The following is a summary of the SoundHound AI, Inc. (SOUN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SoundHound AI reported Q1 revenue up 73% year-over-year, exceeding $11 million.

• The company's cash position has more than doubled to a record high of approximately $225 million.

• Guidance for the full year revenue is now $65 million to $77 million.

• The company plans to exceed $100 million in revenue and achieve adjusted EBITDA profitability in 2025.

• About 30% Q1 revenue was from providing AI customer service solutions to businesses.

• Despite gross margins being affected this quarter due to increased personnel and capability investments, SoundHound's gross margin was still up over 300 basis points year over year.

Business Progress:

• The next-generation AI service, dynamic interaction, is live with a top global QSR brand, and several other large QSR brands will implement it within the next few months.

• SoundHound has announced collaborations with NVIDIA, Arm, and Perplexity.

• The company's multimodal, multilingual, generative AI foundation model, Polaris, is now live in production.

• The company is exploring new market areas beyond automotive, including Quick Service Restaurant (QSR) drive-thru automation.

• The company strategically uses data and integrations from acquired SYNQ3 to improve their AI models and accelerate their organic customer base's scale.

• SoundHound intends to hire more personnel and invest in capabilities to meet the increased demand in the restaurant business, reinforcing its commitment to long-term value creation.

• SoundHound is preparing for the biggest restaurant conference show in Chicago to further improve exposure and boost the demand for their services.

More details: SoundHound AI IR

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