(Boursier.com) — SoundHound climbs 15% before market on Wall Street! The little “nugget” of AI, in which Nvidia invested, weighs nearly 1.4 billion dollars on the American stock market. Its reported revenue was $11.6M in Q1, a 73% year-over-year increase. The GAAP gross margin is 60% and the non-GAAP gross margin is 66%. However, GAAP earnings per share remain at a loss of ($0.12).
The consolidated results include the operational and transactional impacts of the acquisition of SYNQ3, closed in the first quarter. The cumulative amount of subscriptions and pending reservations stands at $682 million, up approximately 80% year-over-year. The cash balance was $226 million at the end of the first quarter.
“We are pleased to start the year with a strong performance, in our strongest first quarter on record,” said Nitesh Sharan, CFO of SoundHound AI. “Our commercial momentum continues to accelerate with a growing pipeline across all businesses.”
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