good Thank you, Keyvan, and afternoon, everyone.
start that. just we raised well new liquidity now last We to done month, flow. to top-line beyond year, to significantly in with and capital our initially we another will refinancing cash we position, XX% demonstrating the report closed through quarter our strengthen us that steady are enough and set profitability, the have We fund debt driving us efficiencies that. see strong of growth while and year-over-year improving out progress to pleased In
significant market, choppy funding in a with able along these execute adoption to and markets. the customer patent foundations of Despite our end financings we were successfully attractive technology on deep portfolio,
with front the is getting these and we stay Artificial and also days opportunity natural us. lot the conversations and demand expanded. stronger. attention technology a in We has only At the opportunity for business on our intelligence focused has rightly of more SoundHound, make become only and that of seamless,
accelerate The in new every Large of and opportunity rapidly, major set day. curves the language are and forefront this the of technology. cases and models, adoption inflection Generative next pervasiveness will chatbots unearthing at we AI entirely use are
quarter and our customer had voice-enabled with we further year been to seasonally only expand typically revenue even only from our could that with standpoint. QX possible execution the our and continue here. a have expect smallest will strong growth, This streamlined improve We ecosystem strong engagement from of
in is monthly bring transactional represents grounded together Pillar X represents and where royalties. under business X, we Pillar model Pillar X subscription and three the we revenue Our then and X Pillar meaningful relevant voice-enabled receive generally voice-enabled advertising services, monetization, driving contracts, X into Pillar products and interactions. framework.
the bookings of our backlog backlog $XXX and was our X. is year-over-year. bulk up in As business Pillar cumulative QX, we have current And discussed XX% million, previously, in
We pillar, and auto, million continue new new constantly price units, revenue features really automotive, this IoT exciting unit. and than Xx more ones saw customers, we in expand new QX. brands are with That in level extend while to growth expansion across In there also ones. scale adding to expanded our over adding to example, new existing And and offering for our per devices existing of we across can quarter bookings gross realized we manufacturers. $XX the in deals in unit with pipeline. other more some are units with In
pipeline meaningfully regional with last advanced that than and mentioned shorter activation services Growing was the demand our less quarter of of end customer pipeline a consisted starting and is because locations our focus with advantage continue well I XX at of which last brands, thousands, we cycle timeline. services X and AI-enabled to for voice-enabled in can and The is we QX. stores into Through restaurants. expand our one pace the small the generally is per Pillar scale area, the largely here real much of chains how brand. sales key year,
rapidly and each. locations extended progress who into that January, Since typically have mid-market we XXX than enterprise, more
And to close, new onboard into into deals one it across Square offering enterprise fleet. location, to also these longer with hundreds Keyvan Oracle we us and can noted, as like Simphony take scale immediate point-of-sale Although systems. be MICROS locations. expanding nearly slightly once our are and full we for these scaling extend and enterprise-focused systems live of Olo more Toast, Already of thousands the
to business competition are of addressable and looking edge and deployed further, alone. be with Smart that We their new in To solutions improve mentioned on customer their experience. Smart U.S. roughly significantly expansion and that opportunities that customer from customer into are is million of quantify opportunity we immediate to millions an for of restaurants other vertical-agnostic basically service areas expanding Ordering can service Answering X gain by any tens the the
meaningful in is can several hundred We math not the you expect very revenue so the dollars location, compound monthly per can recurring a why how see this to become quickly if revenue and more, driver. expected
for QX, driven we our strong the year-over-year, $X.X get financial by results royalties million Let our in in XX% get strength -- on in and quarter. automotive. on first generated us let now now up me revenue, specific growth our product specific In
global and with product to primarily Our increased revenue strong royalty momentum brands. due expansion customer key
the prior expanding long-term partnerships services efficiency. and was XX%, gains our Our the scale margin QX, demonstrate XX% of the developed continued commitments by quarter, center up we've the data business, are experiencing. which we driven our continued to migration in and share largely gross year cloud improved strong from of increased In
production revenue Cost the for center costs of cost million, supporting year XX% The includes our prior data quarter our revenue $X the of up customer environments. QX. was majority of from
to scale business. some the gross margin helping We expansion the drive on-premise we cloud, us continue migrate as further also activities to
