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| Delaware | 001-40193 | 85-1286799 | ||||||||||||
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification No.)
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5400 Betsy Ross Drive
Santa Clara, CA
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95054 |
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| (Address of principal executive offices) | (Zip Code) | |||||||
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| Class A Common Stock, $0.0001 par value per share | SOUN | The Nasdaq Stock Market LLC | ||||||||||||
| Warrants, each exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment | SOUNW | The Nasdaq Stock Market LLC | ||||||||||||
| Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) | |||||||
| February 27, 2025 | SoundHound AI, Inc. |
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| By: | /s/ Keyvan Mohajer | ||||||||||
| Name: | Keyvan Mohajer | ||||||||||
| Title: | Chief Executive Officer | ||||||||||
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Three Months Ended
(thousands, unless otherwise noted)
|
March 31, 2025 | March 31, 2024 |
Change
|
||||||||||||||||||||||||||
| Revenues | $ | 29,129 | $ | 11,594 | 151 | % | |||||||||||||||||||||||
| GAAP gross profit | $ | 10,618 | $ | 6,925 | 53 | % | |||||||||||||||||||||||
| GAAP gross margin | 36.5% | 59.7% | (23.2) | pp | |||||||||||||||||||||||||
| Non-GAAP gross profit | $ | 14,807 | $ | 7,598 | 95 | % | |||||||||||||||||||||||
| Non-GAAP gross margin | 50.8% | 65.5% | (14.7) | pp | |||||||||||||||||||||||||
GAAP operating income (loss)2 |
$ | 128,097 | $ | (28,529) | 549 | % | |||||||||||||||||||||||
| Non-GAAP adjusted EBITDA | $ | (22,172) | $ | (15,404) | (44) | % | |||||||||||||||||||||||
GAAP net income (loss)2 |
$ | 129,932 | $ | (33,009) | 494 | % | |||||||||||||||||||||||
| Non-GAAP net loss | $ | (22,331) | $ | (20,227) | (10) | % | |||||||||||||||||||||||
| GAAP net income (loss) per share ²·³ | $ | 0.31 | $ | (0.12) | $ | 0.43 | |||||||||||||||||||||||
| Non-GAAP net loss per share ³ | $ | (0.06) | $ | (0.07) | $ | 0.01 | |||||||||||||||||||||||
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Three Months Ended
(thousands)
|
March 31, 2025 | March 31, 2024 | ||||||||||||||||||
| Cash flows: | ||||||||||||||||||||
| Net cash used in operating activities | $ | (19,185) | $ | (21,948) | ||||||||||||||||
| Net cash used in investing activities | (162) | (3,788) | ||||||||||||||||||
| Net cash provided by financing activities | 67,010 | 142,698 | ||||||||||||||||||
| Effects of exchange rate changes on cash | (94) | 103 | ||||||||||||||||||
| Net change in cash and cash equivalents | $ | 47,569 | $ | 117,065 | ||||||||||||||||
|
Three Months Ended
(thousands, unless otherwise noted)
|
March 31, 2025 | March 31, 2024 | ||||||||||||||||||
GAAP gross profit1 |
$ | 10,618 | $ | 6,925 | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Amortization of Intangibles | 4,046 | 521 | ||||||||||||||||||
| Stock-based compensation | 143 | 152 | ||||||||||||||||||
| Non-GAAP gross profit | $ | 14,807 | $ | 7,598 | ||||||||||||||||
| GAAP gross margin | 36.5% | 59.7% | ||||||||||||||||||
| Non-GAAP gross margin | 50.8% | 65.5% | ||||||||||||||||||
|
Three Months Ended
(thousands)
|
March 31, 2025 | March 31, 2024 | ||||||||||||||||||
| GAAP net income (loss) | $ | 129,932 | $ | (33,009) | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||
Total other income (expense), net1 |
(2,654) | 4,185 | ||||||||||||||||||
| Income taxes/(benefits) | 819 | 295 | ||||||||||||||||||
| Depreciation and amortization | 7,755 | 1,471 | ||||||||||||||||||
| Stock-based compensation | 17,440 | 6,979 | ||||||||||||||||||
| Change in fair value of contingent acquisition liabilities | (176,100) | 4,162 | ||||||||||||||||||
| Acquisition-related expenses | 636 | 513 | ||||||||||||||||||
| Non-GAAP adjusted EBITDA | $ | (22,172) | $ | (15,404) | ||||||||||||||||
|
Three Months Ended
(thousands, unless otherwise noted)
|
March 31, 2025 | March 31, 2024 | ||||||||||||||||||
| GAAP net income (loss) attributable to SoundHound common shareholders | $ | 129,227 | $ | (33,352) | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Depreciation and amortization | 7,755 | 1,471 | ||||||||||||||||||
| Stock-based compensation | 17,440 | 6,979 | ||||||||||||||||||
| Change in fair value of contingent acquisition liabilities | (176,100) | 4,162 | ||||||||||||||||||
| Change in fair value of derivative | (1,289) | — | ||||||||||||||||||
| Acquisition-related expenses | 636 | 513 | ||||||||||||||||||
| Non-GAAP net loss | $ | (22,331) | $ | (20,227) | ||||||||||||||||
