AudioEye, Inc. reported a total revenue of $35.2 million for the fiscal year ending December 31, 2024, marking a 12% increase from $31.3 million in 2023. The company's annual recurring revenue (ARR) reached approximately $36.6 million, reflecting a 17% growth year-over-year. Despite the revenue increase, AudioEye incurred a net loss of $4.3 million, an improvement from the $5.9 million loss reported in the previous year. The gross profit for 2024 was $27.9 million, up 15% from $24.3 million in 2023, indicating a positive trend in profitability metrics.
The company experienced significant operational changes, including the acquisition of ADA Site Compliance on September 27, 2024, for approximately $7 million. This acquisition is expected to enhance AudioEye's service offerings and customer base. The integration of ADA Site Compliance contributed to a 13% increase in revenue from the Enterprise channel, which accounted for about 42% of the total ARR. The Partner and Marketplace channel also saw a 12% revenue increase, representing 58% of the ARR.
As of December 31, 2024, AudioEye reported approximately 127,000 customers, up from 110,000 in the previous year. The company’s workforce consisted of 117 full-time employees, reflecting its commitment to expanding its operational capacity. The increase in customer count and employee headcount is indicative of the company's growth strategy and market expansion efforts. AudioEye's solutions are designed to help businesses comply with web accessibility standards, which is increasingly important given the evolving regulatory landscape.
The filing also highlighted the company's financial position, with $5.7 million in cash and cash equivalents as of year-end. However, the company reported a decrease in working capital to $549,000, primarily due to the cash outlay for the ADA Site Compliance acquisition. AudioEye has a term loan of $7 million due in November 2026, which is secured by its assets and subject to certain financial covenants. The company anticipates continued investment in product development and marketing to drive future growth.
Looking ahead, AudioEye remains focused on enhancing its product offerings and expanding its market presence. The company plans to leverage its recent acquisition to improve service delivery and customer engagement. However, it acknowledges the potential risks associated with market acceptance of its products and the need for additional capital to support its growth initiatives. The management's outlook suggests a cautious optimism as it navigates the challenges and opportunities in the digital accessibility space.
About AUDIOEYE INC
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