AudioEye reports its Q1 2020 results

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Sienna Rowley
Sienna Rowley
Sienna is an editor at Cloud Host News. She is an internet enthusiast, always eager to explore the latest trend in the tech space. She is a modest family woman who loves traveling in her free time.

AudioEye is a solution provider that delivers website accessibility compliance announced its first-quarter report ending March 31, 2020. It provides fair access to digital content. By its trademarked technology, AudioEye detects and solves problems of availability on current websites by continuously running in the background.

April Update Q1 2020 financial results

  • Revenue grew from $2M to $4.3M last year. The reason was stated as successive growth in the organization’s enterprise and vertical association channels between this period.
  • Since April 30, 2020, the whole client count had increased to above 16,000 clients, and MRR was almost $1.5M.
  • The Organization is iterating its assumption to obtain cash flow positivity in 2021, pretending common economic situations.

Current operational highlights

  • 90-day free trial of Audio Eye pro solution which helps in handling in COVID-19
  • Heath Thompson appointed as Chief Executive Officer who has expertise in SaaS and software product businesses.
  • Released a machine-learning powered AudioEye Digital Marketplace, a set of digital accessibility solutions allowing organizations of all dimensions to boost accessibility quickly and efficiently
  • Continued to thicken existing vertical channel associate relations. Presently, 20 existing channel associates give AudioEye as a favored digital accessibility solution to their customers.

Management’s comment on the financial report

The company aims to continue its commitment to its future growth prospects as well as opportunities in the digital accessibility industry. The Directors are focussed on recurring monthly revenue.

AudioEye Executive Chairman Carr Bettis stated that this year they had increased channel partner adoption and momentum of sales in the first quarter. Their customer base has increased by 5000 customers by the end of April(16000 customers) which earlier had 11000 customers. Margins gradually increased to almost 70% in the 17th consecutive quarter. The company is working on the assumption that under normal economic conditions we think cash flow will be positive next year.

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