Q2 2024 AudioEye Inc Earnings Call Transcript
Key Points
- Sequential revenues grew from approximately $8.1 million to $8.5 million, representing an annualized growth rate of 19%.
- Annual recurring revenue (ARR) increased sequentially by $1.3 million, a 60% improvement compared to the first quarter.
- Generated record adjusted EBITDA of approximately $1.5 million, a margin of 17%.
- Free cash flow from operations reached a record $1 million.
- Notable growth in both enterprise and partner marketplace channels, contributing equally to revenue growth.
- Net loss in the second quarter of 2024 was $700,000 or $0.06 per share.
- Cash decreased by approximately $1.9 million in the quarter, primarily due to a $2.4 million final earn-out payment related to a previous acquisition.
- Operating expenses, while decreasing, still amounted to $7.2 million.
- The company has not yet fully penetrated the market opportunities presented by new regulations.
- Gross profit increased only marginally by 1% sequentially and 2% year over year.
Good afternoon, and welcome to AudioEye's Second Quarter 2024 earnings conference call. Joining us for today's call are audio. I CEO, Mr. David Mirati, and CFO, Ms. Kelly Georges Following their remarks, we will open the call for questions from the company's publishing analysts.
I would like to remind everyone that this call will be recorded and made available for replay via a link available in the Investor Relations section of the company's website at www.audioeye.com.
Before I turn the call over to AudioEye's Chief Executive Officer, the company would like to remind all participants that statements made by AudioEye management during the course of this conference call that are not historical facts are considered to be forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements.
The words believe, expect, anticipate, estimate, confident, will and other similar statements of expectation, identify forward-looking statements. These
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