SoundHound AI Reports Record Growth Despite Operating Losses in 2024

ATLANTA, GA — SoundHound AI, Inc. (Nasdaq: SOUN) released its financial results for the fourth quarter and full year of 2024 today. The company indicated significant growth in revenues, reporting a staggering 101% increase compared to the previous year.

CEO Keyvan Mohajer stated, “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.” SoundHound AI is poised to further capitalize on the growing demand for voice-enabled technologies.

For the three months ending December 31, 2024, SoundHound AI reported revenues of $34.5 million, up from $17.1 million in the same quarter of 2023. Despite this increased revenue, the company experienced a GAAP operating loss of $257.1 million, a dramatic rise from a loss of $12.4 million the previous year.

The company also reported a GAAP net loss of $258.6 million for the quarter, significantly higher than the $18 million net loss reported in the fourth quarter of 2023. This translates to a GAAP net loss per share of $0.69, compared to a loss of $0.07 a year prior.

As of December 31, 2024, SoundHound AI reported $198 million in cash and cash equivalents and had no outstanding debt. However, net cash used in operating activities totaled $108.9 million, up from $68.3 million in 2023.

“We are in a fortunate position to benefit from this developing category as we enter the era of agentic AI,” Mohajer added. The company highlighted its new voice assistant technology developed in partnership with NVIDIA Drive AGX, which utilizes generative AI at the edge. The latest AI solutions from SoundHound will be showcased at NVIDIA’s GTC 2025.

SoundHound has revised its revenue projection for 2025 to between $157 million and $177 million. The company’s voice AI products—including Smart Answering and Smart Ordering—aim to enhance the customer experience in various sectors including retail, financial services, and healthcare.

Following the financial report, Mohajer emphasized SoundHound’s strategic focus on AI-driven product innovation and a diversified portfolio aimed at sustaining long-term growth. “Our approach to integrating AI across various platforms demonstrates our commitment to leading in this dynamic industry,” he stated.

The company has also made significant strides in developing its voice commerce ecosystem, which it hopes will further drive revenue in the next year.

SoundHound’s complete financial results can be accessed through their SEC filings available at investors.soundhound.com. These include further details alongside an annual report on Form 10-K, which the company will file later this year.