SoundHound AI(SOUN) - 2024 Q3 - Quarterly Results

Revenue and Growth - Total revenues for September 2024 reached $25,094,000, a 89.5% increase from$ 13,268,000 in September 2023[2]. - Total current assets rose to $181,209,000 as of September 30, 2024, compared to$ 113,542,000 at December 31, 2023, marking a 59.5% increase[1]. - Cash flows provided by financing activities totaled $115,445 thousand for the nine months ended September 30, 2024, compared to$ 155,175 thousand in the same period of 2023, indicating a decrease of 25.7%[3]. Expenses and Losses - Operating expenses for September 2024 totaled $58,861,000, up from$ 27,798,000 in September 2023, representing a 111.2% increase[2]. - The company reported a loss from operations of $33,767,000 for September 2024, compared to a loss of$ 14,530,000 in September 2023, reflecting a 132.5% increase in operational losses[2]. - Net loss for September 2024 was $21,751,000 compared to a net loss of$ 20,197,000 in September 2023, indicating a 7.7% increase in losses[2]. - Net loss for the nine months ended September 30, 2024, was $92,082 thousand, compared to a net loss of$ 70,934 thousand for the same period in 2023, representing a 29.5% increase in losses[3]. Cash and Assets - Cash and cash equivalents increased to $135,606,000 as of September 30, 2024, from$ 95,260,000 at December 31, 2023, reflecting a 42.3% growth[1]. - Total cash, cash equivalents, and restricted cash equivalents at the end of the period were $136,417 thousand, up from$ 109,921 thousand at the end of the previous year, marking a 24.0% increase[4]. - Goodwill and intangible assets combined reached $294,309,000 as of September 30, 2024, indicating significant investment in acquisitions[1]. Liabilities and Deficits - Total liabilities increased to$ 203,667,000 as of September 30, 2024, up from $122,954,000 at December 31, 2023, representing a 65.5% rise[1]. - The company’s accumulated deficit grew to$ (684,461,000) as of September 30, 2024, compared to $(592,379,000) at December 31, 2023, indicating a worsening financial position[1]. Operational Metrics - The weighted-average common shares outstanding for September 2024 were 360,385,812, compared to 242,022,268 in September 2023, showing a 49% increase[2]. - Net cash used in operating activities increased to$ 75,755 thousand for the nine months ended September 30, 2024, from $54,395 thousand in the prior year, reflecting a 39.3% increase[3]. - Deferred revenue increased to$ 8,993 thousand for the nine months ended September 30, 2024, compared to $5,532 thousand in the prior year, representing a 62.5% increase[3]. Other Financial Activities - Cash paid for interest during the nine months ended September 30, 2024, was$ 4,448 thousand, down from $7,945 thousand in the same period of 2023, a decrease of 44.4%[4]. - Stock-based compensation increased to$ 23,292 thousand for the nine months ended September 30, 2024, compared to $20,639 thousand in the prior year, reflecting an increase of 12.8%[3]. - The company reported a loss on early extinguishment of debt amounting to$ 15,587 thousand for the nine months ended September 30, 2024, compared to $837 thousand in the same period of 2023[3]. - The company made payments related to acquisitions totaling$ 11,732 thousand for the nine months ended September 30, 2024[3]. - Cash paid for income taxes was $1,677 thousand for the nine months ended September 30, 2024, slightly up from$ 1,645 thousand in the same period of 2023[4].