Business
AudioEye Reports Second Quarter 2019 Results
TUCSON, Ariz., Aug. 14, 2019 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE), a leading developer of digital accessibility solutions that provide barrier-free
About this update from Audioeye, Inc.
[{"type":"text","content":"TUCSON, Ariz., Aug. 14, 2019 /PRNewswire/ -- AudioEye, Inc. (NASDAQ: AEYE), a leading developer of digital accessibility solutions that provide barrier-free website access for individuals with disabilities, reported financial results for the second quarter ended June 30, 2019. \n\n \nSecond Quarter and Recent Operational Highlights\nContinued to grow direct sales channel client roster in the second quarter with prominent new customers from the technology, fashion, retail, hospitality and healthcare space among others. Continued to fortify new indirect channel partner relationships. Currently, 18 established channel partners offer AudioEye as their exclusive digital accessibility solution to their clients. Increased the sales and implementation teams to grow AudioEye market share faster and to continue implementing its service solution for customers in a timely manner. Expanded relationship with Dealer.com, a Cox Automotive brand, to become the Company's premier partner for digital accessibility in the U.S automotive industry. Became an official member of the World Wide Web Consortium (W3C), an international community comprised of member organizations that work closely with the public to develop high-quality standards for the web. Added to the Russell Microcap® Index, effective July 1, 2019. Selected by Arlington Public Schools as its web accessibility solution, ensuring the centralized district website, which includes all schools within its district, are accessible to individuals with disabilities.Second Quarter 2019 Financial Results\nBookings increased 140% to a $7.3M from $3.0M in the same year-ago period. The increase in bookings was primarily due to execution in contract closings in the direct channel and expanding contracts with an existing indirect channel partner. Total revenue increased 97% to a record $2.4M from $1.2M in the same period a year ago. The increase in revenue was primarily due to continued execution in the direct channel, increased growth in the indirect channel and additional contracts awarded through the Company's PDF remediation business. Gross profit increased 110% to $1.3M (~53% of total revenue) from $612K (~50% of total revenue) in the same year-ago period. The increase in gross profit and gross margin was primarily due to increased sales volume and an increasing revenue renewal rate with longer con...