Strong Financial Performance in Fourth Quarter and Full Year 2024
SoundHound AI, Inc., a global leader in voice artificial intelligence, has announced record-breaking financial results for the fourth quarter and full year of 2024. The company reported an impressive 101% year-over-year increase in revenue, reaching $34.5 million in Q4. For the full year, revenue surged to $84.7 million, marking an 85% growth compared to the previous year.
Despite the company’s robust revenue growth, it reported a net loss for the quarter due to non-cash fluctuations in the fair value of contingent liabilities. The fourth-quarter GAAP earnings per share (EPS) stood at $0.69, while non-GAAP EPS was $0.05. CEO and Co-Founder Keyvan Mohajer emphasized that SoundHound AI’s advancements in generative AI, strategic acquisitions, and expanded partnerships have positioned the company strongly for the next phase of growth.
Expanding Market Presence Across Multiple Industries
SoundHound AI has made significant strides in various sectors, strengthening its foothold across multiple industries. In the restaurant industry, the company now collaborates with over 30% of the top 20 quick-service restaurant (QSR) brands, including Burger King UK, Church’s Texas Chicken, and Peet’s Coffee. The company’s AI-driven solutions are also gaining traction in the healthcare sector, with new partnerships including Duke Health, Wellstar Health System, and Englewood Health.
In the automotive industry, SoundHound AI continues to expand its presence, securing collaborations with major electric vehicle manufacturers such as Lucid Motors and Togg. Additionally, it has launched its AI-powered solutions in Lancia vehicles across Europe. Other industries, including retail, energy, telecom, financial services, and government, have also embraced SoundHound’s AI capabilities, with the company securing partnerships with BNP Paribas, Planet Fitness franchise groups, and a branch of the United States military.
Technological Innovations and Industry Recognition
SoundHound AI has positioned itself as a pioneer in Agentic AI, pushing the boundaries of voice AI technology. The company recently introduced the first-ever in-vehicle voice commerce platform, allowing drivers to place food orders hands-free. Additionally, SoundHound has partnered with Rekor to develop an innovative audio-visual AI system designed for emergency vehicle technology.
The company’s AI-driven phone-ordering technology surpassed 100 million customer interactions and facilitated restaurant transactions worth hundreds of millions of dollars. A recent study conducted by SoundHound AI revealed that 77% of regular drivers are inclined to use voice generative AI in their vehicles if such capabilities are available.
SoundHound AI’s cutting-edge advancements have earned it multiple industry awards, including the Frost Radar™ Leader in Enterprise Conversational AI in Healthcare and the Best Use of AI in the Automation & Self-Service Awards 2024. The company is also set to participate in NVIDIA GTC 2025, where it will showcase its AI-powered voice assistant technology.
With a strong financial outlook for 2025, SoundHound AI has raised its revenue forecast to a range of $157 to $177 million, further reinforcing its trajectory of growth and market dominance.
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