Business
AudioEye Reports Record Second Quarter 2024 Results
Thirty-Fourth Consecutive Period of Record Revenue TUCSON, Ariz., July 25, 2024 /PRNewswire/ -- AudioEye, Inc. (Nasdaq: AEYE) ("AudioEye" or the "Company"),
About this update from Audioeye, Inc.
[{"type":"text","content":"Thirty-Fourth Consecutive Period of Record Revenue\nTUCSON, Ariz., July 25, 2024 /PRNewswire/ -- AudioEye, Inc. (Nasdaq: AEYE) (\"AudioEye\" or the \"Company\"), the industry-leading digital accessibility company, reported financial results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \n\"For the second quarter, sequential revenues grew at an annualized growth rate of 19%, and adjusted EBITDA margin was 17%. Business momentum is strong, and we are increasing revenue, adjusted EBITDA, and adjusted EPS guidance for the full year. Our operating leverage is clear, and we expect margins to improve further,\" said AudioEye CEO David Moradi. \"We were close to the 'Rule of 40' in the second quarter and expect to achieve the 'Rule of 40' in the third quarter.\"\nSecond Quarter 2024 Financial Results\nTotal revenue increased 8% to a record $8.5M from $7.8M in the same prior year period.Gross profit increased to $6.7M (79% of total revenue) from $6.0M (77% of total revenue) in the same prior year period. The increase was due to revenue growth compared to the same prior year period.Total operating expenses decreased 11% to $7.2M from $8.1M in the same prior year period. The decrease in operating expenses was due primarily to increased efficiency in sales and marketing and the completion of significant initiatives in R&D, partially offset by higher non-recurring G&A expenses.Net loss available to common stockholders improved 63% to $0.7M, or $(0.06) per share, from a net loss of $2.0M, or $(0.17) per share, in the same prior year period. The improvement in net loss was primarily due to revenue increases and efficiencies in sales and marketing and R&D.Adjusted EBITDA in the second quarter of 2024 was $1.5M, or adjusted EPS of $0.12, compared to a negative adjusted EBITDA of $(0.2M), or adjusted EPS of $(0.02), in the same prior year period. For the second quarter of 2024, adjusted EBITDA and adjusted EPS reflect adjustments primarily for stock-based compensation expense, depreciation and amortization, interest expense, and litigation expense.Annual Recurring Revenue (\"ARR\") as of June 30, 2024, increased $1.3M sequentially to $33.3M from $32.0M as of March 31, 2024.As of June 30, 2024, the Company had $5.1M in cash, compared to $7.0M as of March 31, 2024. The decrease in cash for the quarter was primarily driven by t...