SoundHound(NASDAQ:SOUN) 
SoundHound AI, Inc. develops independent voice artificial intelligence (AI) platform that enables businesses across industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conv...
Website: https://www.soundhound.com/
Founded: 2005
Full Time Employees: 433 (Dec 2022)
CEO / Founder: Keyvan Mohajer
Sector: Technology
Industry: Software—Application
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At a glance:
- Revenue Growth Driven by Expanding Voice AI Adoption: SoundHound is positioned to benefit from broader enterprise adoption of conversational AI across industries such as automotive, restaurants, and customer service, supporting continued top-line growth.
- Backlog and Partnerships Provide Longer-Term Visibility: A growing pipeline of contracted and expected deployments—often supported by strategic partnerships—can improve revenue visibility, though conversion timing may vary by customer rollout schedules.
- Path to Margin Expansion Depends on Scaling and Mix: Gross margin improvement is tied to scaling higher-margin software revenue, optimizing cloud/compute costs, and increasing recurring subscription and licensing mix versus services-heavy implementations.
- Cash Burn and Funding Needs Remain Key Watch Items: While operating leverage may improve with scale, ongoing investment in R&D and go-to-market can pressure near-term cash flow, making liquidity and any future financing activity important to monitor.
- Competitive and Execution Risks in a Fast-Moving AI Market: SoundHound competes against large platform providers and well-funded startups; outcomes will depend on differentiation, reliability, customer retention, and the ability to deliver performant solutions at attractive unit economics.
Bull Thesis:
- Expanding Market for Conversational AI: The global market for voice AI and conversational interfaces is experiencing rapid growth across various sectors (automotive, IoT, customer service), providing a significant tailwind for SoundHound's core business and platform adoption.
- Differentiated Proprietary Voice AI Technology: SoundHound's advanced Houndify platform and proprietary voice AI technology offer unique capabilities like real-time understanding, multi-modal interactions, and customizability, creating a competitive edge over generic or less sophisticated solutions.
- Key Strategic Partnerships and Integrations: SoundHound has secured significant partnerships with major automotive OEMs (e.g., Stellantis, Hyundai) and other industry leaders. These integrations validate its technology and provide established channels for market penetration and recurring revenue generation.
- Scalable Platform with Diverse Monetization Potential: The Houndify platform's architecture allows for highly scalable deployment across numerous devices and services. As adoption grows, SoundHound can leverage various monetization models, including usage-based fees, subscriptions, and premium features, leading to high-margin revenue.
Bear Thesis:
- Fierce Competition from Well-Funded Tech Giants: SoundHound operates in a highly competitive landscape dominated by tech behemoths like Google, Amazon, Apple, and Microsoft, who possess vast resources, established ecosystems, and strong brand recognition, making market share gains challenging and costly.
- Continued Negative Free Cash Flow and Unclear Path to Profitability: SoundHound has consistently reported significant operating losses and negative free cash flow. The company's ability to achieve sustained profitability and positive cash flow in the near to medium term remains a significant concern, requiring ongoing capital raises.
- Dependence on Future Funding and Shareholder Dilution: Given its current cash burn rate and lack of profitability, SoundHound will likely need to raise additional capital in the future. This could lead to further dilution for existing shareholders and potentially impact the stock price negatively.
- Rapidly Evolving AI Landscape and Obsolescence Risk: The field of artificial intelligence, particularly generative AI, is advancing at an unprecedented pace. SoundHound must continuously innovate and adapt its technology to avoid obsolescence and maintain its competitive edge against newer, potentially more advanced solutions.
Main Competitors:
- Microsoft (Nuance Communications) ($MSFT) (Azure AI Speech, Nuance Mix, Nuance Dragon), Microsoft, through its acquisition of Nuance, is a major competitor in enterprise voice AI. Nuance's long-standing expertise in speech recognition and natural language understanding (NLU) for industries like automotive, healthcare, and customer service directly overlaps with SoundHound's target markets. They offer comprehensive platforms for custom voice assistants, IVR, and embedded solutions, leveraging Microsoft's vast cloud infrastructure and resources.
- Google (Alphabet Inc.) ($GOOGL) (Google Cloud Speech-to-Text, Dialogflow, Google Assistant), Google provides powerful and scalable voice AI and conversational AI services through Google Cloud. Their Speech-to-Text and Dialogflow platforms enable businesses to build custom voice interfaces, chatbots, and virtual agents. Google's extensive data, AI research, and integration with its broader ecosystem make it a formidable competitor for companies seeking to embed voice capabilities into their products and services.
- Amazon (Amazon Web Services - AWS) ($AMZN) (Amazon Lex, Amazon Polly, Amazon Alexa), Amazon offers a suite of AI services through AWS, including Amazon Lex for building conversational interfaces (chatbots and voice bots) and Amazon Polly for text-to-speech. While Alexa is primarily a consumer product, its underlying technology and AWS's cloud-based AI services compete directly with SoundHound for businesses looking to develop custom voice assistants, smart devices, and interactive voice experiences.
- OpenAI (Whisper, GPT-4o (voice capabilities), Custom LLM integrations), OpenAI, while not a traditional voice AI platform licensor, is rapidly becoming a significant indirect competitor and disruptor. Their advanced large language models (LLMs) like GPT-4o, with its multimodal voice capabilities, and their highly accurate speech-to-text model Whisper, are changing the landscape of conversational AI. Businesses can now leverage these powerful models to build sophisticated voice interfaces, potentially reducing the need for specialized NLU providers or requiring SoundHound to integrate and differentiate its offerings with LLM capabilities.
