0001840856FALSE00018408562025-02-272025-02-270001840856us-gaap:CommonClassAMember2025-02-272025-02-270001840856us-gaap:WarrantMember2025-02-272025-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________
FORM 8-K
_________________________________________
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 27, 2025
_________________________________________
SOUNDHOUND AI, INC.
(Exact name of registrant as specified in its charter)
_________________________________________
Delaware001-4019385-1286799
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(I.R.S. Employer
Identification No.)
5400 Betsy Ross Drive
Santa Clara, CA
95054
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (408) 441-3200
(Former name or former address, if changed since last report)
_________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $0.0001 par value per shareSOUNThe Nasdaq Stock Market LLC
Warrants, each exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustmentSOUNWThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o


Item 2.02    Results of Operations and Financial Condition.
On February 27, 2025, SoundHound AI, Inc. (the “Company”) issued a press release announcing financial results and operational highlights for the fourth quarter and year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K. The Company is also furnishing as Exhibit 99.2 to this current report on Form 8-K the consolidated balance sheets of the Company as of December 31, 2024, and the related consolidated statements of operations and comprehensive loss and consolidated statements of cash flows for the period ended December 31, 2024.
Item 9.01.    Financial Statement and Exhibits.
Exhibit NumberDescription
99.1
99.2
104Cover Page Interactive Data File (formatted as inline XBRL)
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
February 27, 2025
SoundHound AI, Inc.
By:/s/ Keyvan Mohajer
Name:Keyvan Mohajer
Title:Chief Executive Officer
3


SoundHound AI Reports Record Fourth Quarter Revenue, Up 101%, Exceeding $34.5 Million; Raises Full Year Outlook
•Strong year-end performance propels the company to the top end of revenue guidance range with strong momentum in voice-enabled Agentic AI
•Company closes the year with nearly $200 million in cash and no debt
SANTA CLARA, Calif.--(BUSINESS WIRE)--SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today reported its financial results for the fourth quarter and full year 2024.
“We had a breakthrough year, expanding our leadership position in voice and conversational AI through major customer wins, expanded partnerships, groundbreaking generative AI innovation, and strategic acquisitions,” said Keyvan Mohajer, CEO and Co-Founder of SoundHound AI. “As we move into the era of Agentic AI, we are uniquely positioned to capitalize on this evolving category. Together with our existing broad portfolio of voice-enabled AI solutions we can deliver even greater commercial impact.”
Fourth Quarter and Full Year Financial Highlights
•Fourth quarter revenue was $34.5 million, an increase of 101% year-over-year
•Fourth quarter GAAP gross margin was 39.9%; non-GAAP gross margin was 52.1%
•Fourth quarter adjusted EBITDA was $(16.8) million
•Full year revenue was $84.7 million, an increase of 85% year-over-year
•Full year GAAP gross margin was 48.9%; non-GAAP gross margin was 58.5%
•Full year adjusted EBITDA was $(61.9) million
•SoundHound’s year-end stock price increase resulted in an increase in its fair value of contingent liabilities, significantly impacting both fourth quarter and full year GAAP net loss and EPS. The fluctuation is non-operating and non-cash in nature and is calculated based on mark to market fair value accounting standards. The corresponding non-GAAP values are not impacted. Accordingly, fourth quarter GAAP EPS was $(0.69) and fourth quarter non-GAAP EPS was $(0.05).
“We exited 2024 in a position of strength, and with accelerating momentum," said Nitesh Sharan, CFO of SoundHound AI. "Our foundation runs deep, with a rapidly growing and diversified customer base and a highly capable team executing with tenacity to capture the tremendous opportunities in front of us.”



