Cerence (CRNC) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to loss of $0.04 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 280%. A quarter ago, it was expected that this automotive artificial intelligence developer would post a loss of $0.23 per share when it actually produced a loss of $0.09, delivering a surprise of 60.87%. Over the last four qu ...

Exhibit 99.1 Cerence Announces Third Quarter Fiscal Year 2024 Results Headlines • Q3 revenue in-line with guidance; positive cash flow from operations of $12.9 million • Five generative AI customer programs released to production • Transformation plans estimated to deliver net annualized cost savings of $35-40 million, predominantly realized in FY25 BURLINGTON, Mass., August 8, 2024 – Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today reported its third quarter fiscal year 2024 results for the qua ...

Cerence (NASDAQ: CRNC) is the global industry leader in creating unique, moving experiences for the mobility world. As an innovation partner to the world's leading automakers and mobility OEMs, it is helping advance the future of connected mobility through intuitive, AI-powered interaction between humans and their vehicles, connecting consumers' digital lives to their daily journeys no matter where they are. Cerence's track record is built on more than 20 years of knowledge and 500 million cars shipped with ...

To learn more about Cerence, visit www.cerence.com, and follow the company on LinkedIn and Twitter. across multiple markets in China and Europe and continued expansion into high-potential markets in Southeast Asia and the Middle East. From 2022 to 2025, smart will bring an all-new model to customers each year, further enriching the new generation all-electric product portfolio. For its next-gen platform, smart has prioritized leveraging AI to enhance the user experience, turning to Cerence and its industry- ...

"It is a privilege to take on this additional responsibility at an important time for the company," said Nils Schanz, Chief Product Officer, Cerence. "Bringing our product and technology teams together reflects how we've already been operating as a company to seamlessly deliver for our customers. We have a strong team in place, and I look forward to continuing to advance our strategy and execute on our generative AI roadmap." Mr. Schanz joined Cerence in October 2022 following a 15-year tenure at Mercedes-B ...

"As Chief Product Officer, Nils has been a driving force behind our continued innovation across our core products and new generative AI portfolio. He was instrumental to launching Cerence Chat Pro, our uniquely intelligent, automotive-grade ChatGPT integration that has quickly been adopted by Volkswagen, Audi, and others, as well as generative AI-powered Cerence Car Knowledge," said Stefan Ortmanns, CEO, Cerence. "Our product and technology teams already work closely together to create immersive, AI-powered ...

Core Insights - Cerence Inc. announced a partnership with Audi to enhance its in-car assistant using generative AI technology [1][2] - Audi will implement Cerence Chat Pro in vehicles equipped with the MIB 3 infotainment platform, starting with model year 2021 and future models [2][3] - The collaboration aims to improve the user experience by providing automotive-grade generative AI applications for safer and more enjoyable driving [3][4] Company Overview - Cerence is a leader in AI-powered interaction for the automotive industry, with over 20 years of experience and 475 million cars equipped with its technology [5] - The company focuses on creating intuitive, AI-driven experiences that connect consumers' digital lives with their mobility needs [5] - Cerence's solutions are designed to enhance safety, comfort, and productivity for drivers and passengers [4][5]

With a dual focus on creating added value for cars already on the road as well as advancing its in-car assistant capabilities for the future, Audi will first deploy Cerence Chat Pro in Audi vehicles equipped with the MIB 3 infotainment platform, beginning with model year 2021 via back-end activation as well as upcoming models. In addition, Cerence Chat Pro will be integrated as part of Audi's in-car assistant, extending its capabilities within HCP3, the new, high-performance computing and infotainment platf ...

Core Insights - Cerence is expanding its presence in the automotive industry with the deployment of Cerence Chat Pro, an advanced ChatGPT integration, across Volkswagen Group's European lineup [1][9] - The collaboration with Volkswagen, initially announced at CES 2024, enhances driver interactions through the IDA voice assistant, utilizing generative AI technology [2][8] - Cerence's partnerships with major automotive players like BMW Group, NVIDIA, and Microsoft are strengthening its market position and expanding its client base [10] Product Developments - Cerence Chat Pro is now available in five languages, integrating vehicle command and control features with real-time cloud-based information, improving the in-car experience for various Volkswagen models [5] - The introduction of Cerence Automotive Large Language Model (CaLLM), powered by NVIDIA, aims to transform in-car computing platforms and enhance user experiences with generative AI capabilities [6] Financial Performance - Cerence expects revenues between $66 million and $72 million for the third quarter of fiscal 2024, with a Zacks Consensus Estimate for revenues at $70.33 million, indicating a year-over-year growth of 14.06% [7][12] - The stock has experienced a significant decline of 84.4% year to date, contrasting with a 24% rise in the Zacks Computer & Technology sector, primarily due to intense competition in the automotive voice assistance market [11]

Core Insights - Cerence Inc. has launched Cerence Chat Pro, an AI-powered voice assistant integrated into Volkswagen's vehicles across Europe, marking the first deployment of this technology to drivers [1][5] - The collaboration between Cerence and Volkswagen was first announced at CES 2024, focusing on enhancing the in-car assistant with generative AI capabilities [1][2] Group 1: Product Features - Cerence Chat Pro allows users to engage in conversational interactions with the in-car voice assistant, utilizing ChatGPT's large language model for credible responses to a wide range of queries [2][4] - The voice assistant is designed specifically for in-car use, combining vehicle command features with access to cloud-based content and real-time information [2][3] Group 2: Language and Model Availability - The service is currently available in five languages: English (US), English (UK), German, Spanish, and Czech, across various Volkswagen Group brands including Volkswagen, Cupra, Seat, and Skoda [3][5] - The rollout includes both new models like the Volkswagen ID. series and updated versions of existing models such as the Golf, Tiguan, and Passat [3] Group 3: Strategic Importance - Volkswagen emphasizes its commitment to democratizing technology, making advanced AI accessible to a broad audience through its vehicles [4] - The partnership aims to enhance the driving experience by making the IDA voice assistant more knowledgeable and capable, contributing to safer and more enjoyable journeys [5] Group 4: Future Plans - The rollout of Cerence Chat Pro will expand globally, including the US, with additional features and improvements expected through early 2025 [5]