Financial PerformanceLower revenue, lower gross margin, and lower cash operating expense resulted in an adjusted EBITDA loss of $22.2M, versus an expected $19.0M loss.
Industry CompetitionCompetitors have more awareness, creating a challenge for SoundHound in driving profitability while needing to invest in sales and marketing.
Stock PerformanceSOUN shares have come under pressure in recent days, down 29% year to date versus a 2.2% decline in the Russell 2000 Index.