Moat:
SoundHound operates in a highly competitive voice AI market, facing established tech giants with immense resources (Microsoft/Nuance, Google, Amazon) and disruptive innovators (OpenAI). Its primary moat lies in its full-stack, proprietary voice AI technology, offering a brand-agnostic, customizable, and often hybrid (on-device/cloud) solution, particularly appealing to automotive and IoT clients who prioritize control, privacy, and offline functionality. However, the rapid advancements in large language models (LLMs) and the pervasive cloud ecosystems of its larger competitors pose significant challenges, requiring SoundHound to continuously innovate, integrate new AI paradigms, and clearly articulate its unique value proposition to maintain market share.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | 44,195,000 | 55,059,000 | 42,049,000 | 42,683,000 | 29,129,000 | 34,543,000 | 25,094,000 | 13,462,000 | 11,594,000 | 17,147,000 | 13,268,000 | 8,751,000 | 6,707,000 | 9,501,000 | 11,186,000 | 6,152,000 | ||||
yoy | 51.72% | 59.39% | 67.57% | 217.06% | 151.24% | 101.45% | 89.13% | 53.83% | 72.86% | 80.48% | 18.61% | 42.25% | ||||||||
qoq | -19.73% | 30.94% | -1.49% | 46.53% | -15.67% | 37.65% | 86.41% | 16.11% | -32.38% | 29.24% | 51.62% | 30.48% | -29.41% | -15.06% | 81.83% | |||||
operating expenses: | ||||||||||||||||||||
cost of revenues | 30,453,000 | 28,709,000 | 24,128,000 | 26,021,000 | 18,511,000 | 20,759,000 | 12,901,000 | 4,980,000 | 4,669,000 | 3,911,000 | 3,590,000 | 1,830,000 | 1,976,000 | 2,755,000 | 2,583,000 | 2,488,000 | ||||
sales and marketing | 19,215,000 | 17,415,000 | 16,381,000 | 15,837,000 | 12,007,000 | 9,566,000 | 8,363,000 | 5,655,000 | 5,542,000 | 4,469,000 | 4,471,000 | 5,078,000 | 4,875,000 | 6,744,000 | 6,672,000 | 4,370,000 | ||||
research and development | 26,200,000 | 24,841,000 | 22,848,000 | 25,805,000 | 24,756,000 | 20,394,000 | 19,545,000 | 15,738,000 | 14,878,000 | 12,713,000 | 12,806,000 | 11,736,000 | 14,184,000 | 21,528,000 | 19,352,000 | 18,862,000 | ||||
general and administrative | 25,676,000 | 21,205,000 | 24,346,000 | 18,230,000 | 18,407,000 | 16,437,000 | 17,031,000 | 9,535,000 | 10,267,000 | 7,641,000 | 6,931,000 | 6,377,000 | 7,125,000 | 7,226,000 | 9,587,000 | 9,362,000 | ||||
change in fair value of contingent acquisition liabilities | -39,392,000 | -84,631,000 | 66,245,000 | 31,359,000 | -176,100,000 | 220,946,000 | -1,356,000 | -1,082,000 | 4,162,000 | |||||||||||
amortization of intangible assets | 4,714,000 | 4,947,000 | 3,992,000 | 3,482,000 | 3,451,000 | 3,513,000 | 2,377,000 | 621,000 | 605,000 | |||||||||||
total operating expenses | 66,866,000 | 12,486,000 | 157,940,000 | 120,734,000 | -98,968,000 | 291,615,000 | 58,861,000 | 35,447,000 | 40,123,000 | 29,540,000 | 27,798,000 | 25,187,000 | 31,745,000 | 38,253,000 | 38,194,000 | 35,082,000 | ||||
income from operations | -22,671,000 | 42,573,000 | -115,891,000 | -78,051,000 | 128,097,000 | -257,072,000 | -33,767,000 | -21,985,000 | -28,529,000 | -12,393,000 | -14,530,000 | -16,436,000 | -25,038,000 | -28,752,000 | -27,008,000 | -28,930,000 | -490,053 | -553,434 | -229,484 | -150,901 |
yoy | -117.70% | -116.56% | 243.21% | 255.02% | -549.01% | 1974.33% | 132.40% | 33.76% | 13.94% | -56.90% | -46.20% | -43.19% | 5009.24% | 5095.20% | 11669.01% | 19071.51% | ||||
qoq | -153.25% | -136.74% | 48.48% | -160.93% | -149.83% | 661.31% | 53.59% | -22.94% | 130.20% | -14.71% | -11.60% | -34.36% | -12.92% | 6.46% | -6.64% | 5803.44% | -11.45% | 141.16% | 52.08% | |
operating margin % | -51.30% | 77.32% | -275.61% | -182.86% | 439.76% | -744.21% | -134.56% | -163.31% | -246.07% | -72.28% | -109.51% | -187.82% | -373.31% | -302.62% | -241.44% | -470.25% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
other income, net: | ||||||||||||||||||||
interest expense | -71,000 | -113,000 | -153,000 | -169,000 | -235,000 | -1,309,000 | -1,109,000 | -4,086,000 | -5,664,000 | -5,460,000 | -5,442,000 | -5,572,000 | -1,096,000 | -1,178,000 | -1,166,000 | -1,572,000 | ||||
other income | -1,488,000 | -203,000 | 7,230,000 | 4,752,000 | 2,889,000 | 135,000 | 2,634,000 | 4,974,000 | 1,479,000 | 1,457,000 | 1,336,000 | 493,000 | 94,000 | -179,500 | 116,000 | 223,000 | ||||
total other income | -1,559,000 | -316,000 | 7,077,000 | 4,583,000 | 2,654,000 | 104,603 | -82,802 | 38,409 | 80,361 | |||||||||||
income before provision for income taxes | -24,230,000 | 42,257,000 | -108,814,000 | -73,468,000 | 130,751,000 | -258,288,000 | -32,242,000 | -36,684,000 | -32,714,000 | -16,396,000 | -18,636,000 | -21,515,000 | -26,040,000 | -29,396,000 | -28,058,000 | -30,279,000 | ||||
provision for income taxes | 798,000 | 2,200,000 | 457,000 | 1,256,000 | 819,000 | 311,000 | -10,491,000 | 638,000 | 295,000 | 1,607,000 | 1,561,000 | 417,000 | 329,000 | 1,284,000 | 864,000 | 389,000 | ||||
net income | -25,028,000 | 40,057,000 | -109,271,000 | -74,724,000 | 129,932,000 | -258,599,000 | -21,751,000 | -37,322,000 | -33,009,000 | -18,003,000 | -20,197,000 | -21,932,000 | -26,369,000 | -30,680,000 | -28,922,000 | -30,668,000 | -385,450 | -636,236 | -191,075 | -70,540 |
yoy | -119.26% | -115.49% | 402.37% | 100.21% | -493.63% | 1336.42% | 7.69% | 70.17% | 25.18% | -41.32% | -30.17% | -28.49% | 6741.09% | 4722.11% | 15036.46% | 43376.04% | ||||
qoq | -162.48% | -136.66% | 46.23% | -157.51% | -150.24% | 1088.91% | -41.72% | 13.07% | 83.35% | -10.86% | -7.91% | -16.83% | -14.05% | 6.08% | -5.69% | 7856.41% | -39.42% | 232.98% | 170.87% | |
net income margin % | -56.63% | 72.75% | -259.87% | -175.07% | 446.06% | -748.63% | -86.68% | -277.24% | -284.71% | -104.99% | -152.22% | -250.62% | -393.16% | -322.91% | -258.56% | -498.50% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
earnings attributable to participating class a common shares | -705,000 | |||||||||||||||||||
net income attributable to soundhound common shareholders | -25,028,000 | -74,724,000 | 129,227,000 | |||||||||||||||||
other comprehensive income: | ||||||||||||||||||||
