SoundHound AI Inc - Class A

SoundHound AI delivered a notably strong third quarter, beating on both the top and bottom lines as its Amelia acquisition reshaped the business at pace. Revenue came in at $25.09 million for Q3 2024, up 89.1% year-over-year and ahead of the $23.02 million consensus by 9.01%, while the loss per share of $0.04 was meaningfully better than the $0.07 analysts had expected, a 42.86% positive surprise. The Amelia deal, which brought an enterprise conversational AI platform into the fold along with $182.58 million in intangible assets, was the single largest driver of the quarter's transformation, diversifying revenue across automotive, restaurants, financial services, healthcare, and insurance verticals and reducing reliance on any one customer from 72% to just 12% of revenue. Operating losses widened due to acquisition costs and elevated R&D investment, and the company separately launched an at-the-market equity program to support ongoing growth. Management raised full-year 2024 revenue guidance to $82 to $85 million and projected $155 to $175 million for 2025, signaling strong confidence in the post-acquisition growth trajectory.