SoundHound AI’s Mind-Blowing 101% Revenue Jump – Here’s What’s Driving It
In the final months of 2024, SoundHound AI, which is well-known for its state-of-the-art speech AI technology, saw a staggering 101% increase in sales, bringing in an impressive $34.5 million. This rapid expansion demonstrates that speech AI is not only a technology of the future but is already gaining traction.
What is causing this increase to accelerate?
Significant developments by SoundHound AI are upending industries ranging from fancy rides to fast food. They witnessed an 85% increase in overall revenue during this most recent orbit around the sun, reaching $84.7 million. They still spend more than they earn, of course, but they have a healthy $200 million cash pile and no debt, so they’re well-positioned to stretch out even more.
Voice AI is Everywhere—Here’s Where SoundHound is Winning
Fast Food & Restaurants
If you’ve ordered food at a drive-thru lately, there’s a good chance you’ve already interacted with SoundHound’s AI. The company now works with over 30% of the top 20 quick-service restaurant brands, including Burger King UK, Peet’s Coffee, and Torchy’s Tacos. Their AI-powered voice ordering system is helping restaurants handle more customers efficiently and improve service times.
Healthcare Industry
SoundHound’s reach goes beyond food and cars—it’s now shaking things up in healthcare. Big names like Duke Health and Wellstar Health System have started to use its AI tech to boost their operations and make patient interactions better.
Automotive Partnerships
Picture this: you’re driving and you can order food, control your smart home gadgets, or ask for directions—all just by speaking. That’s the kind of experience SoundHound is building. The company’s AI is already part of cars from brands like Lucid Motors and Togg making voice features in cars better and helping drivers stay safe and smart on the road.
Big Plans for the Future
One of SoundHound’s most exciting developments is its new voice commerce platform for cars. Soon, you’ll be able to order food directly from your vehicle without ever touching a phone. The company believes this innovation will be a game-changer.
Despite a recent stock dip—largely due to Nvidia selling off its stake—CEO Keyvan Mohajer remains confident. He chalks up Nvidia’s move to portfolio reshuffling rather than a lack of belief in SoundHound’s potential. Looking ahead, the company is projecting revenue between $157 million and $177 million in 2025, signaling even bigger things to come.
