Business
Bridgeline Announces Financial Results for the Third Quarter of Fiscal 2023
WOBURN, Mass., Aug. 11, 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., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a marketing software solutions provider, today announced financial results for its fiscal third quarter ended June 30, 2023. “Bridgeline’s core products are growing by over 15% CAGR led by HawkSearch which signed over $1 million in new customer contracts this quarter,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “Our core products have grown to over 44% of our overall revenue and will begin to dominate our topline as they surpass our legacy products which declined in revenue this year.” Financial Highlights – Third Quarter of Fiscal Year 2023 Total revenue was $3.9 million, compared to $4.2 million in the prior year period.Subscription and licenses revenue was $3.2 million, compared to $3.4 million in the prior year period.Gross profit was $2.6 million, compared to $2.9 million in the prior year period.Gross margin was 68%, compared to 70% in the prior year period. Financial Highlights – First 9 Months of Fiscal Year 2023 Total revenue was $12.1 million, compared to $12.6 million in the prior year period.Subscription and licenses revenue was $9.7 million, compared to $10.1 million in the prior year period.Gross profit was $8.3 million, compared to $8.7 million in the prior year period.Gross margin was 68%, compared to 69% in the prior year period. Business Highlights Sales Signed over $1.2 million in new sales, including $600 thousand in license contracts, adding over $200 thousand in annual recurring revenue and more than $600 thousand in professional services.HawkSearch announced new licenses with Aaron Equipment, Seattle Aviation Solutions, Valken Sports, Designerie, Loyola Press, an institutional accreditor and a renowned luxury jewelry retailer.Other new wins include Paul Byron Shoes and Voltus GmbH.In partnership with Duda, Bridgeline sold more than 500 WooRank licenses to Repli who will use them to provide in-depth SEO analysis to their customers. Partnerships Bridgeline continues to win sales through partnerships with BigCommerce, Salesforce, and Optimizely.Bridgeline announced a partnership with oBundle, an eCommerce agency specializing in BigCommerce. With over 500 successful BigCommerce implementations, oBundle is positioned to introduce Hawksearch to its existing customer base as well as new customers it o...