unrealized gains on investments | 20,000 | -85,000 | 47,000 | -33,000 | 6,000 | -57,000 | 57,000 | -30,000 | 36,000 | 2,000 | 168,000 | 29,000 | ||||||||
comprehensive income | -25,008,000 | -74,757,000 | 129,938,000 | |||||||||||||||||
net income per share | ||||||||||||||||||||
basic | -0.06 | 0.1 | -0.27 | -0.19 | 0.33 | |||||||||||||||
diluted | -0.11 | -0.14 | -0.27 | -0.19 | 0.31 | |||||||||||||||
weighted-average common shares outstanding: | ||||||||||||||||||||
basic | 421,472,827 | 405,421,412 | 409,783,470 | 400,124,499 | 393,893,313 | |||||||||||||||
diluted | 429,783,201 | 409,456,342 | 411,702,440 | 402,043,468 | 414,156,455 | |||||||||||||||
other expense, net: | ||||||||||||||||||||
loss on early extinguishment of debt | -42,000 | -15,587,000 | ||||||||||||||||||
cumulative dividends attributable to series a preferred stock | -73,000 | -343,000 | ||||||||||||||||||
net loss attributable to soundhound common shareholders | -13,515,750 | -109,271,000 | -258,599,000 | -21,751,000 | -37,395,000 | -33,352,000 | -18,571,000 | -20,844,000 | ||||||||||||
comprehensive loss | 39,972,000 | -109,224,000 | -258,656,000 | -21,694,000 | -37,425,000 | -32,973,000 | -20,775,000 | -20,029,000 | -21,903,000 | -30,680,000 | -28,922,000 | -30,668,000 | ||||||||
restructuring | 806,000 | 166,000 | 3,585,000 | |||||||||||||||||
total other expense | -1,216,000 | 1,525,000 | -14,699,000 | -4,185,000 | -4,003,000 | -4,106,000 | -5,079,000 | -1,002,000 | -644,000 | -1,050,000 | -1,349,000 | |||||||||
net income per share | ||||||||||||||||||||
basic and diluted | -0.76 | -0.06 | -0.11 | -0.12 | -0.07 | -0.09 | -0.1 | -0.13 | -0.14 | -0.15 | -0.19 | |||||||||
weighted-average common shares outstanding: | ||||||||||||||||||||
basic and diluted | 338,462,574 | 360,385,812 | 331,830,608 | 286,596,559 | 229,264,904 | 242,022,268 | 220,772,111 | 205,082,328 | 157,317,695 | 197,006,980 | 162,004,172 | |||||||||
less: cumulative dividends attributable to series a preferred stock | 551,500 | 647,000 | ||||||||||||||||||
other comprehensive gain: | ||||||||||||||||||||
unrealized holding gain on available-for-sale securities, net of tax | ||||||||||||||||||||
formation and operating costs | 490,053 | 553,434 | 229,484 | 150,901 | ||||||||||||||||
trust interest income | 11,857 | 3,353 | 3,352 | 3,353 | ||||||||||||||||
unrealized gain on change in fair value of warrants | 92,746 | -86,155 | 35,057 | 77,008 | ||||||||||||||||
basic and diluted weighted-average shares outstanding, common stock subject to redemption | 13,300,000 | 10,589,315 | 13,300,000 | 13,300,000 | ||||||||||||||||
basic and diluted net income per share attributable to common stock subject to redemption | -0.02 | -0.03 | -0.01 | |||||||||||||||||
basic and diluted weighted-average shares outstanding, common stock | 4,161,000 | 3,959,088 | 4,161,000 | 4,161,000 | ||||||||||||||||
basic and diluted net loss per share attributable to common stockholders | -0.02 | -0.12 | -0.01 | |||||||||||||||||
balance as of december 31, 2021 | 4,161,000 | |||||||||||||||||||
accretion of common stock to redemption value | ||||||||||||||||||||
balance as of march 31, 2022 | 4,161,000 | |||||||||||||||||||
balance as of december 31, 2020 | ||||||||||||||||||||
sale of 12,000,000 units through ipo | 12,000,000 | 11,998,800 | 12,000,000 | 12,000,000 | ||||||||||||||||
sale of 1,300,000 units through over-allotment | 1,300,000 | 1,299,870 | 1,300,000 | 1,300,000 | ||||||||||||||||
sale of 416,000 private units in private placement | 416,000 | 415,958 | 416,000 | 416,000 | ||||||||||||||||
issuance of representative shares | 420,000 | 419,958 | 420,000 | 420,000 | ||||||||||||||||
common stock issued to initial stockholders | 3,450,000 | 3,449,655 | 3,450,000 | 3,450,000 | ||||||||||||||||
forfeiture of founder shares | -125,000 | -124,987 | -125,000 | -125,000 | ||||||||||||||||
underwriting fee | ||||||||||||||||||||
offering costs charged to the stockholders’ equity | ||||||||||||||||||||
initial classification of warrant liability | ||||||||||||||||||||
reclassification of offering costs related to public shares | ||||||||||||||||||||
initial value of common stock subject to possible redemption | -13,300,000 | |||||||||||||||||||
balance as of march 31, 2021 | 4,161,000 | 4,161,000 | ||||||||||||||||||
subsequent measurement of common stock subject to possible redemption | -332.5 | -13,300,000 | -13,300,000 | |||||||||||||||||
subsequent measurement of common stock subject to redemption | ||||||||||||||||||||
balance as of june 30, 2021 | 104 | 4,161,000 | 4,161,000 | |||||||||||||||||
balance as of september 30, 2021 | 104 | 4,161,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash and cash equivalents | 215,642,000 | 248,490,000 | 268,936,000 | 230,340,000 | 245,809,000 | 198,240,000 | 135,606,000 | 200,156,000 | 211,744,000 | 95,260,000 | 96,146,000 | 115,764,000 | 46,331,000 | 9,245,000 | 33,412,000 | 65,010,000 | |||||
accounts receivable | 30,068,000 | 32,336,000 | 22,417,000 | 19,661,000 | 20,177,000 | 23,159,000 | 13,570,000 | 5,059,000 | 6,849,000 | 4,050,000 | 3,376,000 | 3,532,000 | 2,660,000 | 3,414,000 | 2,789,000 | 1,015,000 | |||||
contract assets and unbilled receivable | 32,752,000 | 32,178,000 | 21,928,000 | 21,419,000 | |||||||||||||||||
other current assets | 10,343,000 | 10,114,000 | 11,835,000 | 10,093,000 | 7,646,000 | 7,476,000 | 7,394,000 | 3,949,000 | 3,340,000 | 1,528,000 | 1,353,000 | 1,371,000 | 1,069,000 | 859,000 | 861,000 | 927,000 | |||||
total current assets | 288,805,000 | 329,129,000 | 335,366,000 | 282,022,000 | 295,051,000 | 255,520,000 | 181,209,000 | 224,056,000 | 234,037,000 | 113,542,000 | 109,373,000 | 126,941,000 | 53,257,000 | 17,703,000 | 42,365,000 | 71,759,000 | 96,695 | 333,361 | 763,130 | 950,513 | 1,129,408 |
restricted cash equivalents, non-current | 676,000 | 676,000 | 936,000 | 936,000 | 676,000 | 676,000 | 811,000 | 811,000 | 14,356,000 | 13,775,000 | 13,775,000 | 13,775,000 | 230,000 | 230,000 | 230,000 | 230,000 | |||||
