AI was introduced as the world’s premier voice assistant featuring integrated generative AI, set to enter full-scale production with automaker Stellantis’ DS Automobiles. This innovative technology will be deployed across all models in 13 languages spanning 18 countries.
