Summary by Moomoo AI
SoundHound AI, Inc. has reported its financial results for the fiscal year ended December 31, 2023. The company, a leader in conversational intelligence, offers Voice AI solutions enabling businesses to deliver high-quality conversational experiences. Despite generating substantial net losses and negative operating cash flows since inception, SoundHound's total revenues increased by 47% to $45.9 million in 2023, primarily due to a rise in Product Royalties revenue. The company also completed the acquisition of Synq3, Inc., a provider of voice AI solutions for the restaurant industry, for approximately $5.0 million in cash and shares. Additionally, SoundHound raised significant funds through various financing activities, including a Senior Secured Term Loan Agreement and sales of common stock under an Equity Line of Credit program and a Controlled Equity Offering Sales Agreement. The company's management has acknowledged material weaknesses in internal control over financial reporting and is taking steps to remediate these issues.