AudioEye Reports Record Fourth Quarter and Full Year 2024 Results
AudioEye (NASDAQ: AEYE) reported record Q4 and full year 2024 results, marking its 36th consecutive period of record revenue. Q4 revenue increased 24% year-over-year to $9.7M with an adjusted EBITDA margin of 24%. Full year 2024 revenue grew 12% to $35.2M with gross profit of $27.9M.
The company reported Q4 net loss of $1.5M ($0.12 per share) compared to $0.5M loss in Q4 2023. Annual Recurring Revenue (ARR) reached $36.6M by year-end. For 2025, AudioEye guides revenue between $41-42M (18% growth at midpoint) with adjusted EBITDA between $9-10M.
Notable developments include: customer base expansion to 127,000 (up 17,000 YoY), completion of $7M at-the-market offering at $24.65 per share, and board authorization for $12.5M share repurchase through January 2027. The company also welcomed Jim Hawkins to its board of directors and released its 2025 Digital Accessibility Index.
AudioEye (NASDAQ: AEYE) ha riportato risultati record per il quarto trimestre e per l'intero anno 2024, segnando il 36° periodo consecutivo di fatturato record. I ricavi del Q4 sono aumentati del 24% rispetto all'anno precedente, raggiungendo i 9,7 milioni di dollari, con un margine EBITDA rettificato del 24%. I ricavi per l'anno intero 2024 sono cresciuti del 12%, arrivando a 35,2 milioni di dollari, con un profitto lordo di 27,9 milioni di dollari.
L'azienda ha registrato una perdita netta nel Q4 di 1,5 milioni di dollari (0,12 dollari per azione) rispetto a una perdita di 0,5 milioni di dollari nel Q4 2023. I Ricavi Ricorrenti Annuali (ARR) hanno raggiunto i 36,6 milioni di dollari entro la fine dell'anno. Per il 2025, AudioEye prevede ricavi compresi tra 41 e 42 milioni di dollari (crescita del 18% al punto medio) con un EBITDA rettificato tra 9 e 10 milioni di dollari.
Sviluppi notevoli includono: l'espansione della base clienti a 127.000 (aumento di 17.000 rispetto all'anno precedente), il completamento di un'offerta di 7 milioni di dollari a mercato a 24,65 dollari per azione, e l'autorizzazione del consiglio per un riacquisto di azioni da 12,5 milioni di dollari fino a gennaio 2027. L'azienda ha anche accolto Jim Hawkins nel suo consiglio di amministrazione e ha pubblicato il suo Indice di Accessibilità Digitale 2025.
AudioEye (NASDAQ: AEYE) reportó resultados récord para el cuarto trimestre y para todo el año 2024, marcando su 36º período consecutivo de ingresos récord. Los ingresos del Q4 aumentaron un 24% interanual, alcanzando los 9,7 millones de dólares, con un margen EBITDA ajustado del 24%. Los ingresos para el año completo 2024 crecieron un 12%, alcanzando los 35,2 millones de dólares, con una ganancia bruta de 27,9 millones de dólares.
La compañía reportó una pérdida neta en el Q4 de 1,5 millones de dólares (0,12 dólares por acción) en comparación con una pérdida de 0,5 millones de dólares en el Q4 de 2023. Los Ingresos Recurrentes Anuales (ARR) alcanzaron los 36,6 millones de dólares al final del año. Para 2025, AudioEye guía ingresos entre 41 y 42 millones de dólares (crecimiento del 18% en el punto medio) con EBITDA ajustado entre 9 y 10 millones de dólares.
Desarrollos notables incluyen: expansión de la base de clientes a 127,000 (un aumento de 17,000 interanual), finalización de una oferta de 7 millones de dólares en el mercado a 24,65 dólares por acción, y autorización de la junta para recompra de acciones por 12,5 millones de dólares hasta enero de 2027. La compañía también dio la bienvenida a Jim Hawkins a su junta directiva y publicó su Índice de Accesibilidad Digital 2025.
