SOUNDHOUND AI Reports Record-Breaking USD 8.8 Million in Revenue for Q2 2023, 42.3% Year-Over-Year Increase
August 13, 2023
☀️Earnings Overview
For their Second Quarter ending June 30 2023, SOUNDHOUND AI ($NASDAQ:SOUN) reported total revenue of USD 8.8 million, a 42.3% increase compared to the same period last year. Additionally, Net income for the quarter totaled -21.9 million, a decrease from the prior year’s figure of -30.7 million. The company released their fiscal year 2023 Q2 earnings results on August 11 2023.
Analysis
GoodWhale’s analysis of SOUNDHOUND AI‘s fundamentals reveals that the company is classified as a ‘cheetah’ according to the Star Chart. This classification implies high revenue or earnings growth, but also lower profitability and less stability. This makes SOUNDHOUND AI an attractive investment opportunity for investors looking for high growth, albeit with some risk. The company is strong in growth, but medium in asset and weak in dividend and profitability. Its intermediate health score of 4/10, taking into account its cashflows and debt, suggests that it will be able to sustain future operations in times of crisis. Investors looking for high growth potential should consider investing in SOUNDHOUND AI, while taking into account the inherent risks associated with such investments. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Soundhound Ai. More…
| Total Revenues | Net Income | Net Margin |
| 36.15 | -107.9 | -292.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Soundhound Ai. More…
| Operations | Investing | Financing |
| -80.9 | -0.64 | 145.84 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Soundhound Ai. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 157.58 | 118.79 | 0.17 |
Key Ratios Snapshot
Some of the financial key ratios for Soundhound Ai are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | -265.6% |
| FCF Margin | ROE | ROA |
| -225.6% | -291.5% | -38.1% |
Peers
In the world of AI technology, there is always room for more than one player in the market. This is evident with the competition between SoundHound AI Inc and its main competitors Weave Communications Inc, Ymirlink Inc, and Amesite Inc. All four companies offer different services that cater to the needs of their customers.
– Weave Communications Inc ($NYSE:WEAV)
Weave Communications is a cloud-based software company that provides customer relationship management (CRM), marketing automation, and business intelligence solutions to small and medium businesses. The company was founded in 2011 and is headquartered in Lehi, Utah.
Weave Communications has a market cap of $384.64M as of 2022 and a Return on Equity of -35.73%. The company’s primary product is Weave, a cloud-based software platform that helps businesses manage customer relationships, marketing campaigns, and business intelligence. Weave Communications also offers a number of other products and services, including Weave VoIP, Weave Connect, and Weave Education.
– Ymirlink Inc ($TSE:4372)
YmirLink Inc is a global technology company that provides digital solutions for businesses and consumers. Its products and services include online security, cloud computing, and data storage. The company has a market capitalization of 4.52 billion as of 2022 and a return on equity of 16.77%. YmirLink was founded in 2001 and is headquartered in New York, USA.
– Amesite Inc ($NASDAQ:AMST)
Amesite Inc is a company that provides software products and services. The company has a market cap of 6.39M as of 2022 and a Return on Equity of -62.57%. The company’s products and services include software development tools, application development tools, and web development tools. The company’s software products and services are used by businesses of all sizes, from small businesses to large enterprises. The company’s software products and services are used by businesses in a variety of industries, including healthcare, government, education, and finance.
Summary
Investors should take note of SOUNDHOUND AI‘s second quarter earnings for FY2023, which saw total revenue of USD 8.8 million, a 42.3% year-over-year increase. Net income for the quarter was reported as USD -21.9 million, a decrease from the prior year. This trend indicates that while the company is growing its top line, it still has work to do in terms of improving profits. Further analysis of the company’s investments, expenses, and operations will be necessary in order to gauge how well it is prepared for future growth.
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