Cerence Releases Third Quarter Results for Fiscal Year 2024, Leading New AI Experience in Mobile Travel

Cerence (CRNC) released its Q3 financial report, with cumulative revenue of US$277 million in the first three quarters of fiscal year 2024, and cumulative revenue of US$214 million in the same period last year, a year-on-year increase of 29.47%. The cumulative net loss in the first three quarters of fiscal year 2024 was US$568 million, and the cumulative net loss in the same period last year was US$44.702 million, a year-on-year increase of 1169.88%. . Revenue in the third quarter was US$70.539 million, and the loss was -US$314 million. Cerence's third-quarter performance was in line with expectations, including 5 customer projects from 4 global automakers that have been successfully put into production. So far, we have successfully won 8 generative AI projects and expect another 4 customer projects to be launched to the market by the end of the year. Volkswagen Group has successfully deployed Cerence Chat Pro and seamlessly integrated the unique intelligent automotive-grade ChatGPT application into a number of European models through cloud updates, including Volkswagen, Seat and Skoda brand models that are already equipped with IDA voice assistants.