오디오아이 (NASDAQ: AEYE)는 2024년 4분기 및 연간 실적을 기록하며 36분기 연속 기록적인 수익을 달성했습니다. 4분기 수익은 전년 대비 24% 증가하여 970만 달러에 이르렀으며, 조정된 EBITDA 마진은 24%였습니다. 2024년 전체 수익은 12% 증가하여 3520만 달러에 도달했으며, 총 이익은 2790만 달러였습니다.
회사는 4분기에 150만 달러의 순손실(주당 0.12달러)을 기록했으며, 이는 2023년 4분기 50만 달러의 손실과 비교됩니다. 연간 반복 수익(ARR)은 연말까지 3660만 달러에 도달했습니다. 2025년을 위해 오디오아이는 수익을 4100만에서 4200만 달러(중간값 기준 18% 성장)로 안내하며, 조정된 EBITDA는 900만에서 1000만 달러 사이로 예상하고 있습니다.
주목할 만한 개발 사항으로는: 고객 기반이 127,000명으로 확대(전년 대비 17,000명 증가), 주당 24.65달러에 700만 달러의 시장 제공 완료, 2027년 1월까지 1250만 달러의 자사주 매입을 위한 이사회 승인 등이 있습니다. 회사는 또한 짐 호킨스를 이사회에 환영하고 2025년 디지털 접근성 지수를 발표했습니다.
AudioEye (NASDAQ: AEYE) a annoncé des résultats records pour le quatrième trimestre et pour l'année entière 2024, marquant ainsi son 36ème trimestre consécutif de revenus records. Les revenus du Q4 ont augmenté de 24 % par rapport à l'année précédente, atteignant 9,7 millions de dollars, avec une marge EBITDA ajustée de 24 %. Les revenus pour l'année complète 2024 ont augmenté de 12 %, atteignant 35,2 millions de dollars, avec un bénéfice brut de 27,9 millions de dollars.
L'entreprise a enregistré une perte nette de 1,5 million de dollars au Q4 (0,12 dollar par action) par rapport à une perte de 0,5 million de dollars au Q4 2023. Les Revenus Annuels Récurrents (ARR) ont atteint 36,6 millions de dollars à la fin de l'année. Pour 2025, AudioEye prévoit des revenus compris entre 41 et 42 millions de dollars (croissance de 18 % au point médian) avec un EBITDA ajusté entre 9 et 10 millions de dollars.
Les développements notables incluent : l'expansion de la base de clients à 127 000 (augmentation de 17 000 par rapport à l'année précédente), l'achèvement d'une offre de 7 millions de dollars au prix du marché de 24,65 dollars par action, et l'autorisation du conseil d'administration pour un rachat d'actions de 12,5 millions de dollars jusqu'en janvier 2027. L'entreprise a également accueilli Jim Hawkins au sein de son conseil d'administration et a publié son Indice d'Accessibilité Numérique 2025.
AudioEye (NASDAQ: AEYE) hat Rekordergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet und damit den 36. aufeinanderfolgenden Zeitraum mit Rekordumsätzen erreicht. Der Umsatz im Q4 stieg im Jahresvergleich um 24% auf 9,7 Millionen Dollar, mit einer bereinigten EBITDA-Marge von 24%. Der Umsatz für das gesamte Jahr 2024 wuchs um 12% auf 35,2 Millionen Dollar, mit einem Bruttogewinn von 27,9 Millionen Dollar.
Das Unternehmen meldete im Q4 einen Nettoverlust von 1,5 Millionen Dollar (0,12 Dollar pro Aktie) im Vergleich zu einem Verlust von 0,5 Millionen Dollar im Q4 2023. Der wiederkehrende Jahresumsatz (ARR) erreichte zum Jahresende 36,6 Millionen Dollar. Für 2025 prognostiziert AudioEye einen Umsatz zwischen 41 und 42 Millionen Dollar (18% Wachstum im Mittelwert) mit einem bereinigten EBITDA zwischen 9 und 10 Millionen Dollar.
