By Angela Palumbo

SoundHound AI stock plummeted Tuesday after the artificial-intelligence voice technology company said it was delaying the filing of its 10-K report.

SoundHound "requires additional time to prepare the financial statements and the accompanying notes" disclosed in the annual report, due to the complexity of accounting for two separate acquisitions that happened last year, the company said in a filing Tuesday with the Securities and Exchange Commission. The company now expects to file no later than by March. 18.

SoundHound completed the acquisition of Synq3 on Jan. 3, 2024 and Amelia Holdings on Aug. 7. Sync3 is a provider of voice AI and other technology solutions to the restaurant industry, while Amelia is an AI software company.

Some SoundHound clients include restaurants around the country -- the tech allows customers to place an order in a drive through by talking to an AI bot instead of a person.

A year ago, SoundHound disclosed that it had id entified material weaknesses in its internal control over financial reporting; the company said Tuesday those weaknesses continue to exist.

SoundHound stock dived 10% on Tuesday to $9.37.

The filing delay extends a volatile run for the stock. Shares of the voice tech company soared 836% last year as investors were excited about the company's exposure to AI.

But shares fell 28% on Feb. 14, 2025, after a filing showed that Nvidia had sold its stake in SoundHound. The stock then rose 17% on Feb. 28 after the company reported better-than-expected fourth-quarter financials.

While SoundHound stock has still risen 94% in the past 12 months, it has fallen 61% from its all-time closing high of $24.23 on Dec. 26, 2024.

Write to Angela Palumbo at angela.palumbo@dowjones.com

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March 04, 2025 11:11 ET (16:11 GMT)

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