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AudioEye Inc. (AEYE) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that AudioEye's total revenue for 2024 was $35.2 million, a 12% increase from $31.3 million in 2023. This growth was driven by both the Partner and Marketplace channel and the Enterprise channel.
The Partner and Marketplace channel revenue increased by 12% to $20.2 million, while the Enterprise channel revenue grew by 13% to $15 million. The Enterprise channel includes revenue from ADA Site Compliance, acquired in September 2024.
AudioEye reported a net loss of $4.3 million for 2024, compared to a net loss of $5.9 million in 2023. The company attributes the improvement to increased revenue and cost efficiencies.
The company's gross profit increased by 15% to $27.9 million, with a gross margin of 79%. Cost of revenue rose by 4% to $7.3 million, primarily due to higher service delivery costs and amortization of capitalized software development costs.
Operating expenses totaled $31.3 million, a 3% increase from the previous year. Selling and marketing expenses rose by 8% to $12.7 million, while general and administrative expenses increased by 18% to $13.6 million.
Research and development expenses decreased by 27% to $5.1 million, following the completion of significant initiatives in research and development.
As of December 31, 2024, AudioEye had $5.7 million in cash and cash equivalents, and working capital of $549,000. The company raised $6.6 million through an At The Market offering in 2024.
AudioEye's annual recurring revenue (ARR) was approximately $36.6 million as of December 31, 2024, a 17% increase from the previous year. The company had approximately 127,000 customers at the end of 2024.
The filing also details the company's acquisition of ADA Site Compliance for approximately $7 million, consisting of cash, promissory notes, and contingent consideration.
AudioEye continues to focus on product innovation, expanding revenue, and managing expenses, with an emphasis on increasing recurring revenue and improving cash flow from operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AudioEye Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.