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SoundHound hits peak revenue in Q4 with AI voice tech.

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Summary of Article

TLDR:

SoundHound reported record Q4 revenue of $17.1 million, an 80% increase year-over-year, driven by successful expansion and innovation in voice AI technologies. The company’s innovative product offerings and recent acquisition of SYNQ3 have positioned them strongly for growth in various industries. SoundHound projects revenue growth in 2024 between $63 million to $77 million, aiming for adjusted EBITDA profitability by 2025.

Key Points:

  • SoundHound’s Q4 revenue surged by 80% year-over-year to $17.1 million.
  • The company’s cumulative subscription and bookings backlog reached $661 million, nearly doubling year-over-year.
  • SoundHound’s voice AI solutions are gaining traction in the automotive and restaurant sectors.
  • Gross margins improved to 77.2% in Q4, with significant reductions in R&D and sales
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