It was a big GAAP loss for SoundHound AI Inc. in the most recent quarter, and they are still much bigger than their revenue. However, their top-line growth was better than predicted.
The company that makes software for AI that can have conversations reported a net loss of $37.3 million, or 11 cents per share, for the second quarter on Thursday. The net loss was more than the $23.3 million that SoundHound SOUN 21.16% lost in the same quarter last year, though each share of stock still lost 11 cents.
When everything was taken into account, SoundHound lost 4 cents per share, down from 7 cents per share the previous year.
The most recent quarter brought in $13.46 million, which is 54% more than the same time last year and more than the $13.1 million that FactSet thought it would bring in.
“This has been a milestone quarter, with strong customer momentum across all of our key industries, including the launch of several new global brands,” said Keyvan Mohajer, founder and CEO of the company.
Earlier in the day, SoundHound said it would buy the business AI software company Amelia for $80 million. “The business combination makes SoundHound AI the leading provider of voice and conversational generative AI, with a reach across many industries,” the company said in a previous statement.
After taking into account the acquisition, the company now plans to make more than $80 million this year and more than $150 million in 2025.
SoundHound said in the news release about the acquisition and the $150 million revenue goal for next year that they expect “Amelia to contribute over $45 million in recurring AI software revenue, plus other non-software revenues such as professional services and agent-related fees.”
SoundHound’s stock went up 21% during the regular session on Thursday, and it went up another 3% during the extra session.
