Business
Bridgeline Announces Financial Results for the Third Quarter of Fiscal 2024
WOBURN, Mass., Aug. 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., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), a global leader in AI-powered marketing technology, today announced financial results for its fiscal third quarter ended June 30, 2024. “AI advancements, particularly Gen-AI, are revolutionizing eCommerce. Bridgeline is uniquely positioned to displace competitors and drive innovation to fulfill this demand,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “HawkSearch-AI stands out as the only AI-Product Discovery software equipped with Tailored-AI. It enables businesses to collaborate with intelligent agents to fine-tune merchandising and drive online revenue growth.” Financial Highlights – Third Quarter of Fiscal Year 2024 Total revenue was $3.9 million, compared to $3.9 million in the prior year period.Subscription and licenses revenue was $3.0 million, compared to $3.2 million in the prior year period.Gross profit was $2.7 million, compared to $2.6 million in the prior year period.Gross margin was 69% compared to 68% in the prior year period. Financial Highlights – First 9 Months of Fiscal Year 2024 Total revenue was $11.5 million, compared to $12.1 million in the prior year period.Subscription and licenses revenue was $9.1 million, compared to $9.7 million in the prior year period.Gross profit was $7.8 million, compared to $8.3 million in the prior year period.Gross margin was 68% compared to 68% in the prior year period. Sales Highlights Bridgeline signed $1.4 million in new customer contracts with 23 license sales, adding over $400 thousand in annual recurring revenue.Artificial Intelligence is driving many search product sales. Companies recognize that their customers expect AI-powered search. This builds demand for upgrades to Bridgeline’s HawkSearch product. Product Highlights Gartner recognized HawkSearch in its Magic Quadrant for Search and Product Discovery, highlighting HawkSearch’s strength in Artificial Intelligence and the B2B market.Info-Tech Research Group awarded HawkSearch the Champion title in Enterprise Search and recognized HawkSearch as a Top-Rated software in the category.FeaturedCustomers recognized HawkSearch as a Top Performer in the ‘Summer 2024 Customer Success Report’ for Enterprise Search Software.HawkSearch launched the GenAI-powered ’Athena’ update featuring Smart Response with conversati...