expected Operating in to should program. executed our while as expenses are million. step QX function restructuring of we the as The in $X.X a previous move quarters. expenses were compared our into announced quarter be minimal corporate realized beyond, to reduction and expenses QX expected QX restructuring cost we be saw Restructuring benefit reductions future in full
million a to were QX, actions. XX% and $XX.X decrease the XX% expenses in sequentially, largely of restructuring R&D due year-over-year
leverage plans to by AI in We key our ambitious our the investment other and this forefront services. in bringing not key our intelligence slowed platform SoundHound scale products innovation Notably, Interaction of in to successfully as patent to intend and rapidly innovation remain helping development deep our while ecosystems we AI offerings the to continue portfolio. our artificial in of learning both market machine Dynamic Chat delivered cloud and and at has QX. voice out build language while evolving and and completing areas also We develop
we marketing, sequential and sales also saw a reduction. expense In
we increase hadn't from building an QX yet this prior out saw we fully organization. when year-over-year, Although begun
to digital XX% acquisition, in lead expect marketing, sequentially. In benefit focus. direct year-over-year partners. and generation on million, down $X.X With and up and streamline QX, this sales our marketing focus and greater continue our were both channel shifts we We item XX% expense from customer expenses through to organizational XXXX,
G&A up QX, expenses prior public across a largely $X.X company global investments support necessary year increase not we of In legal, million year-over-year XX% public for the facilities resources company. year-over-year. human QX, were and sequentially, the this down functions though were in yet a reflects finance, and
was expenses, $X operating associated stock all the QX, with Across million restructuring. excluding expenses in employee noncash compensation
of prior million, all improved quarter. $X.X an million would improvement the $XX.X to was a improvement from prior been approximately loss prior Without operating one-time million metrics share million of $X.X was $XX per quarter. $X.XX of have Our of an net of restructuring more. the from improvement QX, an in impact these even from in the $X.XX, QX in This led Net loss QX, quarter. loss the approximately
XX% and well loss non-operating million $XX.X was quarter of $XX.X improvement an noncash activities, and a restructuring, XX% of was last of of excludes than as stock the as amortization depreciation other year-over-year. million, which loss including charges better which EBITDA, Adjusted and compensation
cash, the also year in cash versus million QX. Operating roughly and flow use QX prior $XX.X was sequentially improving of improved XX%
the our to structure, capital balance where on Now in great strengthening we've sheet. progress made
Our in million. we million cash position $XX $XX.X end successfully at In January, raised quarter preferred equity. was
equity credit Our also $XX additional giving QX. upon previously line of committed we million announced approximately which became effective, capital in raised us to access
$XXX end, amortization which to financing, million In million approximately $XX use quarter raised and associated our addition, debt we off we principal the eliminate pay after of existing debt of partially payments.
and business the meaningfully, landscape how of we has funded from and and sheet differentiation here. balance growth macroeconomic cushion our strengthened have to regardless provide fully a drive All-in, evolves plan
is Our of will capital strength we while and our forward delivering staying leverage position now source streamlined aggressively that a business to profitability on our drive targets.\
move I'll that, the year to guidance. set to profitable stage actions This long-term for sustained growth. we took With
will with to customers. We million. $XX have and we are with the we and seen reaffirm pleased be in Accordingly, year the XXXX see the to the that continue to momentum start revenue momentum million $XX of continue to expect from we range encouraged are our guidance
build last this noted services we expect the more the seasonality customer and we of year scaling X As X of quarter, broadly. Pillar restaurants and due with revenue to Pillar through will
to also become EBITDA expect year. We adjusted to of continue positive in QX this
Before would other for Q&A, refinancing. moving in QX impacts I income comment like expectations recent to and and from debt expenses the to on also
charges, impacts highlight to we costs. and from million ongoing so amortization to $X Given and of I the various transaction-related the with other this This expectation. in quarterly historical one-time is quarter different interest expect fees, wanted associated million expected transaction $X.X the expense fees roughly level,
summarize, we up important the success. taken for have steps us to long-term To set
Each stitching dynamics, significant on driving high long-term quarter we are sustainable own the innovation demand its brings We unique for delivering profitability. steadily and foundations disruptive together growth with and journey a are catalyzing our velocity. yet differentiation, customer on market
move to Thank Q&A. you. now we will And
