iLearningEngines, Inc. - AILE STOCK NEWS

iLearningEngines (NASDAQ: AILE) has secured an additional $20 million in funding through an amendment to its existing Loan and Security Agreement. This amendment involves East West Bank and Valley National Bank, with the funds aimed at supporting the company’s growth initiatives. The original agreement, dated April 17, 2024, included a $40 million revolving credit facility, which has now been extended by the additional funding. The revolving facility bears interest at the Adjusted Term SOFR rate plus 3.50% per annum. CEO Harish Chidambaran mentioned that the new funding will enhance platform adoption and facilitate strategic transactions.

iLearningEngines (NASDAQ: AILE) has joined the Russell 3000® Index as of July 1, 2024. This inclusion results from the annual Russell US Indexes reconstitution, which ranks the 4,000 largest US stocks by total market capitalization as of April 30. Membership in the Russell 3000® Index means automatic inclusion in the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, along with the appropriate growth and value style indexes. By joining these indexes, iLearningEngines anticipates increased exposure within the investment community. The Russell indexes are widely utilized by investment managers and institutional investors, with approximately $10.5 trillion in assets benchmarked against these indexes.

iLearningEngines (Nasdaq: AILE) has partnered with UL Technology Solutions (ULTS) to launch the Microverse AI Engine, aimed at revolutionizing corporate training. The AI-powered platform will streamline content creation and customize training for ULTS's 450 employees, enhancing learning and development efficiency. The Microverse AI Engine allows for rapid, multimedia course creation, reducing training deployment time from several weeks to just two weeks. ULTS can now offer engaging, tailored learning experiences across various functions, ensuring consistent and impactful employee training. This partnership equips ULTS with advanced tools for future AI initiatives, highlighting iLearningEngines' capability in delivering scalable AI solutions across industries.

iLearningEngines (NASDAQ: AILE), a leader in AI-powered learning and work automation, has announced that CEO Harish Chidambaran and CFO Farhan Naqvi will present at the Stifel Cross Sector Insight Conference in Boston, MA.

The presentation is scheduled for Tuesday, June 4, 2024, at 4:10 p.m. ET. It will be webcast live and available for replay for a time on the company's investor relations website.

iLearningEngines (Nasdaq: AILE) announced a partnership with Doublu.ai to enhance AI-driven business insights and efficiencies for Doublu.ai's clients. This collaboration aims to leverage iLearningEngines' Enterprise AI Platform to provide transformative business outcomes across industries such as financial services, retail, and healthcare in Australia. iLearningEngines recently showcased its latest AI innovations at the Data & AI Edge event in Sydney, demonstrating their no-code AI canvas and proprietary LLM and LAM models. The companies expect this partnership to help clients stay competitive through enhanced decision-making and optimized operations.

iLearningEngines (NASDAQ: AILE), a leading AI platform for learning and work automation, announced its expected inclusion in the Russell 3000 Index, effective July 1, 2024. This addition is part of the annual Russell US Indexes reconstitution, which captures the 4,000 largest US stocks based on market capitalization as of April 30, 2024. Membership in the Russell 3000 Index also grants automatic inclusion in either the large-cap Russell 1000 Index or the small-cap Russell 2000 Index, as well as relevant growth and value style indexes. The Russell indexes, managed by FTSE Russell, are important benchmarks for investment managers, with about $10.5 trillion in assets benchmarked against them. CEO Harish Chidambaran views this inclusion as a significant milestone and validation of iLearningEngines' value.

iLearningEngines (NASDAQ: AILE), a leader in AI-powered learning automation, reported a 33% year-over-year revenue growth to $125 million for Q1 2024. The company’s annual recurring revenue increased by 34% to $479 million, while adjusted EBITDA was $9 million with a 7.2% margin, up 480 basis points from the previous year. Despite these gains, iLearningEngines posted a net loss of $25.9 million, primarily due to one-time items including changes in fair value of warrant liability and convertible notes, and a loss on debt extinguishment.

Following a business combination with Arrowroot Acquisition Corp., the company has 134.9 million shares outstanding and $28 million in cash as of April 30, 2024. The company also saw an increase in licensed users to over 4.7 million and expanded its team to 529 employees by the end of Q1 2024.

iLearningEngines, Inc. (NASDAQ: AILE) reported strong financial results for Q4 and FY 2023, with revenue increasing by 39% and 36% year-over-year respectively, reaching $116 million and $421 million. ARR grew by 43% to $447 million, with a NDR of 125%. Adjusted EBITDA margin expanded by 240 basis points in Q4 2023. The company also completed a successful business combination and began trading as a public company under the ticker 'AILE'. Key highlights include strong customer and partner growth, adding three new VARs, reaching 4.4 million licensed users, and appointing new members to its Board of Directors.

iLearningEngines, Inc. (Nasdaq: AILE) announced Nationwide Insurance will showcase the use of their Enterprise AI platform for proactive risk management at Insurance Innovators 2024. Mark McGhiey from Nationwide will discuss how AI is reshaping risk management and client training. The event will take place on April 22-23, 2024, in Nashville, Tennessee.