AudioEye Inc (AEYE) Reports Record Third Quarter 2023 Results with Non-GAAP Profit of $300,000
AudioEye Inc (NASDAQ:AEYE) reported a record non-GAAP profit of approximately $300,000 for Q3 2023.
The company expects to generate revenue of between $7.9 million and $8.0 million in Q4 2023.
AudioEye Inc (NASDAQ:AEYE) anticipates building on positive momentum to deliver continued ARR growth and positive free cash flow.
AudioEye Inc (NASDAQ:AEYE) reported its thirty-first consecutive period of record revenue.
On November 2, 2023, AudioEye Inc (NASDAQ:AEYE), the industry-leading enterprise SaaS accessibility company, reported its financial results for the third quarter ended September 30, 2023. The company reported a record non-GAAP profit of approximately $300,000, marking its thirty-first consecutive period of record revenue.
Financial Performance
AudioEye Inc (NASDAQ:AEYE) reported a revenue of $7.838 million for the third quarter of 2023, a slight increase from the $7.7 million reported in the same period in 2022. The company's gross profit for the quarter was $6.05 million, up from $5.777 million in Q3 2022. However, the company reported an operating loss of $1.39 million, an improvement from the $2.282 million loss reported in the same period the previous year. The net loss for the quarter was $1.355 million, down from $2.283 million in Q3 2022.
Company Outlook
Looking ahead, AudioEye Inc (NASDAQ:AEYE) expects to generate revenue of between $7.9 million and $8.0 million in the fourth quarter of 2023. The company also anticipates that non-GAAP profitability will increase sequentially and that it will generate positive free cash flow in the fourth quarter. AudioEye CEO David Moradi stated,
We are pleased to deliver strong sequential ARR growth in the quarter and a record reported non-GAAP profit of approximately $300,000. In the fourth quarter, we anticipate building on this positive momentum, enabling us to deliver continued ARR growth, record reported non-GAAP profitability, and positive free cash flow."
About AudioEye Inc (NASDAQ:AEYE)
AudioEye Inc (NASDAQ:AEYE) is an industry-leading enterprise SaaS accessibility company. It combines the latest AI automation technology with guidance from certified experts and direct input from the disability community to ensure businesses of all sizes are accessible. The company serves over 106,000 customers, including Samsung, Calvin Klein, and Samsonite, and holds 21 US patents.
Explore the complete 8-K earnings release (here) from AudioEye Inc for further details.
This article first appeared on GuruFocus.
