The following is a summary of the AudioEye, Inc. (AEYE) Q3 2024 Earnings Call Transcript:
Financial Performance:
AudioEye reported Q3 2024 revenue of $8.93 million, a 14% year-over-year increase, and sequential growth from $8.47 million in Q2 2024.
Adjusted EBITDA for Q3 2024 was $1.6 million, compared to $1 million in Q2 2024 and negative $200,000 in Q3 of last year.
Gross margin increased to 80%, with a $1.1 million increase in revenue year-over-year accompanied by only marginal increases in the cost of goods sold.Net loss for Q3 2024 improved to $1.2 million, down from $1.4 million in the same period last year.
Business Progress:
AudioEye expanded partnerships with Finalsite and CivicPlus aimed at penetrating their customer bases over the next three years.
Acquired ADA Site Compliance, immediately accretive to financials, expanding services in compliance solutions.
Launched Accessibility Protection Status and the Accessibility Testing Software Kit (SDK).
Achieved HIPAA compliance and SOC 2 Type 2 certification, enhancing their credibility in sectors with stringent data security demands.
Opportunities:
The expansion of partnerships and acquisitions are expected to substantially increase revenues over the next three years.
AudioEye's continuous investment in innovative products like the Accessibility Protection Status and Accessibility Testing Software, and certifications such as HIPAA compliance and SOC 2 Type 2, cater to growing demands across various compliance-sensitive sectors.
Risks:
Given the integration of ADA Site Compliance and scaling the partnerships with Finalsite and CivicPlus, there is a potential risk in managing these integrations and achieving the forecasted penetration successfully.
More details: AudioEye IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
