SoundHound AI Q4 Earnings: Revenue Miss, EPS Miss, Backlog Growth, 'Breakthrough Year' And More

SoundHound AI Inc SOUN reported fourth-quarter financial results Thursday after the close. Here’s a look at the key metrics from the quarter.

Q4 Earnings: SoundHound’s fourth-quarter revenue increased 80% year-over-year to $17.147 million, which missed the consensus estimate of $17.746 million, according to Benzinga Pro. The company reported a quarterly loss of 7 cents per share, which missed analyst estimates for a loss of 6 cents per share.

SoundHound noted that it has a combined cumulative subscriptions and bookings backlog of $661 million at the end of the quarter, doubling from the prior year. The company ended the quarter with approximately $109 million in cash, but said its current cash balance is in excess of $200 million.

“This was a breakthrough year in which SoundHound rapidly integrated powerful new generative AI capabilities. Our real-world voice AI applications are already live and driving consumer engagement across vehicles, devices, and customer service businesses,” said Keyvan Mohajer, co-founder and CEO of SoundHound AI.

Outlook: SoundHound sees full-year 2024 revenue to be in the range of $63 million to $77 million. The company also introduced 2025 guidance, in which it said it expects “growth to accelerate with revenue exceeding $100 million, achieving positive adjusted EBITDA.”

Management will hold a conference call to discuss these results at 5 p.m. ET.

It’s worth noting that SoundHound shares were up more than 300% over the last month heading into the print. Nvidia reported investments in multiple companies in a 13-F filing with the SEC about two weeks ago, which sparked the massive rally in SoundHound shares.

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SOUN Price Action: SoundHound shares were down 11.6% after hours at $6.56 at the time of publication, according to Benzinga Pro.

Photo: Joshua Woroniecki from Pixabay.