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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.