AudioEye raises FY24 adjusted EPS view to 51c-53c from 48c-51c, consensus (13c)

Raises FY24 revenue view to $35.15M-$35.25M from $34.4M-$34.8M, consensus $34.67M. The company said, “Based on strong organic results in the quarter, AudioEye is increasing its guidance to the upper end of the range previously provided. For the third quarter of 2024, management expects to generate revenue between $8.9 million and $8.95 million, adjusted EBITDA between $1.925 million and $1.95 million, and adjusted EPS between $0.15 and $0.16. AudioEye is increasing its full-year 2024 revenue guidance to between $35.15 million and $35.25 million, adjusted EBITDA between $6.3 million and $6.45 million, and adjusted EPS between $0.51 and $0.53. The acquisition of ADA Site Compliance is expected to be accretive in the fourth quarter. Management expects to achieve the ‘Rule of 40’ in the third quarter of 2024 (using sequential annualized revenue growth in the third quarter). Looking ahead to 2025, management is excited about core business momentum and the platform, which unlocks the potential for additional, similarly accretive “tuck-in” acquisitions.”