# SoundHound AI, Inc. (SOUN)

> Source: Nexqual · https://nexqual.com/SOUN · data as of 2026-10-23 13:32 UTC · cite as "Nexqual, SoundHound AI, Inc. (SOUN), nexqual.com/SOUN" · informational, not investment advice.

**Price:** USD 4.41 (-2.17% today) · US market open, as of October 23, 2026 at 13:32 UTC; quotes may be delayed. Prev close 4.51 · day 4.41–4.47 · 52w 4.39–19.09 · market cap $1.96B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $203M, net income -$137M (-67.5% margin), free cash flow -$116M (SEC filings).
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $3.8M; 9 not under a Rule 10b5-1 plan ($3.8M); 2 by opportunistic insiders (0 outside 10b5-1 plans), 9 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (8 analysts), mean target USD 12.57 (range 6–17).
- Total return with dividends: 1Y -75.8% vs S&P 500 +14.9%; 5Y -32.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.03, revenue estimate $77.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $21.2M | $31.1M | $45.9M | $84.7M | $169M | $203M |
| Gross profit | $14.6M | $21.5M | $34.6M | $41.4M | $71.6M | — |
| Operating income | -$65.3M | -$106M | -$68.6M | -$341M | -$23.3M | -$139M |
| Net income | -$79.5M | -$117M | -$88.9M | -$351M | -$14.0M | -$137M |
| EPS (diluted) | -$1.18 | -$0.74 | -$0.40 | -$1.04 | -$0.28 | — |
| Free cash flow | -$66.8M | -$95.3M | -$68.7M | -$110M | -$99.1M | -$116M |
| Gross margin | 68.9% | 69.2% | 75.4% | 48.9% | 42.4% | — |
| Operating margin | -308.2% | -339.5% | -149.6% | -403.0% | -13.8% | -68.5% |
| Net margin | -375.2% | -374.9% | -193.9% | -414.1% | -8.3% | -67.5% |
| Revenue growth | — | +46.9% | +47.4% | +84.6% | +99.4% | — |
| Cash + short-term investments | $21.6M | $9.2M | $95.3M | $198M | $248M | — |
| Total debt | $29.9M | $35.0M | $84.3M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 9.7x · P/B 4.0x · FCF yield -5.91% · Earnings yield -6.99%

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-17 | Sroka Diana | Director | 1,552 | $9K | 0.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-15 | Zagorsek Michael | Chief Operating Officer | 71,113 | $450K | 2.7% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-15 | Hom James Ming | Chief Product Officer | 38,730 | $245K | 3.4% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-15 | Emami Majid | CSO & SVP, Engineering | 38,730 | $245K | 4.4% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-15 | Mohajer Keyvan | CEO | 137,290 | $869K | 3.6% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-08-27 | Sroka Diana | Director | 1,343 | $10K | 0.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Zagorsek Michael | Chief Operating Officer | 64,994 | $485K | 3.7% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-15 | Stonehocker Timothy | Chief Technology Officer | 18,802 | $140K | 3.6% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-15 | Hom James Ming | Chief Product Officer | 28,843 | $215K | 3.7% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-15 | Mohajer Keyvan | CEO | 126,540 | $944K | 6.1% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-15 | Emami Majid | CSO & SVP, Engineering | 28,843 | $215K | 5.7% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 8 analysts; mean target USD 12.57 (low 6, high 17).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | Piper Sandler | Target lowered | Neutral | $7 → $6 |
| 2026-08-06 | DA Davidson | Target lowered | Buy | $12 → $10 |
| 2026-08-06 | Piper Sandler | Target lowered | Neutral | $8 → $7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-04-25) |
|---|---|---|
| Total return | -75.8% | -32.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -75.8% | -8.2% |
| Volatility (annualized) | 68.3% | 129.6% |
| Max drawdown | -75.9% (Oct 2025→Oct 2026) | -92.6% (May 2022→Dec 2022) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 215.7 -0.75% · DSGX (The Descartes Systems Group Inc) USD 92.89 -1.18% · TTAN (ServiceTitan, Inc.) USD 84.82 -0.45% · IDCC (InterDigital, Inc.) USD 330.82 -0.37% · YMM (Full Truck Alliance Co. Ltd.) USD 8.39 +0.48% · PCOR (Procore Technologies, Inc.) USD 62.49 +0.31%

## More
Full page: https://nexqual.com/SOUN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SOUN's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1840856/000184085626000006/soun-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amelia Holdings | "Following the integration of the Amelia platform into SoundHound's ecosystem in 2025, we enhanced our AI agent platform by enabling full-stack agentic AI for enterprises, moving beyond simple voice response to systems th…" |
| Customer | Synq3 | "•integrate SYNQ3, Amelia, and Interactions' customer bases and capitalize on our cross-selling opportunities;" |
| Customer | Interactions | "•integrate SYNQ3, Amelia, and Interactions' customer bases and capitalize on our cross-selling opportunities;" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service subscriptions | $47.0M | 75.9% | +46.6% |
| Hosted services | $32.2M | 52.0% | +53.9% |
| Licensing | $21.4M | 34.5% | +16.6% |
| Product royalties | $14.8M | 24.0% | +41.2% |
| Professional services | $8.3M | 13.4% | +149.7% |
| Monetization | $55,000 | 0.1% | -53.4% |
| Total revenue | $61.9M | 100% | — |
The lines above cover 199.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $36.4M | 58.8% | +60.2% |
| China | $9.0M | 14.5% | +28.5% |
| Other | $8.6M | 14.0% | +17.3% |
| Colombia | $7.6M | 12.4% | +5565.2% |
| Ireland | $210,000 | 0.3% | -96.2% |
| Total revenue | $61.9M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 13%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-10).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.03 | $-0.04 | -21.1% | $77.2M | 1 |
| Next quarter (ends 2026-12-31) | $-0.04 | $-0.03 | +53.8% | $110.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.16 | $-0.18 | -9.1% | $293.7M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.10 | $-0.12 | -16.7% | $390.2M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±11.4%; earnings reaction alone ±1.5%; last 8 reports averaged ±10.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 72.0% | ±8.5% |
| 2026-11-06 | 14 | 69.6% | ±11.4% |
| 2026-11-13 | 21 | 79.4% | ±15.7% |
| 2026-11-20 | 28 | 76.4% | ±17.1% |
| 2026-11-27 | 35 | 68.4% | ±17.1% |
| 2026-12-04 | 42 | 157.8% | ±42.3% |
| 2026-12-18 | 56 | 69.9% | ±22.8% |
| 2027-01-15 | 84 | 72.3% | ±27.7% |