Business
AudioEye Reports First Quarter 2019 Results
TUCSON, Ariz., May 14, 2019 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE), a leading provider of digital accessibility solutions that provide barrier-free
About this update from Audioeye, Inc.
[{"type":"text","content":"TUCSON, Ariz., May 14, 2019 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE), a leading provider of digital accessibility solutions that provide barrier-free website access for individuals with disabilities, reported financial results for the first quarter ended March 31, 2019.\n\n \nFirst Quarter and Recent Operational Highlights\nAugmented existing management team through the appointment of 20-year corporate finance executive and proven business leader Sach Barot as new Chief Financial Officer. Engaged former New York Governor David Paterson as key political advocate and business consultant for the AudioEye solution with the goal of addressing the significant increase in litigation related to digital accessibility, specifically in New York state. Continued to grow direct sales channel client roster in the first quarter with prominent new customers from the technology, fashion, retail, hospitality and healthcare space among others. Partnered with Edlio, a leading provider of community engagement solutions for K-12 public, private and charter schools, to provide enhanced accessibility solutions to its portfolio of 10,000 websites. Partnered with Mopro, a leading website provider that creates and hosts sites for businesses in every industry, as its accessibility provider to its more than 10,000 clients. Increased the sales and implementation teams to grow AudioEye market share faster and to continue implementing its service solution for customers in a timely manner.Key Performance Indicators (KPIs)\nContinued to fortify new indirect channel partner relationships. Currently, 18 established channel partners offer AudioEye as their exclusive digital accessibility solution to their clients. As of March 31, 2019, total customer count had grown to nearly 1,100 customers. As of March 31, 2019, monthly recurring revenues (MRR) totaled $686,000, which was an increase of 12% compared to $614,000 at December 31, 2018.First Quarter 2019 Financial Results\nTotal revenues increased 73% to a record $1.99 million from $1.15 million in the same period a year-ago. The increase in revenues was primarily due to continued execution in direct channel as well as steady growth in the indirect channel. Cash contract bookings increased 56% to a $3.43 million from $2.20 million in the same year-ago period. The increase in cash contract bookings was primarily ...