SoundHound AI, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SoundHound AI, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SOUNDHOUND AI, INC. (SOUNW) filed a Annual Report (10-K) with the SEC on March 1, 2024. SoundHound AI, Inc. filed its 2023 Form 10-K on March 1, 2024. The company's fiscal year ends on December 31st. SoundHound AI, Inc. was formerly known as Archimedes Tech Spac Partners Co, with a name change on January 15, 2021. The filing covers the period from January 1, 2023, to December 31, 2023. The company's business address is located in Claymont, Delaware.

Why It Matters

For investors and stakeholders tracking SOUNDHOUND AI, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SoundHound AI's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's progress and future prospects. Understanding the details within this annual report is essential for stakeholders to evaluate the company's market position, identify potential risks, and make informed investment decisions regarding SoundHound AI, Inc.

Risk Assessment

Risk Level: medium — SOUNDHOUND AI, INC. shows moderate risk based on this filing. The company's financial performance and operational details are complex and require careful analysis to fully understand its current standing and future potential, as indicated by the comprehensive nature of a 10-K filing.

Analyst Insight

Investors should carefully review the financial statements and risk factors detailed in the 10-K to assess SoundHound AI's long-term viability and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-01 — Filing Date (Date of submission)
• 001-40193 — SEC File Number (SEC registration number)
• 24707208 — Film Number (SEC film identifier)

Key Players & Entities

• SOUNDHOUND AI, INC. (company) — Filer name
• SOUNW (company) — Ticker symbol
• Archimedes Tech Spac Partners Co (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-01 (date) — Filing date
• DE (location) — State of incorporation
• 19703 (location) — Business ZIP code
• 650-560-4753 (phone) — Business phone number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-01: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2021-01-15: Name Change — Date SoundHound AI, Inc. changed its name from Archimedes Tech Spac Partners Co.

Key Financial Figures

• $0.0001 — tered Class A Common stock, par value $0.0001 per share SOUN The Nasdaq Stock Market
• $4.55 — 30, 2023, based on the closing price of $4.55 for shares of the Registrant's Class A
• $160 billion — t for Voice AI transactions will exceed $160 billion by 2026, enabled by a growing need for
• $600, b — els in San Francisco that are less than $600, but not less than $300, are pet friendly,
• $300 — t are less than $600, but not less than $300, are pet friendly, have a gym and a poo

Filing Documents

• soun-20231231.htm (10-K) — 2476KB
• soun-20231231x10kxexx191.htm (EX-19.1) — 82KB
• soun-20231231x10kxexx231.htm (EX-23.1) — 2KB
• soun-20231231x10kxexx232.htm (EX-23.2) — 4KB
• soun-20231231x10kxexx311.htm (EX-31.1) — 11KB
• soun-20231231x10kxexx312.htm (EX-31.2) — 11KB
• soun-20231231x10kxexx321.htm (EX-32.1) — 5KB
• soun-20231231x10kxexx322.htm (EX-32.2) — 5KB
• soun-20231231x10kxexx991.htm (EX-99.1) — 24KB
• image_1.jpg (GRAPHIC) — 0KB
• 0001840856-24-000013.txt (&nbsp;) — 13853KB
• soun-20231231.xsd (EX-101.SCH) — 88KB
• soun-20231231_cal.xml (EX-101.CAL) — 113KB
• soun-20231231_def.xml (EX-101.DEF) — 559KB
• soun-20231231_lab.xml (EX-101.LAB) — 1155KB
• soun-20231231_pre.xml (EX-101.PRE) — 842KB
• soun-20231231_htm.xml (XML) — 2040KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 38

Cybersecurity 37

Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. [Reserved] 42 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 116 Item 9A.

Controls and Procedures

Controls and Procedures 116 Item 9B. Other Information 117 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 117 Part III Item 10. Directors, Executive Officers and Corporate Governance 119 Item 11.

Executive Compensation

Executive Compensation 119 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 119 Item 13. Certain Relationships and Related Transactions, and Director Independence 119 Item 14. Principal Accountant Fees and Services 119 Part IV Item 15. Exhibits and Financial Statement Schedules 120 Item 16. Form 10-K Summary 121

Signatures

Signatures 122 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K of SoundHound AI, Inc. ("we," "us," "our," "SoundHound," or the "Company") contains "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act) that reflect our current expectations and views of future events. You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. These forward-looking statements include, but are not limited to, statements concerning our expected financial performance, our ability to implement our business strategy and anticipated business and operations, including our ability to improve our Generative AI Foundation Model, expand our customer partnerships and roll out our AI drive thru service, roll out our Dynamic Interaction, Chat AI for Automotive, and expand the number of platforms on which our voice AI technology will be available, the potential utility of and market for our products and services, and our ability to achieve revenue from our bookings backlog. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. Our actual results of operations or the results of other matters that we anticipate herein could be materially different from our expectations. Accordingly, readers are cautioned that significant known and unknown risks, uncertainties and other important factors may caus

Business

Item 1. Business Our Mission SoundHound's mission is to voice-enable the world with conversational intelligence through an independent AI platform enabling humans to interact with products and services like they interact with each other — by speaking naturally. Company Overview We are a global leader in conversational intelligence, offering independent Voice AI solutions that enable businesses to deliver high-quality conversational experiences to their customers. Built on proprietary technology, SoundHound's voice AI delivers best-in-class speed and accuracy in numerous languages to product creators across automotive, TV, and IoT, and to customer service industries via groundbreaking AI-driven products like Smart Answering, Smart Ordering, and Dynamic Interaction, and Employee Assist. Along with SoundHound Chat AI, a powerful voice assistant with integrated Generative AI, SoundHound powers millions of products and services, and processes billions of interactions each year for world class businesses. We believe voice-enabled conversational user interface is a more natural interface for nearly all use cases, and product creators should have the ability to design, customize, differentiate, innovate and monetize the interface to their own product, as opposed to outsourcing it to a third-party assistant. For example, using SoundHound, businesses can voice-enable their products so consumers can say things like, "Turn off the air conditioning and lower the windows," while in their cars, "Find romantic comedies released in the last year," while streaming on their TV and even place food orders before arriving at a restaurant by talking to their cars, TVs or other IoT devices. Additionally, SoundHound's technology can address complex user queries such as, "Show me all restaurants within half a mile of the Space Needle that are open past 9pm on Wednesdays and have outdoor seating," and follow-on qualifications such as "Okay, don't show me anything with less than 3 stars o

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View this 10-K filing on SEC EDGAR