Bemerkenswerte Entwicklungen umfassen: Erweiterung der Kundenbasis auf 127.000 (ein Anstieg um 17.000 im Jahresvergleich), Abschluss eines 7 Millionen Dollar-Angebots zum Marktpreis von 24,65 Dollar pro Aktie und Genehmigung des Vorstands zum Rückkauf von Aktien im Wert von 12,5 Millionen Dollar bis Januar 2027. Das Unternehmen begrüßte auch Jim Hawkins in seinem Vorstand und veröffentlichte seinen Digital Accessibility Index 2025.
- Record Q4 revenue growth of 24% YoY to $9.7M
- Strong Q4 adjusted EBITDA margin of 24%
- Gross profit margin improved to 80% in Q4 2024
- Customer base grew by 17,000 YoY to 127,000
- ARR increased to $36.6M
- $12.5M share repurchase program authorized
- Q4 net loss widened to $1.5M from $0.5M YoY
- Operating expenses increased 36% in Q4
- Litigation expenses increased by $1.0M in Q4
- Full year 2024 revenue growth slowed to 12% from previous year
Insights
AudioEye's Q4 and full-year 2024 results showcase impressive financial momentum with the company delivering its 36th consecutive quarter of record revenue. Q4 revenue grew
The company's gross profit margins expanded to
While operating expenses increased
Looking forward, management's 2025 guidance of
AudioEye is executing a textbook SaaS playbook with remarkable efficiency metrics that position it as a standout in the growing digital accessibility market. The
The company's revenue per employee exceeding
AudioEye's customer acquisition strategy appears effective with 17,000 new customers added year-over-year, reaching 127,000 total. This expanding customer base, primarily through Partner, Marketplace and Enterprise channels, provides diversified revenue streams while creating a compelling competitive moat.
The company's focus on educational initiatives like AudioEyeQ and industry recognition (InfoWorld Technology finalist, Cloud Awards finalist) strategically position it as a thought leader in digital accessibility. With new EU accessibility regulations joining existing US requirements, AudioEye is well-positioned to capitalize on regulatory tailwinds that are driving market expansion beyond its current growth trajectory.
Thirty-Sixth Consecutive Period of Record Revenue
Guiding 2025 Revenue Between
"I am very pleased with our fourth quarter and 2024 results," said AudioEye CEO David Moradi. "We consistently outperformed our guidance on both revenue and profitability during 2024. I'm excited for the future as digital accessibility continues to gain momentum not only in
"In the fourth quarter, we demonstrated strong operating metrics, including
Fourth Quarter 2024 Financial Results
- Total revenue increased
24% to a record$9.7M $7.9M - Gross profit increased to
$7.8M 80% of total revenue) from$6.2M 78% of total revenue) in the same prior year period. The increase in gross profit was the result of continued revenue growth and certain efficiencies in cost of revenue. - Total operating expenses increased
36% to$9.1M $6.7M $1.0M $0.7M - Net loss was
$1.5M $(0.12) $0.5M $(0.04) $2.4M $0.2M $1.6M - Adjusted EBITDA in Q4 2024 was a record
$2.3M $0.18 $1.3M $0.11 - Annual Recurring Revenue ("ARR") as of December 31, 2024, increased sequentially to
$36.6M $36.2M - As of December 31, 2024, the Company had
$5.7M $5.5M
Full Year 2024 Financial Results
- Total revenue increased
12% to a record$35.2M $31.3M - Gross profit increased to
$27.9M 79% of total revenue) in 2024 from$24.3M 78% of total revenue) in 2023. - With revenue growing
12% in 2024, total operating expenses increased by3% , or$1M $30.3M $31.3M $2.1M $0.7M - Net loss was
$4.3M $(0.36) $5.9M $(0.50) - The Company achieved adjusted EBITDA of
$6.7M $0.55 $1.3M $0.11
Other Updates
- In March 2025, AudioEye welcomed Jim Hawkins to its board of directors. Hawkins is a seasoned executive with a strong track record of driving growth and innovation. As CEO of a publicly traded company, he led revenue growth from
$37 million $530 300% –while also increasing market capitalization from$68 million $1.1 billion 500% increase. From 2004 to 2018, he served as President and CEO of Natus Medical. Previously, he was CEO of Invivo Corporation, and he currently serves on the boards of OSI Systems, Inc. and IRadimed Corporation. - AudioEye recently announced the release of its 2025 Digital Accessibility Index, a comprehensive analysis of digital accessibility compliance across key industries including education, finance, government, healthcare, hospitality, software, and retail. Based on a review of 15,000 websites, the report found an average of 297 accessibility issues per page, a substantial increase from 37 issues per page found in AudioEye's inaugural 2023 Index.
