Business
Bridgeline Announces Financial Results for the Second Quarter of Fiscal 2024
WOBURN, Mass., May 14, 2024 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a global leader in AI-powered marketing technology, today announced
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":"WOBURN, Mass., May 14, 2024 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a global leader in AI-powered marketing technology, today announced financial results for its fiscal second quarter ended March 31, 2024. “Fresh off our record sales in the first quarter, our Zeus product launch featuring Smart Search has been a remarkable success in Q2 and will continue to be a major sales focus in 2024 and beyond,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “Smart Search is an AI-powered product discovery technology that increases sales conversion on eCommerce sites through text and image-based search. Bridgeline’s partnerships further boost Smart Search sales with platforms such as Optimizely and Big Commerce placing HawkSearch prominently in their app stores.” Financial Highlights – Second 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 $3.0 million, compared to $3.3 million in the prior year period.Gross profit was $2.5 million, compared to $2.8 million in the prior year period.Gross margin was 66% compared to 69% in the prior year period. Financial Highlights – First 6 Months of Fiscal Year 2024 Total revenue was $7.6 million, compared to $8.2 million in the prior year period.Subscription and licenses revenue was $6.1 million, compared to $6.5 million in the prior year period.Gross profit was $5.1 million, compared to $5.6 million in the prior year period.Gross margin was 67% compared to 69% in the prior year period. Product Highlights HawkSearch launched 23 sites over the last 24 weeks, with 5 more scheduled to go live this month. Many of these sites are in partnership with Optimizely and BigCommerce where we have connector apps prominently available in their app stores.In late March we launched Smart Search’s Zeus release, which introduces two new ways to search: Concept Search and Image Search. This changes how customers interact with search, leading to increased engagement and revenue for businesses. Smart Search uses AI large language models and vector databases, and retrieval augmented generation to process customer queries through text or images. Image Search allows a customer to upload an image of a product, and HawkSearch will show similar items for purchase. Concept Search lets users des...