Audioeye (AEYE) Announces Customer Update and Preliminary Outlook for Q4 and FY21 Revenue Outlook

December 16, 2020 6:20 AM EST

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AudioEye, Inc. (NASDAQ: AEYE), an industry-leading digital accessibility platform delivering website accessibility compliance to businesses of all sizes, provided a customer update and its preliminary outlook for revenue for the fourth quarter 2020 and full year 2021.

Preliminary Fourth Quarter 2020 Updates

  • Expected to end the quarter with a customer count of approximately 32,000.
  • New partnership with a top U.S. digital agency launching in January to on-board an additional 33,000 customers at a basic service tier with upgrade provisions.
  • Fourth quarter 2020 revenue is expected to be in the range of $5.4 million to $5.6 million and full year 2020 revenue of $20.3 million to $20.5 million.

Financial Outlook

  • For 2021, the Company expects revenue in the range of $30 million to $32 million and reiterates its expectation to grow MRR and become cash flow positive in 2021.
  • The Company's outlook for 2021 is based on a number of assumptions, including with respect to the progress and timing of sales through relatively newer sales channels.

"This year, we have seen record growth in AudioEye's business and growing interest in our accessibility products. In 2020 alone, we expect to add approximately 25,000 customers to our base, an increase of 365%," said David Moradi, interim CEO of AudioEye. "We anticipate this momentum will carry into 2021 as we continue to invest in our technology platform, grow our partnership strategy and build out our team."

The expected fourth quarter 2020 revenue in this press release is preliminary and is subject to numerous factors, including changes in the anticipated timing related to certain material contracts and completion of the Company's year-end financial reporting processes and audit. The Company currently intends to report its full year and fourth quarter 2020 results in March 2021.

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