AudioEye Reports Preliminary 101% Increase in Revenue

AudioEye (NASDAQ:AEYE) announced its unaudited financial results for the third quarter ended September 30, 2018 with the company reporting an 101 percent growth in its net revenue.

As quoted in the press release:

Revenue for the third quarter of 2018 totaled a record $1.49 million, an increase of 21% from $1.23 millionin the prior quarter and 101% from $744,000 in the same year-ago period. Year-to-date revenue for 2018 totaled $3.88 million, an increase of 108% from $1.86 million for the same nine-month period in 2017.

Cash contract bookings for the third quarter of 2018 totaled $2.80 million, which compares to $3.03 million in the prior quarter and $1.49 million in the same year-ago period. For the first nine months of 2018, the company secured a record $8.04 million in cash contract bookings, an increase of 70% compared to $4.74 million in the same year-ago period.

Deferred revenue for the third quarter of 2018 totaled a record $2.50 million, an increase of 134% from $1.07 million in the same year-ago period.

Contracts in excess of deferred revenue and recognized revenue totaled $6.45 million for the third quarter of 2018, an increase of $3.69 million from $2.76 million in the same year ago period.

At quarter-end the company had $6.09 million in cash and cash equivalents.

The company plans to file its Form 10-Q with complete audited financial results with the Securities and Exchange Commission by November 14, 2018.

“The third quarter was another successful period marked by continued execution as well as expansion for AudioEye,” said company CEO Todd Bankofier. “More specifically, we achieved our eleventh consecutive quarter of increased revenue, which was driven by the strong performance of our rapidly developing partnership channel.”

Third Quarter 2018 Operational Highlights

• Expanded the partnership with CU Solutions Group, a leading credit union service organization, to serve as exclusive sales and marketing agent to the credit union industry.
• Selected by Anexinet, a leading digital business technology firm, to provide a comprehensive and sustainable digital accessibility solution to its clients and company.
• Secured two new indirect partnerships with Simpleview, a destination marketing platform provider and Redstage, an e-commerce service provider.
• Chosen by NYDJ, an L.A.-based fashion brand and a pioneer in denim fit technology, to provide a comprehensive and sustainable digital accessibility solution on its corporate site at NYDJ.com.
• Completed $6.25 million growth equity financing with institutional investors to accelerate expansion efforts for the company’s indirect partnership business.
• Listed the company’s common stock on the Nasdaq Capital Market Exchange.
• Subsequent to the end of the third quarter, secured a new indirect partnership with NetSuite, now available in the NetSuite, SuiteApp.com.
• Increased the sales and implementation teams to go after larger market share and to continue implementing the company’s service solution for the customers in a timely manner.

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