SoundHound AI(SOUN) - 2024 Q4 - Annual Results

Revenue and Loss - Total revenues for the year ended December 31, 2024, increased to $84.693 million, a 84.5% increase from $45.873 million in 2023[4] - The net loss for the year ended December 31, 2024, was $350.681 million, compared to a net loss of $88.937 million in 2023, representing a 295.5% increase in losses[4] - The company’s basic and diluted net loss per share for the three months ended December 31, 2024, was $(0.69), compared to $(0.07) for the same period in 2023[3] Operating Expenses - Operating expenses for the year ended December 31, 2024, totaled $426.046 million, significantly up from $114.481 million in 2023, reflecting a 272.5% increase[4] Assets and Equity - The total assets of the company as of December 31, 2024, were $553.953 million, compared to $151.122 million in 2023, marking a 267.5% increase[2] - The company’s total stockholders' equity improved to $182.653 million as of December 31, 2024, compared to $28.168 million in 2023, a 648.5% increase[2] Cash and Cash Equivalents - Cash and cash equivalents as of December 31, 2024, were $198.240 million, up from $95.260 million as of December 31, 2023, indicating a 108.3% increase[2] - Cash, cash equivalents, and restricted cash equivalents at the end of 2024 reached $198,916,000, up from $109,015,000 in 2023[8] - Total cash and cash equivalents were $198,240,000 in 2024, compared to $95,260,000 in 2023[8] Liabilities - Total current liabilities increased to $67.742 million as of December 31, 2024, from $24.223 million in 2023, reflecting a 179.5% increase[2] - Payments on notes payable increased significantly to $215,373,000 in 2024 from $35,029,000 in 2023[8] Accounts Receivable - The company reported a significant increase in accounts receivable, net of allowances, which rose to $23.159 million in 2024 from $4.050 million in 2023, a 471.5% increase[2] Financing Activities - Net cash provided by financing activities increased to $210,906,000 in 2024 from $168,237,000 in 2023[8] - Proceeds from warrants exercised amounted to $23,000 in 2024, compared to $0 in 2023 and 2022[8] Other Financial Metrics - Cash paid for interest decreased to $6,337,000 in 2024 from $11,984,000 in 2023[11] - Cash paid for income taxes increased to $2,717,000 in 2024 from $2,356,000 in 2023[11] - The conversion of Series A Preferred Stock to Class A common stock resulted in $14,187,000 in 2024, compared to $10,755,000 in 2023[11] - Fair value of contingent earnout consideration under SYNQ3 and Amelia acquisitions was recorded at $286,898,000[11] - The change in fair value of contingent acquisition liabilities for the three months ended December 31, 2024, was $220.946 million, with no comparable figure in 2023[3] - The company reported a net change in cash of $89,881,000 in 2024, down from $99,560,000 in 2023[8]