| Basic | ||||||||||||||||||||
GAAP net income (loss) per share1 |
$ | 0.33 | $ | (0.12) | ||||||||||||||||
| Adjustments | $ | (0.39) | $ | 0.05 | ||||||||||||||||
Non-GAAP net loss per share2 |
$ | (0.06) | $ | (0.07) | ||||||||||||||||
| Diluted | ||||||||||||||||||||
GAAP net income (loss) per share1 |
$ | 0.31 | $ | (0.12) | ||||||||||||||||
| Adjustments | $ | (0.37) | $ | 0.05 | ||||||||||||||||
Non-GAAP net loss per share2 |
$ | (0.06) | $ | (0.07) | ||||||||||||||||
| March 31, 2025 |
December 31, 2024 |
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| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 245,809 | $ | 198,240 | |||||||
Accounts receivable, net of allowances of $1,538 and $726 as of March 31, 2025 and December 31, 2024, respectively |
20,177 | 23,159 | |||||||||
| Contract assets and unbilled receivable, net | 21,419 | 26,645 | |||||||||
| Other current assets | 7,646 | 7,476 | |||||||||
| Total current assets | 295,051 | 255,520 | |||||||||
| Restricted cash equivalents, non-current | 676 | 676 | |||||||||
| Right-of-use assets | 5,059 | 4,692 | |||||||||
| Property and equipment, net | 1,053 | 1,239 | |||||||||
| Goodwill | 101,210 | 101,704 | |||||||||
| Intangible assets, net | 167,446 | 174,943 | |||||||||
| Deferred tax asset | 5 | 4 | |||||||||
| Contract assets and unbilled receivable, non-current, net | 12,270 | 12,879 | |||||||||
| Other non-current assets | 4,766 | 2,296 | |||||||||
| Total assets | $ | 587,536 | $ | 553,953 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 6,720 | $ | 5,559 | |||||||
| Accrued liabilities | 18,076 | 26,291 | |||||||||
| Operating lease liabilities | 2,064 | 1,898 | |||||||||
| Finance lease liabilities | 40 | 49 | |||||||||
| Income tax liability | 2,264 | 2,750 | |||||||||
| Deferred revenue | 26,888 | 23,876 | |||||||||
| Other current liabilities | 3,978 | 7,319 | |||||||||
| Total current liabilities | 60,030 | 67,742 | |||||||||
| Operating lease liabilities, net of current portion | 2,526 | 2,403 | |||||||||
| Deferred revenue, net of current portion | 7,517 | 6,862 | |||||||||
| Contingent acquisition liabilities | 113,147 | 286,898 | |||||||||
| Income tax liability, net of current portion | 3,115 | 3,075 | |||||||||
| Other non-current liabilities | 4,208 | 4,320 | |||||||||
| Total liabilities | 190,543 | 371,300 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
Series A Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; 0 and 0 shares issued and outstanding, aggregate liquidation preference of $— and $— as of March 31, 2025 and December 31, 2024, respectively |
— | — | |||||||||
Class A Common Stock, $0.0001 par value; 455,000,000 shares authorized; 368,869,290 and 361,096,457 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively |
36 | 35 | |||||||||
Class B Common Stock, $0.0001 par value; 44,000,000 shares authorized; 32,535,408 and 32,535,408 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively |
3 | 3 | |||||||||
| Additional paid-in capital | 1,209,871 | 1,125,470 | |||||||||
| Accumulated deficit | (813,128) | (943,060) | |||||||||
| Accumulated other comprehensive income | 211 | 205 | |||||||||
| Total stockholders’ equity | 396,993 | 182,653 | |||||||||
| Total liabilities and stockholders’ equity | $ | 587,536 | $ | 553,953 | |||||||
| Three Months Ended March 31, |
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| 2025 | 2024 | ||||||||||
| Revenues | $ | 29,129 | $ | 11,594 | |||||||
| Operating expenses: | |||||||||||
| Cost of revenues | 18,511 | 4,669 | |||||||||
| Sales and marketing | 12,007 | 5,542 | |||||||||
| Research and development | 24,756 | 14,878 | |||||||||
| General and administrative | 18,407 | 10,267 | |||||||||
| Change in fair value of contingent acquisition liabilities | (176,100) | 4,162 | |||||||||
| Amortization of intangible assets | 3,451 | 605 | |||||||||
| Total operating expenses | (98,968) | 40,123 | |||||||||
| Income (loss) from operations | 128,097 | (28,529) | |||||||||
| Other expense, net: | |||||||||||
| Interest expense | (235) | (5,664) | |||||||||
| Other income, net | 2,889 | 1,479 | |||||||||
| Total other income (expense), net | 2,654 | (4,185) | |||||||||
| Income (loss) before provision for income taxes | 130,751 | (32,714) | |||||||||
| Provision for income taxes | 819 | 295 | |||||||||
| Net income (loss) | $ | 129,932 | $ | (33,009) | |||||||
| Earnings attributable to participating Class A Common Shares | (705) | — | |||||||||
| Cumulative dividends attributable to Series A Preferred Stock | — | (343) | |||||||||
| Net income (loss) attributable to SoundHound common shareholders | $ | 129,227 | $ | (33,352) | |||||||
