Business
AudioEye Reports Record Third Quarter 2022 Results
Twenty-Seventh Consecutive Period of Record Revenue TUCSON, Ariz., Nov. 10, 2022 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE) (the "Company"), an
About this update from Audioeye, Inc.
[{"type":"text","content":"Twenty-Seventh Consecutive Period of Record Revenue\nTUCSON, Ariz., Nov. 10, 2022 /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 third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \n\"In the quarter, AudioEye increased revenue 24% year over year while producing non-GAAP profitability and an improved GAAP net loss,\" said AudioEye CEO David Moradi. \"We were able to drive our operating costs down while substantially increasing revenue despite economic uncertainty and cost pressures faced by many businesses.\"\nThird Quarter 2022 Financial Results\nTotal revenue increased approximately 24% to a record $7.7M from $6.2M in the same prior year period. Both the Partner and Marketplace and the Enterprise channels contributed to revenue growth.Annual Recurring Revenue (ARR) as of September 30, 2022, increased 19% to $29.3M from $24.6M as of September 30, 2021.Gross profit increased to a record $5.8M, or 75.0% of total revenue, from $4.6M, or 74.7% of total revenue, in the prior year period. The increase in gross profit was primarily due to revenue growth and continued improvement in the automation of our product offerings.Total operating expenses decreased 13% to $8.1M from $9.3M in the same prior year period. The decrease in operating expenses was due primarily to efficiencies gained in sales and marketing, partially offset by costs related to the addition of the Bureau of Internet Accessibility in March 2022.Net loss available to common stockholders was $2.3M, or $(0.20) per share, compared to $4.7M, or $(0.41) per share, in the same prior year period. The decrease in net loss was the result of efficiencies gained in sales and marketing and revenue growth.AudioEye generated Non-GAAP profit in the quarter of $0.1M, or $0.01 per share, compared to a net loss of $1.9M, or $(0.17) 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 non-recurring items.On September 30, 2022, the Company had $7.8M in cash compared to $9.3M on June 30, 2022. The cash change was in line with expectations and included $0.4M for s...