- In February 2025, AudioEye announced the launch of new role-based courses on AudioEyeQ, its free accessibility learning platform. These courses are designed to address the unique challenges of business leaders, designers, developers, and website testers and provide practical, role-specific guidance to help organizations embed accessibility into every aspect of their digital processes.
- In December 2024, AudioEye was named a finalist in InfoWorld's 2024 Technology of the Year Awards and the 2024 Cloud Awards. AudioEye was also named one of Utah Business Magazine's 2024 "Best Companies to Work For".
- In the fourth quarter of 2024, the Company completed its at-the-market offering, raising approximately
$7M $24.65 - In the first quarter of 2025, AudioEye's board of directors authorized the repurchase of up to
$12.5 million - As of December 31, 2024, AudioEye had approximately 127,000 customers, up 1,000 from September 30, 2024, and up 17,000 from December 31, 2023. The increase in customer count was driven by additions in both Partner and Marketplace and Enterprise customers.
Financial Outlook
AudioEye expects revenue of between
Conference Call Information
AudioEye management will hold a conference call today, March 12, 2025, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Date: Wednesday, March 12, 2025
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
International number: 201-689-8341
Webcast: Q424 Webcast Link
Please call the conference telephone number 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.
The conference call will also be webcast live and available for replay via the investor relations section of the Company's website. The audio recording will remain available via the investor relations section of the Company's website for 90 days.
A telephonic replay of the conference call will also be available after 7:30 p.m. Eastern Time on the same day through March 26, 2025 via the following numbers:
Toll-free replay number: 877-660-6853
International replay number: 201-612-7415
Replay passcode: 13752082
About AudioEye
AudioEye exists to ensure the digital future we build is accessible. The gold standard for digital accessibility, AudioEye's comprehensive solution combines industry-leading AI automation technology with expert fixes informed by the disability community. This powerful combination delivers industry-leading protection, ensuring businesses of all sizes - including over 127,000 customers like Samsung, Calvin Klein, and Samsonite - meet and exceed compliance standards. With 24 US patents, AudioEye's solution includes 24/7 accessibility monitoring, automated WCAG issue testing and fixes, expert testing, developer tools, and legal protection, empowering organizations to confidently create accessible digital experiences for all.
Forward-Looking Statements
Any statements in this press release about AudioEye's expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are "forward-looking statements" as that term is defined under the federal securities laws. Forward-looking statements are often, but not always, made through the use of words or phrases such as "believe", "anticipate", "should", "confident", "intend", "plan", "will", "expects", "estimates", "projects", "positioned", "strategy", "outlook" and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements contained herein include, but are not limited to, statements regarding future cash flows of the Company, anticipated contributions from new sales channels, long-term growth prospects, opportunities in the digital accessibility industry, our revenue, adjusted EBITDA, adjusted EPS and ARR guidance, expectations on "Rule of 40", and our expectation of investments in marketing and sales. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements, including the variability of AudioEye's revenue and financial performance; sales channels and offerings; product development and technological changes; the acceptance of AudioEye's products in the marketplace; the effectiveness of our integration efforts; competition; inherent uncertainties and costs associated with litigation; and general economic conditions. These and other risks are described more fully in AudioEye's filings with the Securities and Exchange Commission. There may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Forward-looking statements reflect management's view as of the date of this press release, and AudioEye urges you not to place undue reliance on these forward-looking statements. AudioEye does not undertake any obligation to update such forward-looking statements to reflect events or uncertainties after the date hereof. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
About Key Operating Metrics
We consider annual recurring revenue ("ARR") as a key operating metric and a key indicator of our overall business. We also use ARR as one of the primary methods for planning and forecasting overall expectations and for evaluating, on at least a quarterly and annual basis, actual results against such expectations.
