Audioeye ( (AEYE) ) has released its Q3 earnings. Here is a breakdown of the information Audioeye presented to its investors.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
AudioEye, Inc., a leader in digital accessibility solutions, reported its record-breaking financial results for the third quarter of 2024, marking its thirty-fifth consecutive period of revenue growth. The company offers AI-driven tools and expert guidance to help businesses ensure their digital platforms are accessible to all users, including those with disabilities.
In the recent earnings report, AudioEye highlighted a 14% year-over-year increase in total revenue, reaching $8.9 million, and a significant improvement in adjusted EBITDA margin by 600 basis points to 23%. This performance prompted the company to raise its financial guidance, indicating strong market confidence in its growth trajectory.
Key financial metrics for the quarter include a gross profit of $7.1 million, which accounts for 80% of total revenue, and an adjusted EBITDA of $2.0 million, a substantial increase from the previous year. The company also reported an annual recurring revenue of $36.2 million, reflecting its solid customer base growth, which rose to approximately 126,000 customers.
Looking forward, AudioEye’s management is optimistic about continued growth, expecting fourth-quarter revenue between $9.7 million and $9.8 million, along with improved adjusted EBITDA and earnings per share. The company remains focused on expanding its market presence and enhancing its digital accessibility solutions to meet the evolving needs of its clients.