Business Highlights
Customer Momentum
•In Restaurants: Working with over 30% of the top 20 quick-service restaurant (QSR) brands, and continuing to expand across renowned restaurant brands including Burger King UK, Church’s Texas Chicken, Peet’s Coffee, Torchy’s Tacos, and Whataburger, among others.
•In Healthcare: New partners including Duke Health, Wellstar Health System, and Englewood Health. Customers include Allina Health, Aveanna Healthcare, and MUSC Health, among others.
•In Automotive: Expanding adoption across leading EV manufacturers, with customers including Lucid Motors, and Togg; launched in Lancia vehicles in Europe, adding to six other live Stellantis brands with SoundHound Chat AI Automotive.
•In Retail: Expanding AI solutions for multi-location retail brands in clothing, fitness, vehicle maintenance, home services, waste management, and more. Customers include Torrid, multiple Planet Fitness franchise groups, and My Gym, among others.
•In Energy: SoundHound continues to expand into new industries, adding one of the largest electric utilities in the United States to our wide-ranging portfolio of customers.
•In Government: SoundHound signed a contract with the City of Coral Springs and continues to roll out our conversational AI capabilities with federal government agencies such as a branch of the United States military together with General Dynamics Information Technology.
•In Telecom: Expanding in South America with Telefónica following recent multi-year renewal, and scaling with a major European broadcaster and telecommunications provider in five countries.
•In Financial Services: Customers including BNP Paribas as well regional banks and credit unions such as American Heritage Credit Union, Nordic Bank, Sterling Bank, Truly Credit Union. SoundHound also works with 70% of the top 10 global financial institutions.
•In Insurance: In partnership with EXL expanding our industry presence with customers such as Transamerica, and scaling with companies like Apivia Courtage – surpassing 100 thousand calls automated in 2024.
•In Travel and Hospitality: Enhancing customer experiences for companies like AeroMexico and Resorts World Las Vegas, which recently highlighted our presence at CES 2025 on their digital display on The Strip.

Other Notable Highlights
•SoundHound is at the forefront of the Agentic AI revolution, leveraging its proven platform and strong market position to deliver next-generation agentic capabilities – an inevitable evolution in AI functionality for its customers.
•Unveiled the first ever in-vehicle voice commerce platform that enables seamless voice-controlled food ordering on the go at CES 2025.
•Partnered with Rekor to develop first-of-its-kind audio-visual AI, bringing hands-free voice control to emergency vehicle technology.
•Leading phone ordering technology surpassed 100 million customer interactions and processed hundreds of millions of dollars in restaurant orders.
•Conducted a research study about voice generative AI in vehicles, which found that 77% of regular drivers are likely to use voice generative AI capabilities in their vehicle if available.



Events and Awards
•Successful showcase at CES 2025, featuring collaborations with NVIDIA, Perplexity, Lucid Motors, LG and a broad range of the company's restaurant partners.
•SoundHound’s best-in-class technology earned multiple awards:
◦Frost Radar™ Leader in Enterprise Conversational AI in Healthcare 2024, XCelent Advanced Technology 2024 Award,
◦Best Use of AI in the Automation & Self-Service Awards 2024,
◦“Overall Connected Solution of the Year” at the AutoTech Breakthrough Awards
◦Shortlisted for Reuters 2024 Automotive D.R.I.V.E Honours for Innovation,
◦Finalist for the 2025 Automotive News PACE Awards.
•The company will be participating in NVIDIA GTC 2025, featuring demos of its voice assistant leveraging generative AI on the edge with NVIDIA Drive AGX™, and its recently introduced voice commerce ecosystem.

Fourth Quarter 2024 Financial Measures1
Three Months Ended
(thousands, unless otherwise noted)
December 31, 2024December 31, 2023
                    
Change
Revenues$34,543$17,147101 %
GAAP gross profit$13,784$13,2364 %
GAAP gross margin39.9%77.2%(37.3) pp
Non-GAAP gross profit$18,007$13,35435 %
Non-GAAP gross margin52.1%77.9%(25.8)pp
GAAP operating loss2
$(257,072)$(12,393)1,974 %
Non-GAAP adjusted EBITDA$(16,793)$(3,593)367 %
GAAP net loss2
$(258,599)$(18,003)1,336 %
Non-GAAP net loss$(18,993)$(9,771)94 %
GAAP net loss per share2
$(0.69)$(0.07)$(0.62)
Non-GAAP net loss per share$(0.05)$(0.04)$(0.01)




Full Year 2024 Financial Measures1
Twelve Months Ended
(thousands, unless otherwise noted)
December 31, 2024December 31, 2023
                    