right-of-use assets | 5,920,000 | 3,791,000 | 4,412,000 | 4,420,000 | 5,059,000 | 4,692,000 | 3,860,000 | 4,303,000 | 4,546,000 | 5,210,000 | 5,861,000 | 6,502,000 | 7,393,000 | 8,119,000 | 8,833,000 | 9,535,000 | |||||
property and equipment | 2,863,000 | 2,928,000 | 2,726,000 | 1,070,000 | 1,053,000 | 1,239,000 | 1,541,000 | 1,296,000 | 1,348,000 | 1,515,000 | 1,828,000 | 2,329,000 | 2,754,000 | 3,447,000 | 4,146,000 | 4,868,000 | |||||
goodwill | 122,277,000 | 122,277,000 | 122,277,000 | 101,210,000 | 101,210,000 | 101,704,000 | 111,730,000 | 6,039,000 | 5,760,000 | ||||||||||||
intangible assets | 172,036,000 | 181,395,000 | 191,066,000 | 159,880,000 | 167,446,000 | 174,943,000 | 182,579,000 | 13,147,000 | 11,580,000 | ||||||||||||
deferred tax asset | 28,000 | 29,000 | 4,000 | 4,000 | 5,000 | 4,000 | 30,000 | 10,000 | 10,000 | 11,000 | 55,000 | 55,000 | 55,000 | 55,000 | 2,169,000 | 2,169,000 | |||||
contract assets and unbilled receivable, non-current | 34,067,000 | 29,163,000 | 23,631,000 | 12,270,000 | |||||||||||||||||
other non-current assets | 18,279,000 | 18,042,000 | 16,267,000 | 6,321,000 | 4,766,000 | 2,296,000 | 3,298,000 | 1,494,000 | 686,000 | 577,000 | 558,000 | 885,000 | 2,074,000 | 1,656,000 | |||||||
total assets | 644,951,000 | 688,173,000 | 702,217,000 | 579,494,000 | 587,536,000 | 553,953,000 | 499,654,000 | 266,674,000 | 287,429,000 | 151,122,000 | 144,010,000 | 157,578,000 | 72,803,000 | 38,251,000 | 63,841,000 | 89,803,000 | 133,119,135 | 133,343,944 | 133,770,360 | 133,954,391 | 134,129,933 |
liabilities and stockholders’ equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accounts payable | 8,048,000 | 10,562,000 | 6,864,000 | 10,151,000 | 6,720,000 | 5,559,000 | 17,758,000 | 4,255,000 | 2,997,000 | 1,653,000 | 2,163,000 | 1,895,000 | 2,542,000 | 2,798,000 | 2,894,000 | 5,348,000 | |||||
accrued liabilities | 29,321,000 | 26,325,000 | 28,141,000 | 18,993,000 | 18,076,000 | 26,291,000 | 22,599,000 | 13,147,000 | 15,341,000 | 13,884,000 | 11,012,000 | 16,381,000 | 12,306,000 | 7,462,000 | 7,242,000 | 5,939,000 | 503,071 | ||||
operating lease liabilities | 2,751,000 | 1,812,000 | 2,012,000 | 2,076,000 | 2,064,000 | 1,898,000 | 1,832,000 | 2,285,000 | 2,791,000 | 2,637,000 | 2,740,000 | 2,881,000 | 3,157,000 | 3,282,000 | 3,281,000 | 3,299,000 | |||||
finance lease liabilities | 289,000 | 332,000 | 327,000 | 38,000 | 40,000 | 49,000 | 74,000 | 63,000 | 93,000 | 121,000 | 138,000 | 154,000 | 147,000 | 160,000 | 179,000 | ||||||
income tax liability | 2,812,000 | 2,662,000 | 2,438,000 | 2,966,000 | 2,264,000 | 2,750,000 | 2,677,000 | 1,888,000 | 1,630,000 | 1,618,000 | 1,105,000 | 1,080,000 | 1,213,000 | 1,314,000 | 2,858,000 | 2,829,000 | |||||
deferred revenue | 28,509,000 | 24,042,000 | 20,702,000 | 23,715,000 | 26,888,000 | 23,876,000 | 20,096,000 | 2,931,000 | 3,631,000 | 4,310,000 | 4,250,000 | 4,612,000 | 5,319,000 | 5,812,000 | 5,312,000 | 6,174,000 | |||||
contingent acquisition liabilities | 4,400,000 | 3,400,000 | 142,113,000 | 113,147,000 | 286,898,000 | 74,450,000 | 4,410,000 | 6,819,000 | |||||||||||||
other current liabilities | 1,557,000 | 1,604,000 | 1,248,000 | 351,000 | 3,978,000 | 7,319,000 | 5,142,000 | 968,000 | |||||||||||||
total current liabilities | 73,287,000 | 71,739,000 | 65,132,000 | 58,290,000 | 60,030,000 | 67,742,000 | 70,178,000 | 25,537,000 | 26,483,000 | 24,223,000 | 21,408,000 | 27,003,000 | 41,512,000 | 37,496,000 | 38,299,000 | 40,880,000 | 503,071 | 249,684 | 126,019 | 83,918 | 111,912 |
operating lease liabilities, net of current portion | 3,186,000 | 2,069,000 | 2,482,000 | 2,274,000 | 2,526,000 | 2,403,000 | 2,241,000 | 2,175,000 | 2,065,000 | 3,089,000 | 3,663,000 | 4,356,000 | 5,045,000 | 5,715,000 | 6,236,000 | 7,124,000 | |||||
deferred revenue, net of current portion | 6,756,000 | 8,195,000 | 7,748,000 | 6,132,000 | 7,517,000 | 6,862,000 | 7,570,000 | 3,766,000 | 4,087,000 | 4,910,000 | 3,573,000 | 4,118,000 | 5,433,000 | 7,543,000 | 8,874,000 | 9,465,000 | |||||
contingent acquisition liabilities, net of current portion | 87,334,000 | 129,227,000 | 214,858,000 | ||||||||||||||||||
deferred tax liabilities | 1,379,000 | ||||||||||||||||||||
income tax liability, net of current portion | 2,209,000 | 2,254,000 | 3,124,000 | 3,082,000 | 3,115,000 | 3,075,000 | 5,004,000 | 2,275,000 | 2,315,000 | ||||||||||||
other non-current liabilities | 10,134,000 | 9,540,000 | 9,637,000 | 7,844,000 | 4,208,000 | 4,320,000 | 4,530,000 | 4,570,000 | 4,638,000 | 6,420,000 | 6,092,000 | 16,824,000 | 4,294,000 | 4,295,000 | |||||||
total liabilities | 184,285,000 | 224,387,000 | 302,981,000 | 219,735,000 | 190,543,000 | 371,300,000 | 203,667,000 | 42,733,000 | 131,950,000 | 122,954,000 | 118,078,000 | 118,789,000 | 70,421,000 | 73,476,000 | 78,218,000 | 85,147,000 | 657,839 | 497,198 | 287,378 | 280,334 | 385,336 |
commitments and contingencies | |||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||
series a preferred stock, 0.0001 par value... | 2,097,000 | 14,187,000 | 14,387,000 | 24,942,000 | 24,942,000 | ||||||||||||||||
class a common stock, 0.0001 par value... | 37,000 | 37,000 | 37,000 | 36,000 | 36,000 | 35,000 | 33,000 | 31,000 | 29,000 | 22,000 | 21,000 | 20,000 | 18,000 | 16,000 | 16,000 | 16,000 | |||||
class b common stock, 0.0001 par value... | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | |||||
additional paid-in capital | 1,442,560,000 | 1,420,672,000 | 1,396,094,000 | 1,247,394,000 | 1,209,871,000 | 1,125,470,000 | 980,150,000 | 886,412,000 | 778,503,000 | 606,135,000 | 585,699,000 | 564,197,000 | 505,889,000 | 466,857,000 | 457,025,000 | 447,136,000 | |||||
accumulated deficit | -982,094,000 | -957,066,000 | -997,123,000 | -887,852,000 | -813,128,000 | -943,060,000 | -684,461,000 | -662,710,000 | -625,388,000 | -592,379,000 | -574,376,000 | -550,403,000 | -528,471,000 | -502,102,000 | -471,422,000 | -442,500,000 | -1,368,050 | -982,600 | -346,364 | -84,749 | |
accumulated other comprehensive income | 160,000 | 140,000 | 225,000 | 178,000 | 211,000 | 205,000 | 262,000 | 205,000 | 235,000 | 199,000 | 197,000 | 29,000 | |||||||||
