Business
AudioEye Reports Record Fourth Quarter and Full Year 2023 Results
Thirty-Second Consecutive Period of Record Revenue TUCSON, Ariz., March 6, 2024 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) ("AudioEye" or the "Company"),
About this update from Audioeye, Inc.
[{"type":"text","content":" Thirty-Second Consecutive Period of Record Revenue\nTUCSON, Ariz., March 6, 2024 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) (\"AudioEye\" or the \"Company\"), the industry-leading enterprise SaaS accessibility company, reported financial results for the fourth quarter and full year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \n\"I want to thank our employees for all their hard work in dramatically improving our efficiency, including revenue per employee, gross margins, and non-GAAP operating margin. Our efficiency metrics are now in the top tier of SaaS companies. In the fourth quarter of 2023, we delivered record adjusted EBITDA of $1.3 million, a 17% margin, adjusted earnings per share of $0.11, and an improved GAAP loss per share of $(0.04),\" said AudioEye CEO David Moradi. \"We are entering 2024 with strong business momentum. In addition to continued operating margin improvement, we expect revenue growth to accelerate throughout the year. We are confident in our expectations and have introduced guidance for 2024.\"\nFourth Quarter 2023 Financial Results\nTotal revenue increased 2% to a record $7.87M from $7.74M in the same prior year period.Gross profit increased to $6.2M (78% of total revenue) from $6.0M (77% of total revenue) in the same prior year period. The increase in gross profit was due to continued revenue growth and decreases in the cost of revenue from improved automation in product offerings.Total operating expenses decreased 16% to $6.7M from $7.9M in the same prior year period. The decrease in operating expenses was due primarily to increased efficiency in all departments.Net loss available to common stockholders improved 72% to $0.5M, or $(0.04) per share, from a net loss of $1.9M, or $(0.17) 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, R&D, and G&A expenses.Adjusted EBITDA in Q4 2023 was $1.3M, or adjusted EPS of $0.11, compared to $0.2M, or adjusted EPS of $0.01, in the same prior year period. For Q4 2023, the adjusted EBITDA and adjusted EPS performance reflect adjustments primarily for stock-based compensation expense, depreciation and amortization, and non-cash valuation adjustments to liabilities.Annual Recurring Revenue (\"ARR\") as of December 31, 2023,...