Change
Revenues$84,693$45,87385 %
GAAP gross profit$41,384$34,56620 %
GAAP gross margin48.9%75.4%(26.5) pp
Non-GAAP gross profit$49,538$34,97842 %
Non-GAAP gross margin58.5%76.2%(17.8)pp
GAAP operating loss2
$(341,353)$(68,608)398 %
Non-GAAP adjusted EBITDA$(61,915)$(35,896)72 %
GAAP net loss2
$(350,681)$(88,937)294 %
Non-GAAP net loss$(69,073)$(58,162)19 %
GAAP net loss per share2
$(1.04)$(0.40)$(0.64)
Non-GAAP net loss per share$(0.20)$(0.25)$0.05 
1)Please see tables below for a reconciliation from GAAP to non-GAAP.
2)GAAP-only operating loss includes a significant impact from the calculated fair value of contingent acquisition liabilities where future earn-out shares are marked-to-market on a quarterly basis, and with the increase in stock price at year-end the loss associated with this item was $221 million in the fourth quarter 2024 and $223 million in full year 2024, respectively. Non-GAAP measures exclude this non-cash impact.

Liquidity and Cash Flows
The company’s total cash and cash equivalents was $198 million at December 31, 2024. The company had no outstanding debt at December 31, 2024.
Condensed Cash Flow Statement
Year Ended
(thousands)
December 31, 2024December 31, 2023
Cash flows:
  Net cash used in operating activities$(108,878)$(68,265)
  Net cash used in investing activities(12,372)(392)
  Net cash provided by financing activities210,906 168,237 
  Effects of exchange rate changes on cash225 (20)
Net change in cash and cash equivalents$89,881 $99,560 
Business Outlook
SoundHound raises its full year 2025 revenue outlook to be in a range of $157 to $177 million.


Additional Information
For more information please see the company’s SEC filings which can be obtained on the company’s website at investors.soundhound.com. The financial statements for the company’s fiscal year ended December 31, 2024 will be posted on the website, and will be included as an attachment to the company’s current report on Form 8-K filed concurrently with the dissemination of this press release. The financial data presented in this press release should be considered preliminary and unaudited until the company files its Annual Report on Form 10-K.
Conference Call and Webcast
Keyvan Mohajer, Co-Founder and CEO, and Nitesh Sharan, CFO will host a live audio conference call and webcast today at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time. A live webcast and replay will be accessible at investors.soundhound.com.
About SoundHound AI
SoundHound (Nasdaq: SOUN), a global leader in conversational intelligence, offers voice and conversational AI solutions that let businesses offer incredible experiences to their customers. Built on proprietary technology, SoundHound’s voice AI delivers best-in-class speed and accuracy in numerous languages to product creators and service providers across retail, financial services, healthcare, automotive, smart devices, and restaurants via groundbreaking AI-driven products like Smart Answering, Smart Ordering, Dynamic Drive Thru, and Amelia AI Agents. Along with SoundHound Chat AI, a powerful voice assistant with integrated Generative AI, SoundHound powers millions of products and services, and processes billions of interactions each year for world class businesses. www.soundhound.com
Forward Looking Statements
This press release contains forward-looking statements, which are not historical facts, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. These forward-looking statements include, but are not limited to, statements concerning our expected financial performance, our ability to implement our business strategy and anticipated business and operations, and guidance for financial results for 2025. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. Our actual results may differ materially from those expressed or implied by these forward-looking statements as a result of risks and uncertainties impacting SoundHound’s business including, our ability to successfully launch and commercialize new products and services and derive significant revenue, our market opportunity and our ability to acquire new customers and retain existing customers, unexpected costs, charges or expenses resulting from our 2024 acquisitions, the ability of our 2024 acquisitions to be accretive on the company's financial results, and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We do not intend to update or alter our forward-looking


statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Non-GAAP Measures of Financial Performance
To supplement the company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, non-GAAP net loss and non-GAAP earnings per share.
The company believes that providing this non-GAAP information in addition to the GAAP financial information allows investors to view the financial results in the way the company views its operating results. The company also believes that providing this information allows investors to not only better understand the company's financial performance, but also, better evaluate the information used by management to evaluate and measure such performance.
As such, the company believes that disclosing non-GAAP financial measures to the readers of its financial statements provides the reader with useful supplemental information that allows for greater transparency in the review of the company’s financial and operational performance.
The company defines its non-GAAP measures by excluding certain items:
The company arrives at non-GAAP gross profit and non-GAAP gross margin by excluding (i) amortization of intangibles (including acquired intangible assets) and (ii) stock-based compensation.
The company arrives at adjusted EBITDA by excluding (i) total other interest, net (included other interest and expense), (ii) loss on early extinguishment of debt, (iii) income taxes/(benefits), (iv) depreciation and amortization expense (including acquired intangible assets), (v) stock-based compensation, (vi) restructuring expense, (vii) change in fair value of contingent acquisition liabilities, and (viii) acquisition-related expenses.
The company arrives at non-GAAP net loss and non-GAAP net loss per share by excluding (i) depreciation and amortization expense (including acquired intangible assets), (ii) stock-based compensation, (iii) restructuring expense, (iv) loss on early extinguishment of debt, (v) change in fair value of contingent acquisition liabilities, (vi) gain on bargain purchase, (vii) acquisition-related expenses, and (viii) income tax effects related to acquisitions.
Reconciliations of GAAP to these adjusted non-GAAP financial measures are included in the tables below. When analyzing the company's operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.
To the extent that the company presents any forward-looking non-GAAP financial measures, the company does not present a quantitative reconciliation of such measures to the most directly comparable GAAP financial measure (or otherwise present such forward-looking GAAP measures) because it is impractical to do so.


Fourth Quarter Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Margin
Three Months Ended
(thousands, unless otherwise noted)
December 31, 2024December 31, 2023
GAAP gross profit1
$13,784$13,236
Adjustments:
Amortization of Intangibles4,123— 
Stock-based compensation100118 
Non-GAAP gross profit$18,007$13,354
GAAP gross margin39.9%77.2%
Non-GAAP gross margin52.1%77.9%
1)GAAP gross profit is calculated by subtracting the cost of revenues from revenues.
Fourth Quarter Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA
Three Months Ended
(thousands)
December 31, 2024December 31, 2023
GAAP net loss$(258,599)$(18,003)
Adjustments:
Total other expense, net1
1,174 4,003 
Loss on early extinguishment of debt42 — 
Income taxes/(benefits)311 1,607 
Depreciation and amortization7,939 372 
Stock-based compensation9,853 6,569 
Restructuring— 806 
Change in fair value of contingent acquisition liabilities220,946 — 
Acquisition-related expenses1,541 1,053 
Non-GAAP adjusted EBITDA$(16,793)$(3,593)
1)Includes other income (expense), net of $0.1 and $1.5 million for the three months ended December 31, 2024 and 2023, respectively.



Fourth Quarter Reconciliation of GAAP Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share
Three Months Ended
(thousands, unless otherwise noted)
December 31, 2024December 31, 2023
GAAP net loss attributable to SoundHound common shareholders$(258,599)$(18,571)
Adjustments:
Depreciation and amortization7,939 372 
Stock-based compensation9,853 6,569 
Restructuring— 806 
Loss on early extinguishment of debt42 — 
Change in fair value of contingent acquisition liabilities220,946 — 
Acquisition-related expenses1,541 1,053 
Income tax effects related to acquisitions(715)— 
Non-GAAP net loss$(18,993)$(9,771)
GAAP net loss per share1
$(0.69)$(0.07)
Adjustments$0.64 $0.03 
Non-GAAP net loss per share1
$(0.05)$(0.04)
1)Weighted average common shares outstanding (basic and diluted) for the three months ended December 31, 2024 and 2023 were 375,102,329 and 248,250,552, respectively.
Full Year Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Margin
Year Ended
(thousands, unless otherwise noted)
December 31, 2024December 31, 2023
GAAP gross profit1
$41,384$34,566
Adjustments:
Amortization of Intangibles7,696— 
Stock-based compensation458412 
Non-GAAP gross profit$49,538$34,978
GAAP gross margin48.9%75.4%
Non-GAAP gross margin58.5%76.2%
1)GAAP gross profit is calculated by subtracting the cost of revenues from revenues.