total stockholders’ equity | 460,666,000 | 463,786,000 | 399,236,000 | 359,759,000 | 396,993,000 | 182,653,000 | 295,987,000 | 223,941,000 | 155,479,000 | 28,168,000 | 25,932,000 | 38,789,000 | 2,382,000 | 4,656,000 | 475,752 | 670,179 | 5,000,007 | ||||
total liabilities and stockholders’ equity | 644,951,000 | 688,173,000 | 702,217,000 | 579,494,000 | 587,536,000 | 553,953,000 | 499,654,000 | 266,674,000 | 287,429,000 | 151,122,000 | 144,010,000 | 157,578,000 | 72,803,000 | 133,770,360 | 133,954,391 | 134,129,933 | |||||
contract assets and unbilled revenue | 38,189,000 | 26,645,000 | 11,780,000 | ||||||||||||||||||
contract assets and unbilled revenue, non-current | 29,906,000 | 12,879,000 | 16,492,000 | ||||||||||||||||||
deferred tax liability | 1,363,000 | ||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||
long-term debt | 39,694,000 | 85,543,000 | 83,308,000 | 66,428,000 | |||||||||||||||||
contract assets and unbilled receivable, net of allowance for credit losses of 118 and 17 of september 30, 2024 and december 31, 2023, respectively | 24,639,000 | ||||||||||||||||||||
contract assets and unbilled receivable, non-current, net of allowance for credit losses of 195 and 177 of september 30, 2024 and december 31, 2023, respectively | 14,596,000 | ||||||||||||||||||||
contract assets and unbilled receivable, net of allowance for credit losses of 108 and 17 of june 30, 2024 and december 31, 2023, respectively | 14,892,000 | ||||||||||||||||||||
contract assets and unbilled receivable, non-current, net of allowance for credit losses of 171 and 177 of june 30, 2024 and december 31, 2023, respectively | 15,518,000 | ||||||||||||||||||||
contract assets and unbilled receivable, net of allowance for credit losses of 101 and 17 of march 31, 2024 and december 31, 2023, respectively | 12,104,000 | ||||||||||||||||||||
contract assets and unbilled receivable, non-current, net of allowance for credit losses of 176 and 177 of march 31, 2024 and december 31, 2023, respectively | 15,106,000 | ||||||||||||||||||||
prepaid expenses | 924,000 | 2,359,000 | 2,573,000 | 1,651,000 | 2,514,000 | 3,774,000 | 4,685,000 | 78,566 | 98,066 | 134,478 | 147,007 | 165,713 | |||||||||
notes payable | 16,828,000 | 16,668,000 | 16,533,000 | 16,930,000 | |||||||||||||||||
notes payable, net of current portion | 84,312,000 | 14,035,000 | 18,299,000 | 22,508,000 | 26,126,000 | ||||||||||||||||
contract assets | 6,139,000 | 3,701,000 | 1,546,000 | 1,671,000 | 1,407,000 | ||||||||||||||||
contract assets, non-current | 12,560,000 | 7,091,000 | 7,040,000 | 7,041,000 | 4,823,000 | ||||||||||||||||
current portion of long-term debt | |||||||||||||||||||||
finance lease liabilities, net of current portion | 34,000 | 60,000 | 102,000 | 128,000 | |||||||||||||||||
restricted cash equivalents | |||||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||||||||||||||||||||
convertible note | |||||||||||||||||||||
derivative liability | |||||||||||||||||||||
legacy soundhound redeemable convertible preferred stock; 0.0001 par value... | |||||||||||||||||||||
stockholders’ deficit: | |||||||||||||||||||||
legacy soundhound common stock, 0.0001 par value... | |||||||||||||||||||||
total stockholders’ deficit | -35,225,000 | -14,377,000 | -561,144 | -163,837 | |||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | 38,251,000 | 63,841,000 | |||||||||||||||||||
debt issuance cost | 122,000 | 122,000 | |||||||||||||||||||
deferred offering costs | |||||||||||||||||||||
other assets | 1,071,000 | 1,007,000 | |||||||||||||||||||
financing lease liabilities, net of current portion | 168,000 | 214,000 | |||||||||||||||||||
other liabilities | 2,133,000 | 1,338,000 | |||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ equity | |||||||||||||||||||||
financing lease liabilities | 361,000 | ||||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 89,803,000 | ||||||||||||||||||||
current assets | |||||||||||||||||||||
cash and cash equivalent | 18,129 | 235,295 | 628,652 | 803,506 | 963,695 | ||||||||||||||||
marketable securities held in trust account | 133,022,440 | 133,010,583 | 133,007,230 | 133,003,878 | 133,000,525 | ||||||||||||||||
liabilities and stockholders’ deficit | |||||||||||||||||||||
current liabilities | |||||||||||||||||||||
due to related party | 1,816 | 10,000 | 7,097 | ||||||||||||||||||
warrant liability | 154,768 | 247,514 | 161,359 | 196,416 | 273,424 | ||||||||||||||||
common stock subject to possible redemption, 13,300,000 shares at redemption value as of march 31, 2022 and december 31, 2021 | 133,022,440 | ||||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||
common stock, 0.0001 par value... | 416 | 416 | 416 | 416 | 459 | ||||||||||||||||
additional paid-in-capital | 806,490 | 818,347 | 821,700 | 825,052 | 5,084,297 | ||||||||||||||||
total liabilities and stockholders’ deficit | 133,119,135 | 133,343,944 | |||||||||||||||||||
accrued expenses | 247,868 | ||||||||||||||||||||
common stock subject to possible redemption, 13,300,000 shares and 0 shares at redemption value as of december 31, 2021 and 2020, respectively | 133,010,583 | ||||||||||||||||||||
accrued offering costs and expenses | 126,019 | 73,918 | 104,815 | ||||||||||||||||||
common stock subject to possible redemption, 13,300,000 shares and 0 shares at redemption value as of september 30, 2021 and december 31, 2020, respectively | 133,007,230 | ||||||||||||||||||||
common stock subject to possible redemption, 13,300,000 shares and 0 shares at redemption value as of june 30, 2021 and december 31, 2020, respectively | 133,003,878 | ||||||||||||||||||||
retained earnings | -155,289 | ||||||||||||||||||||
common stock subject to possible redemption, 12,874,459 shares and 0 shares at redemption value as of march 31, 2021 and december 31, 2020, respectively | 128,744,590 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||
net income | -25,028,000 | -74,724,000 | 129,932,000 | -84,033 | |||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
