SoundHound AI raises $25M in preferred equity; pre-announces ~$31M 2022 revenue at high-end of guidance

SOUNDHOUND AI, INC.

2022-FY EPS reported -$0.73 revenue$31,129,000

Closed $25M oversubscribed Series A preferred equity financing on Jan 20 from current and new investors.
Preliminary 2022 revenue ~$31M, at high-end of prior guidance; gross margins >70%.
Expects 2023 revenue growth ~50% YoY, supported by over $300M bookings and cost savings >$60M.
Refinancing debt with new facility to provide incremental capital and defer amortization payments.
Key partnerships include Qualcomm, Hyundai, Stellantis, VIZIO, Square, and Toast.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SOUNDHOUND AI, INC. reported fiscal year 2022 results: revenue approximately $31 million.

Period: fiscal year 2022
Revenue: approximately $31 million
Result: preliminary results

Exact text from the filing

SoundHound pre-announces strong preliminary 2022 results with revenue of approximately $31 million, at the high-end of its prior guidance

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

SOUNDHOUND AI, INC.: Filed Certificate of Designations for Series A Preferred Stock, designating 1,000,000 shares with specific rights, preferences, and limitations (effective 2023-01-20).

Change: charter amendment
Effective: 2023-01-20

Exact text from the filing

On January 20, 2023, in connection with the Transaction, the Company filed a Certificate of Designations of Preferences, Rights and Limitations of the Series A Preferred Stock with the Secretary of State of the State of Delaware (the “Certificate of Designations”), designating 1,000,000 shares of Series A Preferred Stock with an original issue price of $30.00 per share, which became effective with the Secretary of State of the State of Delaware upon filing.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SOUNDHOUND AI, INC. entered into Preferred Stock Purchase Agreements with certain investors valued at approximately $25 million (effective 2023-01-20).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: approximately $25 million
Effective: 2023-01-20

Exact text from the filing

On or around January 20, 2023 (the “Closing Date”), SoundHound AI, Inc. (the “Company”) entered into Preferred Stock Purchase Agreements (the “Purchase Agreements”) with certain investors (the “Investors”) pursuant to which the Company issued and sold to the Investors an aggregate of 835,011 shares of its newly designated Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”) for an aggregate issue price of approximately $25 million (the “Transaction”).

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20 earnings releases filed in the last 30 days. Browse all earnings releases →

SOUNDHOUND AI, INC. filing history →

Source: SEC EDGAR

accession 0001840856-23-000008

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