We manage customers through two primary channels, Enterprise and Partner and Marketplace. Enterprise channel consists of our larger customers and organizations, including those with non-platform custom websites, who generally engage directly with AudioEye sales personnel for custom pricing and solutions. This channel also includes federal, state and local government agencies. The Partner and Marketplace channel consists of our CMS partners, platform & agency partners, authorized resellers and our marketplace. This channel serves small and medium sized businesses who are on a partner or reseller's web-hosting platform or who purchase an AudioEye solution from our marketplace.
We define ARR as the sum of (i) for our Enterprise channel, the total of the annualized recurring fee at the date of determination under each active contract, plus (ii) for our Partner and Marketplace channel, the annual or monthly recurring fee for all active customers at the date of determination, in each case, assuming no changes to the subscription, multiplied by 12 if applicable. Recurring fees are defined as revenues expected to be generated from services typically offered as a subscription service or annual service offering such as our automation and platform, periodic auditing, human-assisted technological fixes, legal support and professional service offerings and other services that reoccur on a multi-year contract. This determination includes both annual and monthly contracts for recurring products. Some of our contracts are terminable prior to the expected term, which may impact future ARR. ARR excludes non-recurring fees, which are defined as revenue expected to be generated from services typically not offered as a subscription service or annual service offering such as our PDF remediation services business, one-time mobile application reports, and other miscellaneous services that are offered as non-subscription services or are expected to be one-time in nature.
Use of Non-GAAP Financial Measures
From time to time, we review adjusted financial measures that assist us in comparing our operating performance consistently over time, as such measures remove the impact of certain items, as applicable, such as our capital structure (primarily interest charges), and expenses that do not relate to our core operations, including significant transaction and litigation-related expenses and other costs that are expected to be non-recurring. In order to provide investors with greater insight and allow for a more comprehensive understanding of the information used in our financial and operational decision-making, the Company has supplemented the consolidated financial statements presented on a GAAP basis in this press release with the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share (adjusted EPS).
These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of Company results as reported under GAAP. The Company compensates for such limitations by relying primarily on our GAAP results and using non-GAAP financial measures only as supplemental data. We also provide a reconciliation of non-GAAP to GAAP measures used. Investors are encouraged to carefully review this reconciliation. In addition, because these non-GAAP measures are not measures of financial performance under GAAP and are susceptible to varying calculations, these measures, as defined by us, may differ from and may not be comparable to similarly titled measures used by other companies.
Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings (Loss) per Diluted Share
We define: (i) Adjusted EBITDA as net income (loss), plus (less) interest expense (income), plus depreciation and amortization expense, plus stock-based compensation expense, plus non-cash valuation adjustment to liabilities, plus certain litigation expense, plus certain acquisition expense, plus executive team restructuring cost, and plus loss on disposal or impairment of long-lived assets; (ii) Adjusted EBITDA margin as Adjusted EBITDA as a percentage of GAAP revenue; and (iii) Adjusted earnings (loss) per diluted share (EPS) as net income (loss) per diluted common share, plus (less) interest expense (income), plus depreciation and amortization expense, plus stock-based compensation expense, plus non-cash valuation adjustment to liabilities, plus certain litigation expense, plus certain acquisition expense, plus executive team restructuring cost, and plus loss on disposal or impairment of long-lived assets, each on a per share basis. Adjusted earnings per diluted share includes incremental shares in the share count that are considered anti-dilutive in a GAAP net loss position.
Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share are used to facilitate a comparison of our operating performance on a consistent basis from period to period and provide for a more complete understanding of factors and trends affecting our business than GAAP measures alone. All of the items adjusted in the Adjusted EBITDA to net loss and the Adjusted earnings (loss) per share calculations are either recurring non-cash items or items that management does not consider in assessing our ongoing operating performance. In the case of the non-cash items, such as stock-based compensation expense and valuation adjustments to assets and liabilities, management believes that investors may find it useful to assess our comparative operating performance because the measures without such items are expected to be less susceptible to variances in actual performance resulting from expenses that do not relate to our core operations and are more reflective of other factors that affect operating performance. In the case of items that do not relate to our core operations, management believes that investors may find it useful to assess our operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.
Adjusted EBITDA is not a measure of liquidity under GAAP, or otherwise, and is not an alternative to cash flow from continuing operating activities, despite the advantages regarding the use and analysis of these measures as mentioned above. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings (loss) per diluted share, as disclosed in this press release, have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP; nor are these measures intended to be measures of liquidity or free cash flow.
To properly and prudently evaluate our business, we encourage readers to review the consolidated GAAP financial statements included in this press release and not rely on any single financial measure to evaluate our business. The following table sets forth reconciliations of Adjusted EBITDA to net loss, the most directly comparable GAAP-based measure, as well as Adjusted earnings (loss) per diluted share to net loss per diluted share, the most directly comparable GAAP-based measure. We strongly urge readers to review these reconciliations, along with the financial statements included in this press release.
Forward-Looking Non-GAAP Financial Measures
This press release also includes the forward-looking non-GAAP financial measures of adjusted EBITDA and adjusted EPS guidance for the first quarter and full year 2025. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.
Investor Contact:
Tom Colton
Gateway Group, Inc.
AEYE@gateway-grp.com
949-574-3860
AUDIOEYE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(unaudited) | ||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||
Revenue | $ | 9,723 | $ | 7,869 | $ | 35,201 | $ | 31,316 | ||||
Cost of revenue | 1,913 | 1,697 | 7,261 | 6,974 | ||||||||
Gross profit | 7,810 | 6,172 | 27,940 | 24,342 | ||||||||
Operating expenses: | ||||||||||||
Selling and marketing | 3,546 | 2,393 | 12,668 | 11,781 | ||||||||
Research and development | 1,383 | 1,255 | 5,077 | 6,989 | ||||||||
General and administrative | 4,152 | 3,017 | 13,585 | 11,537 | ||||||||
Total operating expenses | 9,081 | 6,665 | 31,330 | 30,307 | ||||||||
Operating loss | (1,271) | (493) | (3,390) | (5,965) | ||||||||
Interest income (expense), net | (217) | (40) | (864) | 93 | ||||||||
Net loss | $ | (1,488) | $ | (533) | $ | (4,254) | $ | (5,872) | ||||
Net loss per common share-basic and diluted | $ | (0.12) | $ | (0.04) | $ | (0.36) | $ | (0.50) | ||||
Weighted average common shares | 12,176 | 11,863 | 11,888 | 11,766 | ||||||||
AUDIOEYE, INC. CONSOLIDATED BALANCE SHEETS | ||||||
December 31, | December 31, | |||||
(in thousands, except per share data) | 2024 | 2023 | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 5,651 | $ | 9,236 | ||
