SoFi CEO enters prepaid forward contract on 1.5 million shares
SANTA CLARA, Calif. & COLUMBIA, Md. - Rekor Systems, Inc. (NASDAQ: NASDAQ:REKR), specializing in roadway intelligence technology, and SoundHound AI , Inc. (NASDAQ: NASDAQ:SOUN), known for advanced voice AI, have announced a collaboration to enhance emergency vehicle operations. The partnership will integrate SoundHound's voice AI with Rekor's vehicle recognition software, Rekor Scout®, to provide hands-free control of critical systems in law enforcement and first responder vehicles.
The voice-activated functionality aims to improve safety and operational efficiency by enabling officers to manage systems such as automatic license plate recognition (ALPR), emergency lights, sirens, and communication devices through voice commands. This innovation is expected to minimize distractions and improve response times during high-pressure situations. With a robust gross profit margin of 61%, SoundHound has demonstrated strong operational efficiency in its voice AI solutions.
The initial focus will be on police vehicles, with intentions to extend the technology to other emergency services such as fire trucks and ambulances. The integration will also enhance in-car Mobile Data Terminals (MDTs), which are vital for police officers, allowing for hands-free access to vehicle alerts, criminal databases, and incident reporting.
Rekor's technology is recognized for its accuracy in vehicle recognition and is utilized globally by law enforcement and federal agencies. The company's software, Rekor Scout®, operates in over 90 countries and across the United States. The partnership aims to leverage existing high-resolution cameras in modern vehicles, thereby avoiding the need for additional hardware.
In the United States, law enforcement agencies purchase around 100,000 police vehicles annually, which are increasingly capable of supporting advanced technological integrations. This collaboration is expected to set a new standard in law enforcement technology globally.
The announcement underscores the commitment of both companies to provide solutions that address the evolving needs of modern policing. The information for this article is based on a press release statement. SoundHound's stock has shown remarkable momentum with a 177% return over the past six months, though InvestingPro analysis suggests the stock may be overvalued at current levels. For deeper insights into SoundHound's financial health and growth prospects, investors can access comprehensive Pro Research Reports covering 1,400+ top stocks on InvestingPro.
In other recent news, SoundHound AI has seen considerable growth in revenue and has made significant strides in its partnerships. SoundHound AI reported a robust revenue growth of 89% year-over-year in the third quarter of 2024, reaching $25.1 million. In response to these positive results, the company revised its revenue projections upward for the fourth quarter of 2024 and the full year of 2025, expecting revenues to range between $155.0 million and $175.0 million. Analysts from H.C. Wainwright and Wedbush have increased their price targets for the company, maintaining Buy and Outperform ratings respectively.
In addition to its financial performance, SoundHound AI has expanded its business scope through new contracts and acquisitions. The company has also made significant strides in partnerships, notably with Apivia Courtage. The deployment of SoundHound’s Amelia AI Agents has assisted in managing over 100,000 customer service calls, reducing Apivia Courtage's direct customer queries by nearly 20%.
SoundHound AI has also launched the Lucid (NASDAQ:LCID) Assistant, a new voice AI feature in Lucid's electric vehicles. The Lucid Assistant, which is powered by SoundHound's proprietary Chat AI technology, aims to enhance the in-vehicle experience by offering intuitive voice control over various vehicle functions. The Lucid Assistant is now available to Lucid Air owners and can be experienced firsthand at SoundHound's booth during the CES event.
These recent developments reflect the growing demand for SoundHound AI's services across several industries and the company's potential for further growth. However, it is important to note that despite these positive developments, SoundHound AI remains unprofitable with an EBITDA of -$88.4 million in the last twelve months.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.