AudioEye reports 4Q revenue doubles to record $1.78M as demand for digital accessibility grows

AudioEye Inc. (NASDAQ:AEYE) said preliminary, unaudited results showed that its fourth-quarter revenue doubled to a record $1.78 million from a year earlier.

The cloud-based, software-as-a-service (SaaS) digital accessibility technology company said Tuesday in a statement that the expected increase in revenue would mark the 12th consecutive quarter of topline growth. In addition, according to AudioEye, deferred revenue and cash contracts in excess of revenue and deferred revenue have kept expanding.

“During the fourth quarter as well as throughout 2018, we continued to see significant growth within our direct and indirect sales channels,” CEO Todd Bankofier said.

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The projected revenue beat the $1.73 million average estimate of analysts.

Tucson, Arizona-based AudioEye said an increasing number of legal cases related to accessibility has driven adoption of its products, adding that companies are recognizing the value of making their sites accessible to millions more consumers.

For all of 2018, AudioEye expected a record $5.66 million in revenue, more than double the amount during the previous year.

‘Strong finish’

AudioEye reiterated its previously announced financial guidance for 2019, expecting revenue of $11 million to $13 million. That represents an increase of 94% to 130% compared with its preliminary unaudited revenue for 2018.

Executive Chairman Carr Bettis added that the fourth quarter “was a strong finish to yet another record year of financial performance.”

Shares slipped $0.45 or 4%, to $10.80 in Wednesday’s premarket Nasdaq trading.

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors