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AudioEye Reports Record Second Quarter 2021 Results
Twenty-Second Consecutive Period of Record Revenue TUCSON, Ariz., Aug. 11, 2021 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE), an industry-leading software
About this update from Audioeye, Inc.
[{"type":"text","content":"Twenty-Second Consecutive Period of Record Revenue\n\n\nTUCSON, Ariz., Aug. 11, 2021 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE), an industry-leading software solution provider delivering website accessibility compliance to businesses of all sizes, reported financial results for the second quarter ended June 30, 2021.\n\n \n \n \n \n \n \n\n \nAudioEye Interim CEO David Moradi said, \"In the second quarter we resumed sequential growth in MRR and maintained margins in the mid-70%s. We are continuing to see sequential growth in MRR across all recurring revenue lines and expect revenue to be in the range of $6.1M to $6.3M for the third quarter of 2021.\"\n\"Over the past two quarters we have invested heavily in our platform and in our people. We continue to lead the market with the most robust and transparent solution that couples advanced artificial intelligence and human assisted technology by certified remediation and subject matter experts. We are in the early innings of digital accessibility and are well positioned to capitalize on future growth.\"\nSecond Quarter 2021 Financial Results\nTotal revenue increased 14% to a record $6.0M from $5.3M in the same prior year period. Monthly Recurring Revenue (MRR) as of June 30, 2021 increased 25% to $2.0M from $1.6M as of June 30, 2020. Gross profit increased to a record $4.5M (74.9% of total revenue) from $3.7M (69.6% of total revenue) in the same prior year period. The increase in gross profit was primarily due to scale and efficiencies realized from increased platform and product investment as the Company continues to improve and expand the level of automation in its product offerings. Total operating expenses increased 68% to $7.6M from $4.5M in the same prior year period. The increase in operating expenses was due primarily to increases in research and development and sales and marketing expenses as the Company continues investment to support scalable and profitable long-term growth. Net loss available to common stockholders was $1.8M, or $(0.17) per share, compared to $1.4M, or $(0.16) per share, in the same prior year period. The greater net loss was primarily due to the increase in operating expenses discussed above. Non-GAAP net loss in Q2 of 2021 was $1.3M, or $(0.13) per share, compared to the same prior year period of $191k, or $(0.02) per share. The non-GAAP net loss an...