SoundHound Q3 revenue $11.2M (+178% YoY); backlog $302M +239%; cuts 10% workforce

SOUNDHOUND AI, INC.

2022-Q3 EPS reported -$0.59 revenue$21,628,000

Record cumulative bookings backlog of $302M, up 239% YoY; record revenue $11.2M, up 178% YoY.
Gross margin improved to 77% from 59% YoY; net loss per share improved to $0.15 from $0.35.
Reaffirmed FY2022 revenue guidance, narrowed to $28-$32M from prior $27-$33M.
Announced ~10% workforce reduction and discretionary cost cuts to accelerate profitability.
Monthly queries ~180M, more than doubled YoY; new/expanded auto deals with Stellantis, Dongfeng Peugeot, LG, Harman.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SOUNDHOUND AI, INC. reported the three and nine months ended September 30, 2022 results: revenue $11,186, net income $(28,922), EPS $(0.15). Guidance reaffirmed.

Period: the three and nine months ended September 30, 2022
Revenue: $11,186
Net income: $(28,922)
EPS: $(0.15)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Three Months Ended (thousands, except per share data) September 30, 2022 September 30, 2021 Change in % Cumulative bookings backlog 1 $ 302,187 $ 89,118 239 % Revenues $ 11,186 $ 4,028 178 % Operating expenses: Cost of revenues $ 2,583 $ 1,657 56 % Sales and marketing 6,672 1,175 468 % Research and development 19,352 14,344 35 % General and

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SOUNDHOUND AI, INC. filing history →

Source: SEC EDGAR

accession 0001840856-22-000005

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