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AudioEye Delivers Stellar Q4 Results; Acquires Bureau of Internet Accessibility
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AudioEye Delivers Stellar Q4 Results; Acquires Bureau of Internet Accessibility

AudioEye, Inc. (AEYE) delivered better than expected fourth-quarter performance for the fourth quarter on both its top-line and bottom-line fronts. The company also announced the acquisition of the Bureau of Internet Accessibility (BoIA).

AudioEye is a digital accessibility platform, which provides website accessibility compliance to organizations of all sizes. BoIA is an automated testing platform. Its tools and services enable organizations to improve, maintain and prove accessibility to their customers’ websites.

Q4 Earnings

AudioEye reported revenue of $6.5 million as compared to analysts’ expectations of $6.41 million. It had generated revenue of $5.6 million for the comparable year-ago period. Net loss per share at $0.16 came in narrower than the Street’s estimates of net loss per share of $0.43.

The monthly recurring revenue of the company jumped 16% to $2.2 million at the end of December. Notably, the number of customers at 82,000 reflects a 156% growth during this period.

Looking ahead, Audioeye sees revenue landing between $6.7 million and $6.9 million for the first quarter.

BoIA Acquisition

 BoIA combines automated testing platforms, with a guide for website owners and developers to correct issues in accessibility. The in-depth manual auditing and reports from BoIA will help AudioEye bolster its human-led services and custom offerings. Post-acquisition, BoIA’s team will join AudioEye.

The CEO of AudioEye, David Moradi, commented, “BoIA’s impressive offerings teach developers and website owners how to remediate and maintain accessible content. Together, we can help businesses address every aspect of accessibility in a scalable and sustainable way, so they continue to provide accessible experiences to all of their customers and build inclusive brands in our digital age.”

Analysts’ Take

Recently, B. Riley Financial analyst Zach Cummins reiterated a Buy rating on the stock alongside a price target of $10.5, implying a massive potential upside of 84.2% for the stock.

Overall, the Street has a Moderate Buy consensus rating on AudioEye based on 2 unanimous Buys. The average AudioEye price target of $10.25 implies a potential upside of 79.8% for the stock. However, the stock has witnessed a 44.9% slide over the past six months.

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