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SoundHound AI, Inc. reported a 73% revenue growth to $11.6 million in the first quarter of 2024, closing the quarter with $226 million in cash. The company also raised its full-year revenue outlook. CEO Keyvan Mohajer attributed the growth to the increasing demand for voice AI technology in customer service. The company's financial highlights for the quarter include a 60% GAAP gross margin, a net loss of ($33.0) million, and adjusted EBITDA of ($15.4) million. SoundHound's business highlights include the acquisition of SYNQ3, partnerships with large QSR brands, and expansion of voice AI ordering across multiple franchisees. The company also partnered with NVIDIA to deliver in-vehicle voice-enabled generative AI responses and announced other partnerships. SoundHound's total cash at the end of the quarter was $226 million, and the company updated its full-year 2024 revenue outlook to be in a range of $65 to $77 million. For more information, visit the company's website.
