Business
AudioEye Reports Record Fourth Quarter and Full Year 2022 Results
Twenty-Eighth Consecutive Period of Record Revenue TUCSON, Ariz., March 9, 2023 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) (the "Company"), an
About this update from Audioeye, Inc.
[{"type":"text","content":"Twenty-Eighth Consecutive Period of Record Revenue\nTUCSON, Ariz., March 9, 2023 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) (the \"Company\"), an industry-leading SaaS accessibility platform delivering website accessibility compliance to businesses of all sizes, reported financial results for the fourth quarter and full year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \n\"We are pleased to deliver record revenue with non-GAAP profitability and an improved GAAP net loss,\" said AudioEye CEO David Moradi. \"In the fourth quarter, we delivered 19% revenue growth with an increase in gross margin while driving down operating expenses by 19%.\"\nFourth Quarter 2022 Financial Results\nTotal revenue increased approximately 19% to a record $7.74M from $6.5M in the same prior year period. Both the Partner and Marketplace and the Enterprise channels contributed to revenue growth.Gross profit increased to a record $6.0M, or 77.4% of total revenue, from $4.8M, or 74.0% of total revenue, in the prior year period. The increase in gross margin was a function of continued efficiencies across the board in our organization, which is impressive given our continued investment in R&D and customer success.Total operating expenses decreased 19% to $7.9M from $9.8M in the same prior year period. The decrease in operating expenses was due to efficiencies gained in sales and marketing, partially offset by costs related to the addition of the Bureau of Internet Accessibility in March 2022, as well as lower stock compensation and litigation costs in general administrative expense.Net loss available to common stockholders was $1.9M, or $(0.17) per share, compared to $5.0M, or $(0.44) per share, in the same prior year period. The decrease in net loss was the result of efficiencies gained in sales and marketing and G&A expenses as noted above, and revenue growth.AudioEye generated Non-GAAP profit in the quarter of $0.2M, or $0.01 per share, compared to a net loss of $1.4M, or $(0.12) per share, in the same prior year period. The non-GAAP earnings and EPS performance reflect adjustments primarily for non-cash stock-based compensation expense, depreciation and amortization expense and other non-recurring items.On December 31, 2022, the Company had $6.9M in cash compared to $7.8M on September 30, 2022. Cash usage declined to $0.9M, which included $0.6M of...