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Jun 30, 2023
SoundHound Q2 2023 Earnings Report
SoundHound AI reported a strong Q2 2023 with revenue increase and improved profitability.
Key Takeaways
SoundHound AI reported a 42% increase in revenue year-over-year to $8.8 million for Q2 2023. The company's gross margin improved significantly to 79%, and operating and net losses decreased by 43% and 28% respectively. SoundHound also strengthened its balance sheet with approximately $130 million in total cash.
Revenue increased by 42% year-over-year, reaching $8.8 million.
Gross margin improved to 79%, a 1900 basis point increase from the previous year.
Operating loss improved by 43% year-over-year.
The company has approximately $130 million in total cash as of June 30, 2023.
Forward Guidance
SoundHound continues to expect 2023 revenue to be in a range of $43 to $50 million and expects to be adjusted EBITDA positive in the fourth quarter of 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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