depreciation and amortization | 9,966,000 | 10,044,000 | 8,557,000 | 7,774,000 | 7,755,000 | 7,939,000 | 5,365,000 | 1,280,000 | 1,470,000 | 372,000 | 530,000 | 703,000 | 708,000 | 840,000 | 928,000 | ||||||
stock-based compensation | 18,546,000 | 19,664,000 | 19,706,000 | 23,810,000 | 17,440,000 | 9,853,000 | 9,060,000 | 7,253,000 | 6,979,000 | 7,292,000 | 6,692,000 | 5,698,000 | 8,249,000 | 9,292,000 | 9,173,000 | ||||||
loss on disposal of property and equipment | 0 | 0 | 11,000 | 31,000 | |||||||||||||||||
non-cash lease amortization | 858,000 | 765,000 | 753,000 | 724,000 | 664,000 | 395,000 | 773,000 | 702,000 | 743,000 | 894,000 | 1,021,000 | 623,000 | |||||||||
amortization of capitalized commissions | 538,000 | 637,000 | |||||||||||||||||||
foreign currency gain/loss from remeasurement | 791,000 | -392,000 | 316,000 | -711,000 | -160,000 | 73,000 | -27,000 | -15,000 | -55,000 | ||||||||||||
change in fair value of contingent acquisition liabilities | -39,392,000 | -84,631,000 | 66,245,000 | 31,359,000 | -176,100,000 | 220,946,000 | -1,356,000 | -1,082,000 | 4,162,000 | ||||||||||||
change in fair value of derivative | 2,491,000 | 2,599,000 | -5,096,000 | -890,000 | -1,289,000 | ||||||||||||||||
deferred income taxes | 17,000 | -1,000 | -689,000 | -11,126,000 | -87,000 | -281,000 | |||||||||||||||
other | 744,000 | -1,167,000 | 1,121,000 | 1,094,000 | 903,000 | -1,213,000 | 1,524,000 | -936,000 | 45,000 | ||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||
accounts receivable | 1,542,000 | -8,558,000 | 4,871,000 | 36,000 | 2,347,000 | -9,017,000 | -1,458,000 | 1,459,000 | -1,248,000 | -665,000 | 156,000 | -872,000 | 754,000 | -625,000 | -1,774,000 | ||||||
other current assets | -767,000 | 1,084,000 | -1,344,000 | -2,457,000 | -239,000 | -82,000 | -1,623,000 | -893,000 | -533,000 | -205,000 | 18,000 | -424,000 | -210,000 | 297,000 | 12,000 | ||||||
contract assets | 1,261,000 | -6,877,000 | -9,229,000 | -12,130,000 | 5,816,000 | -286,000 | -4,751,000 | -3,206,000 | 939,000 | -9,591,000 | -7,907,000 | -2,206,000 | 126,000 | -2,482,000 | |||||||
other non-current assets | 548,000 | -1,018,000 | -1,634,000 | -665,000 | -1,181,000 | 1,002,000 | -356,000 | -935,000 | 93,000 | -19,000 | 62,000 | 609,000 | 19,000 | ||||||||
accounts payable | -2,503,000 | 3,694,000 | -6,331,000 | 3,416,000 | 1,151,000 | -8,459,000 | -1,118,000 | 1,036,000 | 905,000 | -527,000 | 268,000 | -647,000 | -256,000 | -96,000 | -1,448,000 | ||||||
accrued liabilities | 2,655,000 | -2,589,000 | 4,881,000 | 2,193,000 | -8,403,000 | 3,904,000 | -1,433,000 | 48,000 | -673,000 | 2,360,000 | -3,139,000 | 739,000 | 4,306,000 | -1,324,000 | 1,332,000 | -147,203 | 255,203 | ||||
contingent acquisition liabilities | -1,335,000 | ||||||||||||||||||||
other current liabilities | -61,000 | 408,000 | -261,000 | -1,900,000 | -581,000 | -973,000 | |||||||||||||||
operating lease liabilities | -809,000 | -770,000 | -613,000 | -523,000 | -836,000 | -602,000 | -892,000 | -832,000 | -888,000 | -885,000 | -862,000 | -947,000 | -963,000 | -827,000 | -827,000 | ||||||
deferred revenue | 3,028,000 | 3,787,000 | -7,852,000 | -4,558,000 | 3,667,000 | 2,807,000 | -6,470,000 | -917,000 | -1,606,000 | 1,397,000 | -907,000 | -2,022,000 | -2,603,000 | -831,000 | -1,453,000 | ||||||
other non-current liabilities | 652,000 | 39,000 | 1,537,000 | 3,643,000 | -101,000 | -199,000 | -69,000 | 75,000 | -222,000 | 2,089,000 | -291,000 | -1,000 | |||||||||
net cash from operating activities | -26,258,000 | -21,886,000 | -32,654,000 | -24,497,000 | -19,185,000 | -33,123,000 | -35,315,000 | -18,492,000 | -21,948,000 | -13,870,000 | -20,744,000 | -19,184,000 | -14,467,000 | -20,414,000 | -26,838,000 | -46,549,834 | -217,166 | -393,357 | -174,854 | -110,189 | -185,958 |
capital expenditures | -3,060,000 | -2,539,000 | -172,000 | -192,000 | -162,000 | -80,000 | -225,000 | -236,000 | -99,000 | -58,000 | -41,000 | -278,000 | -15,000 | -141,000 | -206,000 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -29,318,000 | -24,425,000 | -32,826,000 | -24,689,000 | -19,347,000 | -33,203,000 | -35,540,000 | -18,728,000 | -22,047,000 | -13,928,000 | -20,785,000 | -19,462,000 | -14,482,000 | -20,555,000 | -27,044,000 | -46,549,834 | -217,166 | -393,357 | -174,854 | -110,189 | -185,958 |
cash flows from investing activities: | |||||||||||||||||||||
purchases of property and equipment | -468,000 | -376,000 | -172,000 | -192,000 | -162,000 | -80,000 | -225,000 | -236,000 | -99,000 | -58,000 | -41,000 | -278,000 | -15,000 | -141,000 | -206,000 | ||||||
capitalized software development costs | -2,592,000 | -2,163,000 | |||||||||||||||||||
net cash from investing activities | -3,060,000 | -2,539,000 | -56,611,000 | -192,000 | -162,000 | -80,000 | -7,504,000 | -1,000,000 | -3,788,000 | -58,000 | -41,000 | -278,000 | -15,000 | -141,000 | -206,000 | 0 | 0 | 0 | -133,000,000 | ||
cash flows from financing activities: | |||||||||||||||||||||
proceeds from sales of class a common stock under the second equity distribution agreement | |||||||||||||||||||||
proceeds from exercise of stock options and employee stock purchase plan | 396,000 | 3,602,000 | 4,467,000 | 2,100,000 | 666,000 | 18,621,000 | 436,000 | ||||||||||||||
proceeds from warrants exercised | 85,000 | 16,000 | 0 | 13,000 | |||||||||||||||||
payment of financing costs associated with the second equity distribution agreement | |||||||||||||||||||||
payment to settle contingent earnout liabilities | -3,538,000 | ||||||||||||||||||||
payments on finance leases | -101,000 | -130,000 | -10,000 | -8,000 | -21,000 | -36,000 | -31,000 | -30,000 | -28,000 | -43,000 | -42,000 | -35,000 | -39,000 | -57,000 | -230,000 | ||||||
net cash from financing activities | -3,243,000 | 3,560,000 | 127,908,000 | 9,596,000 | 67,010,000 | 95,461,000 | -21,585,000 | -5,668,000 | 142,698,000 | 13,062,000 | 1,167,000 | 102,440,000 | 51,568,000 | -3,612,000 | -4,554,000 | 0 | 0 | -50,000 | 134,149,653 | ||
effects of exchange rate changes on cash | -287,000 | 159,000 | -47,000 | -116,000 | -94,000 | 241,000 | -146,000 | 27,000 | 103,000 | ||||||||||||
