Business
AudioEye Reports Record Second Quarter 2023 Results
Thirtieth Consecutive Period of Record Revenue TUCSON, Ariz., Aug. 10, 2023 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) ("AudioEye" or the "Company"), the
About this update from Audioeye, Inc.
[{"type":"text","content":"Thirtieth Consecutive Period of Record Revenue\nTUCSON, Ariz., Aug. 10, 2023 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) (\"AudioEye\" or the \"Company\"), the industry-leading enterprise SaaS accessibility company, reported financial results for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"The second quarter's achievements have set the stage for the acceleration of ARR in the second half and into next year. We announced several new enterprise products, completed the integration of the Bureau of Internet Accessibility (\"BOIA\"), and have assembled a world-class revenue organization while remaining highly efficient,\" said AudioEye CEO David Moradi. \"We are excited about recent developments from the Department of Justice that will help ensure people with disabilities have equal access to web content and mobile apps. We believe that momentum is building to resolve digital accessibility at scale.\"\nSecond Quarter 2023 Financial Results\nTotal revenue increased 4% to a record $7.84M from $7.6M in the same prior year period.Gross profit increased to $6.05M (77% of total revenue) from $5.7M (76% 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 3% to $8.1M from $8.3M in the same prior year period. The decrease in operating expenses was due primarily to increased efficiency in sales and marketing and lower non-recurring G&A expenses, partially offset by continued investment in R&D.Net loss available to common stockholders improved 24% to $2.0M, or $(0.17) per share, from a net loss of $2.6M, or $(0.23) per share, in the same prior year period. The improvement in net loss was primarily due to increases in revenue and gross profit and increased efficiencies in sales and marketing and G&A.Non-GAAP net loss in Q2 2023 was $0.2M, or $(0.02) per share, and remained consistent with the non-GAAP net loss in the same prior year period. For Q2 2023, the non-GAAP net loss and EPS performance reflect adjustments primarily for stock-based compensation expense and depreciation and amortization.Annual Recurring Revenue (\"ARR\") as of June 30, 2023, increased sequentially to $29.7M from $29.6M as of March 31, 2023, despite contract re-negotiati...