SoundHound AI reports record Q3 revenue $25.1M, up 89% YoY; raises FY2024 outlook to $82-85M

SOUNDHOUND AI, INC.

2024-Q3 EPS reported -$0.28 revenue$50,150,000

Revenue $25.1M (+89% YoY); GAAP net loss $21.8M ($0.06 loss per share); non-GAAP net loss $15.0M ($0.04 loss per share).
Customer concentration improved: largest customer 12% of revenue vs 72% a year ago; revenue diversified across automotive, restaurants, finance, healthcare, insurance.
GAAP gross margin 49%, non-GAAP gross margin 60%; adjusted EBITDA loss $15.9M.
FY2024 revenue outlook raised to $82-85M; FY2025 outlook $155-175M, reflecting Amelia acquisition and new vertical expansion.
Completed acquisition of Amelia, adding enterprise AI clients in finance, insurance, healthcare; cash and equivalents $136M at Sept 30.

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