SoundHound AI, Inc. (NASDAQ:SOUN) Q3 2023 Earnings Conference Call November 9, 2023 5:00 PM ET
Company Participants
Scott Smith - Head of Investor Relations
Keyvan Mohajer - Chief Executive Officer
Nitesh Sharan - Chief Financial Officer
Conference Call Participants
Gil Luria - D.A. Davidson & Co.
Vivek Palani - JMN Investment Research
Scott Buck - H.C. Wainwright & Co
Operator
Hello, and welcome to the SoundHound Third Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker presentation, there will be a question and answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
It is now my pleasure to introduce Head of Investor Relations, Scott Smith.
Scott Smith
Good afternoon, and thank you for joining our third quarter 2023 conference call. With me today is our CEO, Keyvan Mohajer; and our CFO, Nitesh Sharan. We'll begin with some short remarks before moving to Q&A.
We'd also like to remind everyone that we'll be making forward-looking statements on this call. Actual results could differ materially from those suggested by our forward-looking statements. Please refer to our filings with the SEC for a detailed discussion of the risks and uncertainties that could affect our business and for discussion statements that qualify as forward-looking statements.
In addition, we may discuss certain non-GAAP measures. Please refer to today's press release for more detailed financial results and further details on the definitions, limitations and uses of those measures and reconciliations from GAAP to non-GAAP. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We undertake no obligation to update any forward-looking statements, except as required by law.
Finally, this call is being audio webcast in its entirety on our Investor Relations website. Audio replay will be available following today's call.
With that, I'd like to turn the call over to our CEO, Keyvan Mohajer. Please go ahead, Keyvan.
Keyvan Mohajer
Thank you, Scott, and thank you to everyone for joining the call today. In our third quarter, we saw incredible momentum, showcased by a strong revenue performance. We continued the fast pace in our creation of great products that delight customers and users. Businesses are seeing the value of SoundHound in real time, and this is translating to the value we are creating for our stakeholders.
This quarter, our revenue grew to a record $13.3 million, a 52% increase sequentially. At the same time, our key profit metric, adjusted EBITDA, continues to improve significantly, driven by operational excellence of our organization. We've consistently demonstrated our track record as a leading innovator in AI. This quarter, the products we are creating saw exceptional demand from automotive assistant, regenerative AI features to customer service solutions for every business.