SoundHound Q4 2022 Earnings Report
Key Takeaways
SoundHound AI reported an 84% increase in Q4 revenue year-over-year, reaching $9.5 million. The company's gross margin increased to 71%, and although the company experienced a net loss, they anticipate revenue growth of approximately 50% in 2023 and expect to become adjusted EBITDA positive in Q4 2023.
Q4 revenue increased by 84% year-over-year to $9.5 million.
Gross margin for Q4 increased to 71%, a 4 percentage point increase year-over-year.
Cumulative bookings backlog increased by 59% year-over-year, reaching $332 million.
The company expects to grow its revenue by approximately 50% in 2023.
SoundHound
SoundHound
Forward Guidance
SoundHound expects to grow its revenue by approximately 50% in 2023, with revenue expected to be in the range of $43 to $50 million. The company also anticipates becoming adjusted EBITDA positive in the fourth quarter of 2023.