AudioEye, Inc. (AEYE) Bundle
An Overview of AudioEye, Inc. (AEYE)
General Summary of AudioEye, Inc. (AEYE)
AudioEye, Inc. (AEYE) is a prominent technology company focused on digital accessibility solutions, enabling organizations to create websites that comply with accessibility standards such as the Web Content Accessibility Guidelines (WCAG). Established to address the critical need for web accessibility, AudioEye has developed a suite of products and services that include automated accessibility testing, remediation, and ongoing monitoring services.
As of 2024, AudioEye serves approximately 126,000 customers, marking an 18% increase from the 107,000 customers reported in September 2023. The company operates through two primary sales channels: the Partner and Marketplace channel, which focuses on small to medium-sized businesses, and the Enterprise channel, which targets larger organizations and government agencies.
In 2024, AudioEye reported total sales of $25.5 million for the nine months ending September 30, representing a 9% increase compared to the same period in 2023 when sales were $23.4 million.
Company's Financial Performance in the Latest Financial Reports
AudioEye's financial performance for the nine months ended September 30, 2024, showcases a record-breaking revenue trajectory. The company achieved total revenues of $25.5 million, with revenues from its Partner and Marketplace channel reaching $14.9 million (up 12% year-over-year) and the Enterprise channel contributing $10.5 million (up 5%).
Annual Recurring Revenue (ARR) stood at approximately $36.2 million, reflecting a 19% increase year-over-year. The growth in ARR highlights AudioEye's focus on recurring revenue models, which are crucial for sustainable financial health.
For the three months ended September 30, 2024, total revenue was reported at $8.9 million, representing a 14% increase from $7.8 million in the same period of 2023. Gross profit for the same period was $7.1 million, a 17% increase from $6.1 million.
Company as a Leader in the Industry
AudioEye is recognized as one of the leading companies in the digital accessibility space. The acquisition of ADA Site Compliance in September 2024 for approximately $7.0 million further solidifies its position in the market, allowing the company to enhance its service offerings and expand its customer base.
With a commitment to innovation and excellence in accessibility, AudioEye is poised to continue its growth trajectory, driven by increasing demand for compliance and user-friendly web experiences. The company's focus on research and development, alongside strategic acquisitions, positions it as a formidable player in the industry. For more insights into AudioEye's operations and strategies, further exploration is encouraged.
Mission Statement of AudioEye, Inc. (AEYE)
Company's Mission Statement Overview
AudioEye, Inc. (AEYE) aims to provide comprehensive web accessibility solutions that empower organizations to ensure their digital platforms are accessible to all users, including those with disabilities. The mission statement reflects the company's commitment to inclusivity and innovation in technology.
Core Component 1: Accessibility for All
The first core component emphasizes AudioEye's dedication to creating accessible digital experiences. This principle is vital in a world where the digital divide can limit opportunities for people with disabilities. According to the World Health Organization, over 1 billion people globally experience some form of disability, highlighting the importance of accessibility in technology.
In 2024, AudioEye's focus on accessibility has led to the implementation of advanced solutions, including the launch of new features that enhance user experience. This aligns with the company's mission to ensure that all individuals can access online content without barriers.
Core Component 2: Innovation and Technology
Innovation is a key pillar of AudioEye's mission. The company invests significantly in research and development to stay at the forefront of web accessibility technology. In the nine months ended September 30, 2024, AudioEye allocated approximately 20% of its total revenue to research and development expenses, amounting to $5.1 million.
Recent technological advancements include the integration of Artificial Intelligence (AI) to automate accessibility checks and provide real-time feedback, thus enhancing the efficiency of compliance efforts for their clients.
Core Component 3: Commitment to Quality Service
AudioEye's mission statement also underscores its commitment to delivering high-quality services. The company has experienced a 19% year-over-year increase in Annual Recurring Revenue (ARR), which reached $36.2 million as of September 30, 2024. This growth reflects customer satisfaction and trust in AudioEye's ability to deliver reliable and effective accessibility solutions.
To maintain quality, AudioEye continuously engages with clients to gather feedback and refine its services. The company boasts a customer base of approximately 126,000, representing an 18% increase from the previous year.
| Financial Metric | 2024 Amount | 2023 Amount | Change (%) |
|---|---|---|---|
| Annual Recurring Revenue (ARR) | $36.2 million | $30.4 million | 19% |
| Total Revenue | $25.5 million | $23.4 million | 9% |
| Research and Development Expenses | $5.1 million | $5.7 million | -10% |
| Total Customers | 126,000 | 107,000 | 18% |
With a clear mission statement focused on accessibility, innovation, and quality service, AudioEye, Inc. positions itself as a leader in the web accessibility space, catering to the needs of organizations aiming to enhance their digital inclusivity.
Vision Statement of AudioEye, Inc. (AEYE)
Vision Statement of AudioEye, Inc. (AEYE)
The vision statement of AudioEye, Inc. focuses on enhancing digital accessibility and inclusion for all users, emphasizing the importance of creating an inclusive digital experience. This commitment is reflected in their operational strategies and customer engagements.
