SoundHound (SOUN.US) technology platform's revenue-to-order ratio is impressive, Oppenheimer first initiates a "market perform" rating.

SoundHound AI (SOUN.US) as one of the highly anticipated artificial intelligence targets on Wall Street, has sparked wide discussions in the market. On September 11, Oppenheimer analyst Brian Schwartz initiated coverage of the stock for the first time, giving it a "market perform" rating. His research report pointed out that this software company focusing on conversational AI technology has the potential to grow into a tech company with enduring growth prospects, thanks to its strong technology platform and clear strategic positioning. The Schwartz team particularly emphasized that SoundHound's core competitive advantages in the voice AI market are reflected in three aspects: technological superiority, value proposition, and operational efficiency. Its conversational AI platform has not only gained recognition from many customers in speech-to-text processing, unstructured data analysis, and technology visionary leadership, but is also seen as an industry leader; at the same time, the company's order backlog and deliverable revenue ratio performance are impressive, validating its commercialization capabilities and sound operational level. However, the analysts team also clearly pointed out potential risks: as competition intensifies in the voice AI race, new entrants may pose a threat to SoundHound; furthermore, the speed of the company's penetration into existing verticals and expansion into new markets may not support the optimistic expectations reflected in the current valuation model, particularly regarding the 26 times the 2026 expected enterprise value/revenue ratio associated with the 2026 enterprise value/income forecast. As a technology company focusing on voice artificial intelligence solutions, SoundHound AI continuously builds technological barriers and commercial ecosystems by providing customized voice AI services to B2B clients.