Business
Bridgeline Announces Financial Results for the Fourth Quarter of Fiscal 2023
WOBURN, Mass., Dec. 27, 2023 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a marketing software solutions provider, today announced financial
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":"WOBURN, Mass., Dec. 27, 2023 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a marketing software solutions provider, today announced financial results for its fiscal fourth quarter ended September 30, 2023. “Bridgeline signed more than $6 million in new customer contracts in FY23 that resulted in our revenue being dominated by core products such as HawkSearch,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “This was a transformative year that grew our core revenue significantly and shed legacy product revenue. Bridgeline’s growth is now driven by core products with strong renewal rates and rapid sales cycles which positions the company for growth in 2024.” Financial Highlights – Fourth Quarter of Fiscal Year 2023 Total revenue was $3.8 million, compared to $4.2 million in the prior year period.Subscription and licenses revenue was $3.1 million, compared to $3.4 million in the prior year period.Gross profit was $2.6 million, compared to $3.0 million in the prior year period.Gross margin was 68%, compared to 71% in the prior year period. Financial Highlights – Fiscal Year 2023 Total revenue was $15.9 million, compared to $16.8 million in the prior year period.Subscription and licenses revenue was $12.7 million, compared to $13.6 million in the prior year period.Gross profit was $10.9 million, compared to $11.7 million in the prior year period.Gross margin was 68%, compared to 70% in the prior year period. Business Highlights Sales In fiscal 2023, Bridgeline signed more than $6 million in new customer contracts and had a revenue renewal rate of more than 90%. The HawkSearch product line led the company’s success with HawkSearch growing to nearly 50% of Bridgeline’s revenue with a revenue renewal rate of more than 95%.In its fourth quarter, Bridgeline booked an additional 27 sales for $900 thousand in contract value that adds $375 thousand in annual recurring revenue. Bridgeline closed the fourth quarter with a 92% revenue renewal rate for $2 million in contracts, totaling $9 million in renewals for the year.New licenses in Bridgeline’s fourth quarter include leading technology providers Spectrum Control, Saviynt and Project Insight as well as industrial distributors Trident Enterprises and Filters Fast. ProductBridgeline software enhancements have focused heavily on Artificial Intelligence to impr...