Wedbush analyst Daniel Ives reiterated the Outperform rating on SoundHound AI, Inc. (NASDAQ:SOUN) with a price forecast of $9.
Following the first quarter results, the analyst notes that the company continues to see demand for its voice AI products picked up in the automotive and restaurant industries, signing various large brand deals that fuel growth while grabbing market share in the conversational AI market.
The company's subscription and bookings backlog increased to $682.0 million in the first quarter. Per Ives, this is due to strong product royalties and strength in the automotive segment as new and existing customers continue to show interest in its Chat AI platform.
SoundHound fully closed its acquisition of SYNQ3 Restaurant Solutions, as the company is now the largest U.S. provider of voice AI for restaurants with over 10,000 signed locations and significantly more in the pipeline as the restaurant segment now represents ~30% of total revenue ahead of initial expectations of 20% for FY24.
The company noted strength across its partnership ecosystem highlighted by a new partnership with NVIDIA Corporation (NASDAQ:NVDA) where the company will deliver in-vehicle voice-enabled generative AI responses that don't require connectivity.
SoundHound expects to see positive adjusted EBITDA in 2025 as the company is well-positioned to capitalize on the demand for AI chatbots with a strong focus on partnerships and more use cases being provided while expanding its voice-enabled ecosystem to accelerate growth and margins.
According to the analyst, this was a major step in the right direction for the SoundHound story as the company continues to build toward profitable growth with stable revenue pillars in Automotive/Restaurant and strong monetization capabilities to capture demand from enterprises across industries that seek ways to optimize efficiencies.
The analyst raised FY24 revenue outlook to $71.6 million from $70.2 million.
Price Action: SOUN shares are trading higher by 7.3% to $5.10 at last check Friday.
Wedbush分析师丹尼尔·艾夫斯重申了对SoundHound AI公司(NASDAQ:SOUN)的跑赢大盘评级，预测股价为9美元。
根据第一季度业绩，分析师指出，该公司继续看到汽车和餐饮业对其语音人工智能产品的需求回升，签署了各种大型品牌协议，推动了增长，同时在对话式人工智能市场上占据了市场份额。
该公司的订阅和预订积压量在第一季度增加到6.820亿美元。根据艾夫斯的说法，这是由于强劲的产品特许权使用费和汽车领域的实力，因为新老客户继续对其Chat AI平台表现出兴趣。
SoundHound完全完成了对SYNQ3 Restaurant Solutions的收购，因为该公司现在是美国最大的餐厅语音人工智能提供商，拥有超过10,000个签约地点，而且还有更多正在筹建中，因为餐饮板块目前占总收入的约30％，高于最初预期的24财年20％。
该公司指出，与英伟达公司(NASDAQ:NVDA)的新合作伙伴关系突显了其合作伙伴生态系统的优势，该公司将提供不需要连接的车载语音生成式人工智能响应。
SoundHound预计，2025年调整后的息税折旧摊销前利润将为正，因为该公司完全有能力利用对人工智能聊天机器人的需求，重点关注合作伙伴关系和提供更多用例，同时扩大其语音生态系统以加速增长和利润。
根据分析师的说法，这是SoundHound故事朝着正确方向迈出的重要一步，因为该公司继续朝着盈利增长迈进，其收入支柱是汽车/餐饮业，强大的盈利能力可以吸引寻求优化效率的各行业企业的需求。
该分析师将24财年的收入前景从7,020万美元上调至7,160万美元。
价格走势：周五最后一次检查时，SOUN股价上涨7.3％，至5.10美元。
