SoundHound AI Q3 revenue rose 68%, but this surge may be an illusion.

It looks impressive: Q3 revenue of $42 million vs $25.1 million last year. But this money mainly comes from acquisitions (especially the Amelia acquisition last year), what about natural growth? No mention.

What's even more heartbreaking is:
- Q3 loss of $109 million, more than 5 times that of the same period last year.
- Burned $76.3 million in 9 months, more than last year
- Gross margin fell from 48.6% to 42.6%
- Cash balance of $269 million, but at this burn rate, future financing may dilute shareholders.

There is a common old question: relying on mergers and acquisitions to pile up growth, where is the organic growth? For an AI company that is still burning money while making losses, looking solely at the top-line number is very dangerous. Unless it can prove it can generate its own cash flow, this stock is still quite risky.