net change in cash, cash equivalents, and restricted cash equivalents | -32,848,000 | -20,706,000 | 38,596,000 | -15,209,000 | 47,569,000 | 62,499,000 | -64,550,000 | -25,133,000 | 117,065,000 | -886,000 | -19,618,000 | 82,978,000 | 37,086,000 | -24,167,000 | |||||||
cash, cash equivalents, and restricted cash equivalents, beginning of period | 249,166,000 | 0 | 0 | 198,916,000 | 0 | 0 | 109,035,000 | 0 | 0 | 9,475,000 | 0 | ||||||||||
cash, cash equivalents, and restricted cash equivalents, end of period | 216,318,000 | 38,596,000 | -15,209,000 | 246,485,000 | -64,550,000 | -25,133,000 | 226,100,000 | -19,618,000 | 82,978,000 | 46,561,000 | -31,598,000 | ||||||||||
net loss | 40,057,000 | -258,599,000 | -21,751,000 | -37,322,000 | -33,009,000 | -18,003,000 | -22,633,000 | -21,932,000 | -26,369,000 | -30,680,000 | -28,922,000 | -55,385,550 | -385,450 | -636,236 | -191,075 | ||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||
loss on change in fair value of eloc program | 0 | ||||||||||||||||||||
amortization of debt issuance cost | 35,000 | 62,000 | 293,000 | 1,231,000 | 16,000 | 52,000 | |||||||||||||||
loss on early extinguishment of debt | 42,000 | 0 | |||||||||||||||||||
changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||||||||||||
prepaid expenses | 1,435,000 | 214,000 | -922,000 | 863,000 | 1,260,000 | 911,000 | -3,428,500 | 19,500 | 36,412 | 12,529 | 18,706 | -165,713 | |||||||||
payment related to acquisitions, net of cash acquired | 0 | 0 | -7,279,000 | ||||||||||||||||||
proceeds from the issuance of series a preferred stock, net of issuance costs | 0 | 24,942,000 | |||||||||||||||||||
proceeds from sales of class a common stock under the eloc program, net of issuance costs | |||||||||||||||||||||
proceeds from sales of class a common stock under the sales agreement, equity distribution agreement, execute equity distribution agreement and second equity distribution agreement | |||||||||||||||||||||
payment of financing costs associated with the sales agreement, equity distribution agreement, execute equity distribution agreement, and second equity distribution agreement | |||||||||||||||||||||
proceeds from the issuance of debt, net of issuance costs | |||||||||||||||||||||
proceeds from the issuance of common stock | 532,000 | 660,000 | |||||||||||||||||||
payments on term loan and amelia debt | |||||||||||||||||||||
payment to settle contingent holdback liabilities from synq3 acquisitions | |||||||||||||||||||||
cash, cash equivalents, and restricted cash equivalents, beginning of year | |||||||||||||||||||||
cash, cash equivalents, and restricted cash equivalents, end of year | |||||||||||||||||||||
reconciliation to amounts on the consolidated balance sheets: | |||||||||||||||||||||
cash and cash equivalents | 46,331,000 | -24,167,000 | -31,598,000 | ||||||||||||||||||
current portion of restricted cash equivalents | |||||||||||||||||||||
non-current portion of restricted cash equivalents | 230,000 | 0 | 0 | ||||||||||||||||||
total cash, cash equivalents, and restricted cash equivalents shown in the consolidated statements of cash flows | |||||||||||||||||||||
proceeds from sales of class a common stock under the sales agreement, equity distribution agreement, and second equity distribution agreement | 125,954,000 | ||||||||||||||||||||
payment of financing costs associated with the sales agreement, equity distribution agreement, and second equity distribution agreement | -2,519,000 | ||||||||||||||||||||
payment to settle contingent holdback liabilities from synq3 acquisition | 0 | ||||||||||||||||||||
payment related to acquisition, net of cash acquired | |||||||||||||||||||||
payments on notes payable | -30,909,000 | -4,120,000 | -4,095,000 | -4,034,000 | |||||||||||||||||
proceeds from sales of class a common stock under the sales agreement and second equity distribution agreement | 67,707,000 | ||||||||||||||||||||
payment of financing costs associated with the sales agreement and second equity distribution agreement | -1,355,000 | ||||||||||||||||||||
change in fair value of derivative and warrant liability | 0 | 0 | |||||||||||||||||||
proceeds from sales of class a common stock under the sales agreement, equity distribution agreement and execute equity distribution agreement | |||||||||||||||||||||
payment of financing costs associated with the sales agreement, equity distribution agreement and execute equity distribution agreement | |||||||||||||||||||||
proceeds from business combination and pipe, net of transaction costs | 0 | -1,006,000 | |||||||||||||||||||
payment to settle contingent holdback liabilities from synq3 and other acquisitions | |||||||||||||||||||||
proceeds from sales of class a common stock under the sales agreement and equity distribution agreement | 49,632,000 | ||||||||||||||||||||
payment of financing costs associated with the sales agreement and equity distribution agreement | -1,543,000 | ||||||||||||||||||||
proceeds from the issuance of long-term debt, net of issuance costs | 0 | ||||||||||||||||||||
acquisition of synq3, net of cash acquired | -3,689,000 | ||||||||||||||||||||
proceeds from sales of class a common stock under the sales agreement | 137,274,000 | ||||||||||||||||||||
proceeds from the issuance of class a common stock upon exercise of options | 8,887,000 | ||||||||||||||||||||
payment of financing costs associated with eloc program | |||||||||||||||||||||
payment of financing costs associated with the sales agreement | -3,435,000 | ||||||||||||||||||||
amortization of debt issuance costs | |||||||||||||||||||||
loss on debt extinguishment | 0 | 0 | |||||||||||||||||||
other liabilities | 795,000 | ||||||||||||||||||||
proceeds from sales of common stock under the eloc program, net of issuance cost | |||||||||||||||||||||
proceeds from sales of common stock under the sales agreement | |||||||||||||||||||||
proceeds from issuance of debt, net of issuance costs | |||||||||||||||||||||
non-cash interest expense | 1,925,000 | ||||||||||||||||||||
non-cash lease expense | 669,000 | ||||||||||||||||||||