Accounts receivable, net | 5,932 | 4,828 | ||||
Prepaid expenses and other current assets | 537 | 712 | ||||
Total current assets | 12,120 | 14,776 | ||||
Property and equipment, net | 215 | 218 | ||||
Right of use assets | 385 | 611 | ||||
Intangible assets, net | 10,276 | 5,783 | ||||
Goodwill | 6,661 | 4,001 | ||||
Other | 109 | 106 | ||||
Total assets | $ | 29,766 | $ | 25,495 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable and accrued expenses | $ | 3,870 | $ | 2,339 | ||
Operating lease liabilities | 199 | 312 | ||||
Finance lease liabilities | — | 7 | ||||
Deferred revenue | 7,502 | 6,472 | ||||
Contingent consideration | — | 2,399 | ||||
Total current liabilities | 11,571 | 11,529 | ||||
Long term liabilities: | ||||||
Term loan, net | 6,820 | 6,727 | ||||
Operating lease liabilities | 218 | 417 | ||||
Deferred revenue | 16 | 10 | ||||
Contingent consideration, long term | 1,350 | — | ||||
Other | 355 | 105 | ||||
Total liabilities | 20,330 | 18,788 | ||||
Stockholders' equity: | ||||||
Preferred stock, | ||||||
Common stock, | 1 | 1 | ||||
Additional paid-in capital | 105,181 | 96,182 | ||||
Accumulated deficit | (95,746) | (89,476) | ||||
Total stockholders' equity | 9,436 | 6,707 | ||||
Total liabilities and stockholders' equity | $ | 29,766 | $ | 25,495 | ||
AUDIOEYE, INC. RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) | |||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||
Adjusted EBITDA Reconciliation | |||||||||||||
Net loss (GAAP) | $ | (1,488) | $ | (533) | $ | (4,254) | $ | (5,872) | |||||
Non-cash valuation adjustment to liabilities | 152 | 242 | 140 | 442 | |||||||||
Interest (income) expense, net | 217 | 40 | 864 | (93) | |||||||||
Stock-based compensation expense | 1,353 | 663 | 4,401 | 3,698 | |||||||||
Acquisition expense (1) | 126 | — | 520 | — | |||||||||
Litigation expense (2) | 1,164 | 115 | 2,503 | 415 | |||||||||
Executive team restructuring cost (3) | — | 184 | — | 247 | |||||||||
Depreciation and amortization | 765 | 598 | 2,529 | 2,268 | |||||||||
Loss on disposal or impairment of long-lived assets | 2 | 15 | 7 | 235 | |||||||||
Adjusted EBITDA | $ | 2,291 | $ | 1,324 | $ | 6,710 | $ | 1,340 | |||||
Adjusted EBITDA margin (4) | 24 | % | 17 | % | 19 | % | 4 | % | |||||
Adjusted Earnings per Diluted Share Reconciliation | |||||||||||||
Net loss per common share (GAAP) — | $ | (0.12) | $ | (0.04) | $ | (0.36) | $ | (0.50) | |||||
Non-cash valuation adjustment to liabilities | 0.01 | 0.02 | 0.01 | 0.04 | |||||||||
Interest (income) expense, net | 0.02 | — | 0.07 | (0.01) | |||||||||
Stock-based compensation expense | 0.11 | 0.05 | 0.36 | 0.31 | |||||||||
Acquisition expense (1) | 0.01 | — | 0.04 | — | |||||||||
Litigation expense (2) | 0.09 | 0.01 | 0.20 | 0.04 | |||||||||
Executive team restructuring cost (3) | — | 0.02 | — | 0.02 | |||||||||
Depreciation and amortization | 0.06 | 0.05 | 0.21 | 0.19 | |||||||||
Loss on disposal or impairment of long- | — | — | — | 0.02 | |||||||||
Adjusted earnings per diluted share (5) | $ | 0.18 | $ | 0.11 | $ | 0.55 | $ | 0.11 | |||||
Diluted weighted average shares (GAAP) | 12,176 | 11,863 | 11,888 | 11,766 | |||||||||
Includable incremental shares (Non- | 510 | 380 | 413 | 338 | |||||||||
Adjusted diluted shares (Non-GAAP) | 12,686 | 12,243 | 12,301 | 12,104 | |||||||||
(1) | Represents legal, accounting and consulting fees associated with the acquisition of ADA Site Compliance. |
(2) | Represents legal expenses related primarily to non-recurring litigation. |
(3) | Represents severance expense associated with the restructuring in executive roles. |
(4) | Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of GAAP revenue. |
(5) | Adjusted earnings per adjusted diluted share for our common stock is computed using the treasury stock method. |
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SOURCE AudioEye, Inc.
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