Business
Bridgeline Announces Financial Results for the Third Quarter of Fiscal 2022
Revenue Increases 22% Versus Prior Year Third Quarter Subscription and Licenses Revenue Increases 29% Versus Prior Year Third Quarter WOBURN, Mass., Aug. 11,
About this update from Bridgeline Digital, Inc.
[{"type":"text","content":" Revenue Increases 22% Versus Prior Year Third Quarter Subscription and Licenses Revenue Increases 29% Versus Prior Year Third Quarter WOBURN, Mass., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a leading SaaS marketing technology provider, today announced financial results for its fiscal third quarter ended June 30, 2022. “Bridgeline continues to see strong demand, especially for our site search products,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “Hawksearch is leading our growth thanks to strong partnerships with platforms including BigCommerce, Kentico, Optimizely, and Sitefinity.” Financial Highlights – Third Fiscal Quarter of Fiscal Year 2022 Total revenue was $4.2 million, an increase of 22% from $3.4 million in the prior year period.Subscription and licenses revenue was $3.4 million, an increase of 29% from $2.6 million in the prior year period.Gross profit was $2.9 million, an increase of 30% from $2.3 million in the prior year period.Gross margin increased to 70% compared to 65% in the prior year period. Financial Highlights – Year-to-Date Nine Months of Fiscal Year 2022 Total revenue was $12.6 million, an increase of 38% from $9.2 million in the prior year period.Subscription and licenses revenue was $10.1 million, an increase of 53% from $6.6 million in the prior year period.Gross profit was $8.7 million, an increase of 47% from $5.9 million in the prior year period.Gross margin increased to 69% compared to 65% in the prior year period. Business Highlights Corporate Highlights Bridgeline closed 23 license sales in the third quarter of fiscal year 2022. Bridgeline's cross-sale strategy remains strong, with 11 subscription sales to its existing customer base and 12 newly won customers.Bridgeline negotiated a $600,000 discount to the final earnout and working capital adjustment on the Hawksearch acquisition in consideration for a 6-month early payment. New Customer Highlights SAGE Publishing selected Hawksearch to provide on-site search for their global multi-site eCommerce stores including Corwin Press.TruPresence was chosen by a global auto services provider to help power franchise digital marketing for its US-based locations.Belmetrics, an auto parts dealer, chose Hawksearch to support their B2B online store.PharmaDirect selected Celebros to grow its online pharm...