| Other comprehensive income: | |||||||||||
| Unrealized gains on investments | 6 | 36 | |||||||||
| Comprehensive income (loss) | $ | 129,938 | $ | (32,973) | |||||||
| Net income (loss) per share: | |||||||||||
| Basic | $ | 0.33 | $ | (0.12) | |||||||
| Diluted | $ | 0.31 | $ | (0.12) | |||||||
| Weighted-average common shares outstanding: | |||||||||||
| Basic | 393,893,313 | 286,596,559 | |||||||||
| Diluted | 414,156,455 | 286,596,559 | |||||||||
| Three Months Ended March 31, |
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| 2025 | 2024 | ||||||||||
| Cash flows used in operating activities: | |||||||||||
| Net income (loss) | $ | 129,932 | $ | (33,009) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 7,755 | 1,470 | |||||||||
| Stock-based compensation | 17,440 | 6,979 | |||||||||
| Amortization of debt issuance cost | — | 1,231 | |||||||||
| Loss on disposal of property and equipment | 31 | — | |||||||||
| Non-cash lease amortization | 664 | 743 | |||||||||
| Foreign currency gain/loss from remeasurement | (160) | (55) | |||||||||
| Change in fair value of contingent acquisition liabilities | (176,100) | 4,162 | |||||||||
| Change in fair value of derivative | (1,289) | — | |||||||||
| Deferred income taxes | (1) | (281) | |||||||||
| Other, net | 903 | 45 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | 2,347 | (1,248) | |||||||||
| Other current assets | (239) | (533) | |||||||||
| Contract assets | 5,816 | 939 | |||||||||
| Other non-current assets | (1,181) | 93 | |||||||||
| Accounts payable | 1,151 | 905 | |||||||||
| Accrued liabilities | (8,403) | (673) | |||||||||
| Other current liabilities | (581) | — | |||||||||
| Operating lease liabilities | (836) | (888) | |||||||||
| Deferred revenue | 3,667 | (1,606) | |||||||||
| Other non-current liabilities | (101) | (222) | |||||||||
| Net cash used in operating activities | (19,185) | (21,948) | |||||||||
| Cash flows used in investing activities: | |||||||||||
| Purchases of property and equipment | (162) | (99) | |||||||||
| Payment related to acquisition, net of cash acquired | — | (3,689) | |||||||||
| Net cash used in investing activities | (162) | (3,788) | |||||||||
| Three Months Ended March 31, |
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| 2025 | 2024 | ||||||||||
| Cash flows provided by financing activities: | |||||||||||
Proceeds from sales of Class A common stock under the Sales Agreement and Second Equity Distribution Agreement |
67,707 | 137,274 | |||||||||
| Proceeds from exercise of stock options and employee stock purchase plan | 666 | 8,887 | |||||||||
| Proceeds from warrants exercised | 13 | — | |||||||||
| Payment of financing costs associated with the Sales Agreement and Second Equity Distribution Agreement | (1,355) | (3,435) | |||||||||
| Payments on finance leases | (21) | (28) | |||||||||
| Net cash provided by financing activities | 67,010 | 142,698 | |||||||||
| Effects of exchange rate changes on cash | (94) | 103 | |||||||||
| Net change in cash, cash equivalents, and restricted cash equivalents | 47,569 | 117,065 | |||||||||
| Cash, cash equivalents, and restricted cash equivalents, beginning of period | 198,916 | 109,035 | |||||||||
| Cash, cash equivalents, and restricted cash equivalents, end of period | $ | 246,485 | $ | 226,100 | |||||||
| Reconciliation to amounts on the condensed consolidated balance sheets: | |||||||||||
| Cash and cash equivalents | $ | 245,809 | $ | 211,744 | |||||||
| Non-current portion of restricted cash equivalents | 676 | 14,356 | |||||||||
Total cash, cash equivalents, and restricted cash equivalents shown in the condensed consolidated statements of cash flows |
$ | 246,485 | $ | 226,100 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for interest | $ | 2 | $ | 3,539 | |||||||
| Cash paid for income taxes | $ | 1,230 | $ | 727 | |||||||
| Noncash investing and financing activities: | |||||||||||
| Conversion of Series A Preferred Stock to Class A common stock | $ | — | $ | 12,090 | |||||||
| Deferred offering costs reclassified to additional paid-in capital | $ | 69 | $ | — | |||||||
| Property and equipment acquired under accrued liabilities | $ | — | $ | 83 | |||||||
| Fair value of Class A common stock and deferred equity consideration issued to acquire SYNQ3 | $ | — | $ | 10,295 | |||||||
| Fair value of contingent earnout consideration to acquire SYNQ3 | $ | — | $ | 1,676 | |||||||
| Fair value of contingent holdback consideration to acquire SYNQ3 | $ | — | $ | 981 | |||||||
| Fair value of deferred cash consideration under SYNQ3 acquisition | $ | — | $ | 143 | |||||||
| Unpaid deferred offering cost | $ | — | $ | 200 | |||||||