The following is a summary of the AudioEye, Inc. (AEYE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AudioEye's Q1 2024 revenue reported at $8.1 million, marking their 33rd quarter of record revenue.

• ARRs for the end of Q1 2024 hit $32 million from 2023 Q4, indicating positive growth.

• Gross profit in Q1 was equivalent to 78% of revenue at $6.3 million.

• Net loss was minimized in Q1 2024 at $800,000 or $0.07 per share, way lower from $2 million and $0.17 per share in the previous year same period.

• The revenue guidance for 2024 has been increased to a range between $34.3 million and $34.7 million. Furthermore, EBITDA guidance also increased to between $4.5 million and $5.5 million.

Business Progress:

• A significant increase in AEYE's customer base, from 3,500 in 2019 to 112,000, and revenue tripled.

• Achieved SOC 2 Type 1 compliance, displaying their commitment to security and data privacy standards.

• Investments have been made for AI enhancements and infrastructure scaling on the technology platform.

• Partner and Marketplace channel sustained a 9% YoY growth in revenues in Q1, and Enterprise Channel increased by 4% sequentially.

• Preparation to meet demand surge in 2025 is in progress, following regulatory updates from the Justice Department and European Accessibility Act.

• Executed stock buyback program underpinning commitment to delivering shareholder value.

More details: AudioEye IR

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