AudioEye Inc. (AEYE:OTCQB), a company that provides cloud-based software-as-a-service (SaaS) digital content accessibility solutions, reported third quarter financial results on Nov. 15 that included revenue growth of 163% year-over-year. Year-to-date revenue increased 214% compared to last year.
In the third quarter the firm won new cash contract bookings of $1.5 million, which brings its cash contracts year-to-date to $4.7 million.
AudioEye also projected revenue for 2018 would range from $6.5 million to $7.5 million and bookings of between $11 million and $12 million.
CEO Todd Bankofier stated, "AudioEye reported 163% revenue growth year-over-year as we continued to convert more than $4.7 million in year-to-date new cash contract bookings into a growing base of recurring revenue. We also reported increases in deferred revenue and contracts in excess of deferred revenue, providing greater visibility into our continued growth over the coming quarters. We believe AudioEye is well on track to further grow revenue in the fourth quarter, achieve our cash contract bookings outlook for 2017, and report significantly higher revenue and cash contract bookings in 2018."
The company also noted that it had won several major new client accounts, "including the Social Security Administration (SSA), a leading healthcare company, and Fortune 500 companies operating in restaurants and telecommunications."
AudioEye first announced on Oct. 31 that it was selected by the Social Security Administration "to provide web usability tools for their website socialsecurity.gov. The site, which experiences average monthly visits between 12.9 and 22 million, is also accessed by more than 65,000 Federal employees."
"Nearly nine out of ten individuals age 65 and older receive Social Security benefits. Given that 64% of the U.S. population 65+ are active Internet users and more than 6% have a visual disability, makes a strong single case for the need to improve usability of the SSA site," AudioEye CEO Todd Bankofier stated. "However, that is only one demographic for which our tool will enhance the experience. Many levels of cognitive disabilities can be addressed as well as those that impact mobility, hearing or vision. This is a great step towards even greater inclusivity."
The company noted that the Ally Toolbar, "a proprietary assistive tool, will be placed directly on the socialsecurity.gov site, allowing users to customize and enhance their experience. The Ally Toolbar was developed with considerations including dyslexic fonts, adjustments to color contrast, font size and navigation, keyboard controls, a player that will read visitors content and the ability to use voice commands to navigate."
"It is a game-changing tool that addresses the range of challenges that can inhibit a website visitor's ability to fully interact with and consume digital content. We are proud to serve an organization that impacts so many," said CEO Bankofier.
Technical analyst Clive Maund of CliveMaund.com noted on Nov. 16 that AudioEye has had "strong growth in revenue over the past year, and the projection [is] for this trend to continue in a robust manner."
Alex Koyfman commented on AudioEye's share price in Penny Stock Millionaire on Nov. 17, "shares trade at $0.13 (USD) right nowódown 35% from the $0.20 recommendation, and it continues to baffle me. Despite the outlook and the already impressive growth path the company has managed to achieve, it's still priced this low."
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Disclosure from CliveMaund.com, AudioEye, Nov. 16, 2017
Clive Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. Mr. Maund does not own securities of AudioEye.
Penny Stock Millionaire, AudioEye, Nov. 17, 2017
Alex Koyfman does not own any shares of AudioEye, has not been compensated by the company and the company is not a sponsor or advertiser.