Full Year Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA
Year Ended
(thousands)
December 31, 2024December 31, 2023
GAAP net loss$(350,681)$(88,937)
Adjustments:
Total other expense, net1
2,946 15,578 
Loss on early extinguishment of debt15,629 837 
Income taxes/(benefits)(9,247)3,914 
Depreciation and amortization16,054 2,313 
Stock-based compensation33,145 24,789 
Restructuring— 4,557 
Change in fair value of contingent acquisition liabilities222,670 — 
Acquisition-related expenses7,569 1,053 
Non-GAAP adjusted EBITDA$(61,915)$(35,896)
1)Includes other income (expense), net of $9.2 and $1.2 million for the years ended December 31, 2024 and 2023, respectively.
Full Year Reconciliation of GAAP Net Loss to Non-GAAP Net Loss and Non-GAAP Net Loss Per Share
Year Ended
(thousands, unless otherwise noted)
December 31, 2024December 31, 2023
GAAP net loss attributable to SoundHound common shareholders$(351,097)$(91,711)
Adjustments:
Depreciation and amortization16,054 2,313 
Stock-based compensation33,145 24,789 
Restructuring— 4,557 
Loss on early extinguishment of debt15,629 837 
Change in fair value of contingent acquisition liabilities222,670 — 
Gain on bargain purchase(1,223)— 
Acquisition-related expenses7,569 1,053 
Income tax effects related to acquisitions(11,820)— 
Non-GAAP net loss$(69,073)$(58,162)
GAAP net loss per share1
$(1.04)$(0.40)
Adjustments$0.84 $0.15 
Non-GAAP net loss per share1
$(0.20)$(0.25)
1)Weighted average common shares outstanding (basic and diluted) for the years ended December 31, 2024 and 2023 were 338,462,574 and 229,264,904, respectively.


Investors:
Scott Smith
408-724-1498
IR@SoundHound.com
Media:
Gianna Arantes
201-815-9852
PR@SoundHound.com


SOUNDHOUND AI, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
2024		December 31,
2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$198,240 $95,260 
Accounts receivable, net of allowances of $726 and $203 as of December 31, 2024 and 2023, respectively
23,159 4,050 
Contract assets and unbilled revenue, net26,645 11,780 
Other current assets7,476 2,452 
Total current assets255,520 113,542 
Restricted cash equivalents, non-current676 13,775 
Right-of-use assets4,692 5,210 
Property and equipment, net1,239 1,515 
Goodwill 101,704 — 
Intangible assets, net174,943 — 
Deferred tax asset4 11 
Contract assets and unbilled revenue, non-current, net12,879 16,492 
Other non-current assets2,296 577 
Total assets$553,953 $151,122 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable$5,559 $1,653 
Accrued liabilities26,291 13,884 
Operating lease liabilities1,898 2,637 
Finance lease liabilities49 121 
Income tax liability2,750 1,618 
Deferred revenue23,876 4,310 
Other current liabilities 7,319 — 
Total current liabilities67,742 24,223 
Operating lease liabilities, net of current portion2,403 3,089 
Deferred revenue, net of current portion6,862 4,910 
Long-term debt— 84,312 
Contingent acquisition liabilities286,898 — 
Income tax liability, net of current portion 3,075 2,453 
Other non-current liabilities4,320 3,967 
Total liabilities371,300 122,954 
Commitments and contingencies
Stockholders’ equity (deficit):
Series A Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; 0 and 475,005 shares issued and outstanding, aggregate liquidation preference of $— and $16,227 as of December 31, 2024 and December 31, 2023, respectively
— 14,187 
Class A Common Stock, $0.0001 par value; 455,000,000 shares authorized; 361,096,457 and 216,943,349 shares issued and outstanding as of December 31, 2024 and 2023, respectively
35 22 
Class B Common Stock, $0.0001 par value; 44,000,000 shares authorized; 32,535,408 and 37,485,408 shares issued and outstanding as of December 31, 2024 and 2023, respectively
3 4 
Additional paid-in capital1,125,470 606,135 
Accumulated deficit(943,060)(592,379)
Accumulated other comprehensive income205 199 
Total stockholders’ equity (deficit)182,653 28,168 
Total liabilities and stockholders’ equity (deficit)$553,953 $151,122 