1. Commitment to AccessibilityAudioEye is dedicated to ensuring that digital spaces are accessible to everyone, including individuals with disabilities. The company aims to lead the accessibility market by providing innovative solutions that simplify compliance with accessibility standards such as the Web Content Accessibility Guidelines (WCAG).
2. Innovation and TechnologyInnovation is at the core of AudioEye's vision. The company invests significantly in research and development, with 20% of total revenue allocated to this area in the nine months ended September 30, 2024. This focus on innovation has resulted in a 19% year-over-year increase in Annual Recurring Revenue (ARR), bringing it to approximately $36.2 million as of September 30, 2024.
3. Customer-Centric ApproachAudioEye places a strong emphasis on customer satisfaction and engagement. As of September 30, 2024, the company served approximately 126,000 customers, an 18% increase from the previous year. This growth is attributed to the expansion of both the Partner and Marketplace channel and the Enterprise channel.
4. Sustainable GrowthThe vision of AudioEye includes a commitment to sustainable and profitable growth. For the nine months ended September 30, 2024, total revenue increased by 9% compared to the prior year, driven by a 12% growth in the Partner and Marketplace channel and a 5% increase in the Enterprise channel.
5. Strategic AcquisitionsStrategic acquisitions play a crucial role in AudioEye's vision for expansion. The acquisition of ADA Site Compliance in September 2024 for approximately $7.0 million enhances their service offerings and reinforces their commitment to accessibility compliance.
| Key Metrics | As of September 30, 2024 | Year-over-Year Change |
|---|---|---|
| Annual Recurring Revenue (ARR) | $36.2 million | +19% |
| Total Customers | 126,000 | +18% |
| Total Revenue Growth | $25.5 million | +9% |
| Research and Development Expenses | 20% of total revenue | N/A |
| Acquisition Cost of ADA Site Compliance | $7.0 million | N/A |
By aligning its vision with these strategic components, AudioEye aims to not only enhance its market position but also to foster a more inclusive digital environment for all users.
Core Values of AudioEye, Inc. (AEYE)
Core Value: Accessibility
Accessibility is fundamental to AudioEye, Inc.'s mission, ensuring that digital content is usable for all individuals, including those with disabilities. This core value not only aligns with the company's products but also influences its operational strategies.
In 2024, AudioEye demonstrated its commitment to accessibility through its acquisition of ADA Site Compliance for approximately $7.0 million. This acquisition enhances AudioEye's capabilities in providing compliance audits and best practices, furthering its mission to make the web accessible to everyone.
| Metric | Value |
|---|---|
| Acquisition Cost of ADA Site Compliance | $7,000,000 |
| Annual Recurring Revenue (ARR) as of Sept 30, 2024 | $36,200,000 |
| Increase in ARR Year-over-Year | 19% |
Core Value: Innovation
Innovation drives AudioEye's growth and relevance in the technology landscape. The company invests significantly in research and development to enhance its platform and service offerings.
For the nine months ended September 30, 2024, AudioEye spent approximately 20% of its total revenue on research and development, highlighting its dedication to advancing its technologies.
| Metric | Value |
|---|---|
| Research and Development Expense as % of Revenue | 20% |
| Total Revenue for Nine Months Ended Sept 30, 2024 | $25,478,000 |
| Research and Development Expense Amount | $5,096,000 |
Core Value: Customer Commitment
Customer Commitment is central to AudioEye's operations, focusing on delivering exceptional service and support to its growing customer base.
As of September 30, 2024, AudioEye served approximately 126,000 customers, an 18% increase from the prior year. Additionally, the company's revenue from its Partner and Marketplace channel grew by 12% during the same period, demonstrating its effective engagement with customers.
| Metric | Value |
|---|---|
| Total Customers as of Sept 30, 2024 | 126,000 |
| Customer Growth Year-over-Year | 18% |
| Revenue Growth from Partner and Marketplace Channel | 12% |
Core Value: Integrity
Integrity underpins AudioEye's business practices, ensuring transparency and ethical operations. This value is reflected in the company's financial reporting and operational decisions.
In 2024, AudioEye faced increased general and administrative expenses primarily due to acquisition-related costs and litigation expenses, which emphasizes its commitment to maintaining integrity even in challenging situations.
| Metric | Value |
|---|---|
| General and Administrative Expenses for Nine Months Ended Sept 30, 2024 | $9,433,000 |
| Increase in General and Administrative Expenses Year-over-Year | 11% |
| Litigation Expenses Impact | Part of General and Administrative Expenses |
Core Value: Collaboration
Collaboration is essential for fostering innovation and enhancing customer solutions at AudioEye. The company actively engages with partners and stakeholders to drive its mission forward.
In the nine months ended September 30, 2024, collaboration through the Partner and Marketplace channel accounted for approximately 58% of the company's Annual Recurring Revenue, emphasizing the importance of strategic partnerships.
| Metric | Value |
|---|---|
| Percentage of ARR from Partner and Marketplace Channel | 58% |
| Total ARR as of Sept 30, 2024 | $36,200,000 |
| Revenue from Partner and Marketplace Channel for Nine Months Ended Sept 30, 2024 | $14,930,000 |
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Resources:
- AudioEye, Inc. (AEYE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of AudioEye, Inc. (AEYE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View AudioEye, Inc. (AEYE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.