Business
AudioEye Reports Record First Quarter 2023 Results
Twenty-Ninth Consecutive Period of Record Revenue TUCSON, Ariz., May 10, 2023 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) ("AudioEye" or the "Company"), the
About this update from Audioeye, Inc.
[{"type":"text","content":"Twenty-Ninth Consecutive Period of Record Revenue\nTUCSON, Ariz., May 10, 2023 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) (\"AudioEye\" or the \"Company\"), the industry-leading digital accessibility platform for websites and apps, reported financial results for the first quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \n\"We are pleased to have generated record revenue, ARR, and gross margins while driving a meaningful reduction in year-over-year expenses,\" said AudioEye CEO David Moradi. \"We continue to focus on efficiencies, enabling us to generate 78% gross margins, representing a nearly 100% conversion of incremental revenue to gross profit on a year-over-year basis. With our ongoing, strategic investments in R&D, our rate of innovation is increasing, and we expect to have further announcements regarding additional AI capabilities and new products soon.\"\nFirst Quarter 2023 Financial Results\nTotal revenue increased 13% to a record $7.77M from $6.9M in the same prior year period.Gross profit increased to a record $6.1M (78% of total revenue) from $5.2M (75% of total revenue) in the same prior year period. The increase in gross profit was primarily due to continued recurring revenue growth and improved automation in product offerings.Total operating expenses decreased 8% to $8.1M from $8.8M in the same prior year period. The decrease in operating expenses was due primarily to increased efficiency in sales and marketing and G&A expenses, partially offset by additional investments in R&D.Net loss available to common stockholders was $2.0M, or $(0.17) per share, compared to a net loss of $3.6M, or $(0.32) per share, in the same prior year period. The improvement in net loss was primarily due to increases in revenue and gross profit as well as increased efficiencies in sales and marketing and G&A.Non-GAAP net loss in Q1 2023 was $0.1M, or $(0.00) per share, compared to a non-GAAP net loss of $1.0M, or $(0.09) per share, in the same prior year period. The non-GAAP net loss and EPS performance reflect adjustments primarily for stock-based compensation expense, non-recurring litigation expense, and depreciation and amortization.Annual Recurring Revenue (\"ARR\") as of March 31, 2023 increased sequentially to $29.6M from $29.2M as of December 31, 2022.As of March 31, 2023, the Company had $5.5M in cash, compared to $6.9M...