1

SOUNDHOUND AI, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended December 31,
20242023
Revenues$34,543 $17,147 
Operating expenses:
Cost of revenues20,759 3,911 
Sales and marketing9,566 4,469 
Research and development20,394 12,713 
General and administrative16,437 7,641 
Change in fair value of contingent acquisition liabilities220,946 — 
Amortization of intangible assets3,513 — 
Restructuring— 806 
Total operating expenses291,615 29,540 
Operating loss(257,072)(12,393)
Other expense, net:
Loss on early extinguishment of debt(42)— 
Interest expense(1,309)(5,460)
Other income (expense), net135 1,457 
Total other expense, net(1,216)(4,003)
Loss before provision for income taxes(258,288)(16,396)
Provision for income taxes311 1,607 
Net loss$(258,599)$(18,003)
Cumulative dividends attributable to Series A Preferred Stock— (568)
Net loss attributable to SoundHound common shareholders$(258,599)$(18,571)
Other comprehensive income:
Unrealized gains (losses) on investments(57)2 
Comprehensive loss$(258,656)$(18,569)
Net loss per share:
Basic and diluted$(0.69)$(0.07)
Weighted-average common shares outstanding:
Basic and diluted375,102,329 248,250,552 


2

SOUNDHOUND AI, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
Year Ended
December 31,
202420232022
(Unaudited)
Revenues$84,693 $45,873 $31,129 
Operating expenses:
Cost of revenues43,309 11,307 9,599 
Sales and marketing29,126 18,893 20,367 
Research and development70,555 51,439 76,392 
General and administrative53,270 28,285 30,443 
Change in fair value of contingent acquisition liabilities222,670 — — 
Amortization of intangible assets7,116 — — 
Restructuring— 4,557 — 
Total operating expenses426,046 114,481 136,801 
Loss from operations(341,353)(68,608)(105,672)
Other expense, net:
Loss on early extinguishment of debt(15,629)(837)— 
Interest expense(12,168)(16,733)(6,893)
Other income (expense), net9,222 1,155 (1,259)
Total other expense, net(18,575)(16,415)(8,152)
Loss before provision for income taxes(359,928)(85,023)(113,824)
Provision for income taxes(9,247)3,914 2,889 
Net loss(350,681)(88,937)(116,713)
Cumulative dividends attributable to Series A Preferred Stock(416)(2,774)— 
Net loss attributable to SoundHound common shareholders(351,097)(91,711)(116,713)
Other comprehensive loss:
Unrealized gains on investments6 199 — 
Comprehensive loss$(350,675)$(88,738)$(116,713)
Net loss per share:
Basic and diluted$(1.04)$(0.40)$(0.74)
Weighted-average common shares outstanding:
Basic and diluted338,462,574229,264,904157,317,695
3

SOUNDHOUND AI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
December 31,
202420232022
(Unaudited)
Cash flows from operating activities:
Net loss$(350,681)$(88,937)$(116,713)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization16,054 2,313 4,037 
Stock-based compensation33,145 27,931 28,792 
Loss on change in fair value of ELOC program— 1,901 1,075 
Change in fair value of derivative and warrant liability— — 606 
Amortization of debt issuance cost1,621 5,400 2,287 
Non-cash lease amortization2,613 3,346 3,189 
Loss on early extinguishment of debt15,629 837 — 
Foreign currency gain/loss from remeasurement(24)143 — 
Change in fair value of contingent acquisition liabilities222,670 — — 
Deferred income taxes(12,183)30 2,127 
Other, net(580)93 — 
Changes in operating assets and liabilities:
Accounts receivable, net(10,264)(627)(1,354)
Prepaid expenses— 1,590 (1,238)
Other current assets(3,131)(821)299 
Contract assets(7,304)(19,578)(8,658)
Other non-current assets(196)671 (274)
Accounts payable(6,401)(1,162)302 
Accrued liabilities611 4,266 116 
Other current liabilities(642)— — 
Operating lease liabilities(3,214)(3,657)(3,912)
Deferred revenue(6,186)(4,135)(7,646)
Other non-current liabilities(415)2,131 2,946 
Net cash used in operating activities(108,878)(68,265)(94,019)
Cash flows from investing activities:
Purchases of property and equipment(640)(392)(1,329)
Payment related to acquisitions, net of cash acquired(11,732)— — 
Net cash used in investing activities(12,372)(392)(1,329)
Cash flows from financing activities:
Proceeds from the issuance of Series A Preferred Stock, net of issuance costs— 24,942 — 
Proceeds from sales of Class A common stock under the ELOC program, net of issuance costs— 71,615 — 
Proceeds from sales of Class A common stock under the Sales Agreement, Equity Distribution Agreement and Execute Equity Distribution Agreement407,270 12,412 — 
Proceeds from exercise of stock options and employee stock purchase plan29,685 — — 
4