other non-cash losses | 180,000 | ||||||||||||||||||||
proceeds from the issuance of series a preferred stock | |||||||||||||||||||||
proceeds from sales of common stock under the eloc program, net of transaction costs | |||||||||||||||||||||
payments on long-term debt | |||||||||||||||||||||
supplemental disclosures of cash flow information: | |||||||||||||||||||||
cash paid for interest | 3,601,000 | 3,270,000 | 1,074,000 | 2,062,000 | |||||||||||||||||
cash paid for income taxes | 547,000 | 548,000 | 550,000 | 257,000 | |||||||||||||||||
noncash investing and financing activities: | |||||||||||||||||||||
non-cash debt discount | -179,000 | ||||||||||||||||||||
conversion of series a preferred stock to common stock | |||||||||||||||||||||
issuance of common stock to settle commitment shares related to the eloc program | |||||||||||||||||||||
conversion of convertible note into common stock pursuant to business combination | 0 | 0 | |||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock pursuant to business combination | 0 | 0 | |||||||||||||||||||
operating lease liabilities arising from obtaining right-of-use assets | 0 | 0 | |||||||||||||||||||
proceeds from sales of common stock under the eloc program, net of issuance costs | 42,545,000 | 28,360,000 | |||||||||||||||||||
accrued and unpaid debt issuance costs | |||||||||||||||||||||
deferred offering costs reclassified to additional paid-in capital | 479,000 | 323,000 | |||||||||||||||||||
unpaid deferred offering costs associated with the business combination | |||||||||||||||||||||
proceeds from the issuance of common stock upon exercise of options | 2,425,000 | 540,000 | 716,000 | ||||||||||||||||||
reconciliation to amounts on the condensed consolidated balance sheets: | |||||||||||||||||||||
total cash, cash equivalents, and restricted cash equivalents shown in the condensed consolidated statements of cash flows | 46,561,000 | -31,598,000 | |||||||||||||||||||
unpaid issuance costs in connection with the eloc program | 437,000 | ||||||||||||||||||||
proceeds from issuance of convertible notes, net of issuance costs | |||||||||||||||||||||
proceeds from note payable, net of issuance costs | |||||||||||||||||||||
operating lease liabilities and right-of-use assets through adoption of asc 842 | |||||||||||||||||||||
property and equipment acquired under finance leases or debt | |||||||||||||||||||||
debt discount through issuance of common stock warrants | |||||||||||||||||||||
issues of series c redeemable convertible preferred stock for exercise of warrants | |||||||||||||||||||||
other assets | -64,000 | ||||||||||||||||||||
proceeds from issuance of convertible notes, net of issuance cost | |||||||||||||||||||||
proceeds from note payable, net of issuance cost | |||||||||||||||||||||
noncash investing and financing activities | |||||||||||||||||||||
net increase in cash, cash equivalents, and restricted cash equivalents | |||||||||||||||||||||
cash paid for: | |||||||||||||||||||||
interest | |||||||||||||||||||||
income taxes | |||||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities | |||||||||||||||||||||
unrealized loss on change in fair value of warrants | -92,746 | 3,117 | |||||||||||||||||||
interest earned on marketable securities held in trust account | -11,857 | -3,353 | -3,352 | -3,353 | -525 | ||||||||||||||||
changes in current assets and current liabilities: | |||||||||||||||||||||
due to related party | -1,816 | 1,816 | -10,000 | 2,903 | 6,381 | ||||||||||||||||
investment held in trust account | 0 | 0 | 0 | -133,000,000 | |||||||||||||||||
proceeds from ipo and over-allotment | 0 | 0 | |||||||||||||||||||
payment of underwriting fees | 0 | 0 | |||||||||||||||||||
proceeds from private placement | 0 | 0 | 0 | 4,160,000 | |||||||||||||||||
proceeds from issuance of promissory note to related party | 0 | 0 | 0 | 125,000 | |||||||||||||||||
payment to promissory note to related party | 0 | 0 | 0 | -125,000 | |||||||||||||||||
proceeds from issuance of common stock to initial stockholders | 0 | 0 | 0 | 25,000 | |||||||||||||||||
payment of deferred offering costs | 0 | 0 | -50,000 | -375,347 | |||||||||||||||||
net change in cash | -217,166 | -393,357 | -174,854 | -160,189 | 963,695 | ||||||||||||||||
cash, beginning of the period | 235,295 | ||||||||||||||||||||
cash, end of the period | 18,129 | -174,854 | -160,189 | 963,695 | |||||||||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||||||
initial value of common stock subject to possible redemption | 0 | 0 | 8,572,213 | 115,841,700 | |||||||||||||||||
reclassification of offering costs related to public shares | -1,893,770 | 0 | |||||||||||||||||||
accretion of common stock to redemption value | 11,857 | ||||||||||||||||||||
forfeiture of founder shares | 0 | 0 | 0 | 13 | |||||||||||||||||
initial classification of warrant liability | 0 | 0 | 0 | 270,307 | |||||||||||||||||
deferred offering costs included in accrued expenses | |||||||||||||||||||||
unrealized gain on change in fair value of warrants | 86,155 | -35,057 | |||||||||||||||||||
accrued expenses | |||||||||||||||||||||
cash, beginning of the year | |||||||||||||||||||||
cash, end of the year | |||||||||||||||||||||
accrued offering costs and expenses | 52,101 | 19,103 | 54,815 | ||||||||||||||||||
subsequent measurement of common stock subject to redemption | 0 | ||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities | |||||||||||||||||||||
proceeds from ipo and over-allotment, net of underwriters’ fees | 130,340,000 | ||||||||||||||||||||
change in value of common stock subject to possible redemption | 12,902,890 | ||||||||||||||||||||
deferred offering costs included in accrued offering costs and expenses | 50,000 | ||||||||||||||||||||
as of march 15, 2021 | |||||||||||||||||||||
balance sheet | |||||||||||||||||||||
warrant liabilities | |||||||||||||||||||||
total liabilities | 591,387 | ||||||||||||||||||||
common stock subject to possible redemption | 116,095,120 | ||||||||||||||||||||
common stock | 465 | ||||||||||||||||||||
additional paid in capital | 5,004,068 |