Business
Bridgeline Announces Financial Results for the First Quarter of Fiscal 2024
WOBURN, Mass., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a provider of marketing software, today announced financial results
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":"WOBURN, Mass., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a provider of marketing software, today announced financial results for its fiscal first quarter ended December 31, 2023. “Our recent release of Smart Search and Rapid UI for HawkSearch drove the highest new license bookings for any quarter since I came to Bridgeline,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “Smart Search increases our customer’s revenue by allowing their site visitors to find products using photos from their smart phone and natural language to engage with the site as they would with a sales advisor. Rapid UI increases our total addressable market to include mid-sized companies who need the same search capabilities of enterprise customers without investing months and thousands of dollars in customizing their implementation.” Financial Highlights – First Quarter of Fiscal Year 2024 Total revenue was $3.8 million, compared to $4.1 million in the prior year period.Subscription and licenses revenue was $3.1 million, compared to $3.2 million in the prior year period.Gross profit was $2.6 million, compared to $2.8 million in the prior year period.Gross margin was 68%, compared to 69% in the prior year period. Business Highlights Sales In the quarter, Bridgeline signed more than $2.5 million in new customer contracts with 28 license sales adding over $750 thousand in annual recurring revenue. Search drove most sales and now represents over 50% of Bridgeline’s revenue.Bridgeline’s Net Revenue Retention for the quarter was over 90% with search over 95%. Overall Net Revenue Retention was impacted by a large legacy product customer who began winding its subscription down in 2022, which has now concluded.New customers in the first quarter include several electrical distributors, which furthers Bridgeline’s dominance in this market. Bridgeline also had multiple sales in the broader building materials market as well as the insurance, education, and agriculture markets.Several sales of Bridgeline’s Smart Search product were made to existing customers in the first quarter, and Bridgeline has strong demand for Smart Search in its over 500 HawkSearch customers supporting future sales. Product Smart Search Bridgeline released Smart Search in its first quarter which drove several new sales for the company, expanded i...