SOUNDHOUND AI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS – Continued
(In thousands)
Year Ended
December 31,
202420232022
(Unaudited)
Proceeds from warrants exercised23 — — 
Payment of financing costs associated with the Sales Agreement, Equity Distribution Agreement and Execute Equity Distribution Agreement(10,357)— — 
Proceeds from the issuance of debt, net of issuance costs— 85,087 — 
Proceeds from the issuance of common stock— 9,369 4,160 
Proceeds from Business Combination and PIPE, net of transaction costs— — 90,689 
Payments on notes payable(215,373)(35,029)(11,545)
Payment to settle contingent holdback liabilities from SYNQ3 acquisition(217)— — 
Payments on finance leases(125)(159)(1,303)
Net cash provided by financing activities210,906 168,237 82,001 
Effects of exchange rate changes on cash225 (20)— 
Net change in cash, cash equivalents, and restricted cash equivalents89,881 99,560 (13,347)
Cash, cash equivalents, and restricted cash equivalents, beginning of year109,035 9,475 22,822 
Cash, cash equivalents, and restricted cash equivalents, end of year$198,916 $109,015 $9,475 
Reconciliation to amounts on the consolidated balance sheets:
Cash and cash equivalents$198,240 $95,260 $9,245 
Current portion of restricted cash equivalents— — — 
Non-current portion of restricted cash equivalents676 13,775 230 
Total cash, cash equivalents, and restricted cash equivalents shown in the consolidated statements of cash flows
$198,916 $109,035 $9,475 

5

SOUNDHOUND AI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS – Continued
(In thousands)
Year Ended
December 31,
202420232022
(Unaudited)
Supplemental disclosures of cash flow information:
Cash paid for interest$6,337 $11,984 $4,364 
Cash paid for income taxes$2,717 $2,356 $1,044 
Noncash investing and financing activities:
Conversion of Series A Preferred Stock to Class A common stock$14,187 $10,755 $— 
Debt discount through issuance of common stock warrants$— $4,136 $— 
Issuance of Class A Common Stock to settle commitment shares related to the ELOC program $— $915 $— 
Issuance of Class A Common Stock to settle obligations under Amelia Debt$11,817 $— $— 
Issuance of Class A Common Stock to settle contingent holdback consideration of SYNQ3 acquisition $189 $— $— 
Conversion of redeemable convertible preferred stock to common stock pursuant to Business Combination    $— $— $279,503 
Conversion of convertible note into common stock pursuant to Business Combination    $— $— $20,239 
Operating lease liabilities arising from obtaining right-of-use assets$1,559 $— $650 
Deferred offering costs reclassified to additional paid-in capital $220 $— $— 
Fair value of Class A common stock and deferred equity consideration issued for SYNQ3 acquisition$9,687 $— $— 
Fair value of contingent earnout consideration under SYNQ3 and Amelia acquisitions$286,898 $— $— 
Fair value of contingent holdback consideration under SYNQ3 acquisition$570 $— $— 
Fair value of deferred cash consideration under other acquisition$195 $— $— 

6
v3.25.0.1
Cover
Feb. 27, 2025
Document Information  
Document Type 8-K
Document Period End Date Feb. 27, 2025
Entity Registrant Name SOUNDHOUND AI, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40193
Entity Tax Identification Number 85-1286799
Entity Address, Street 5400 Betsy Ross Drive
Entity Address, City Santa Clara
Entity Address, State CA
Entity Address, Postal Zip Code 95054
City Area Code 408
Local Phone Number 441-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001840856
Amendment Flag false
Common Class A  
Document Information  
Title of each class Class A Common Stock, $0.0001 par value per share
Trading Symbol SOUN
Name of each exchange on which registered NASDAQ
Warrant  
Document Information  
Title of each class Warrants, each exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment
Trading Symbol SOUNW
Name of each exchange on which registered NASDAQ
SoundHound AI (NASDAQ:SOUNW)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025 SoundHound AI 차트를 더 보려면 여기를 클릭.
SoundHound AI (NASDAQ:SOUNW)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025 SoundHound AI 차트를 더 보려면 여기를 클릭.