TUCSON, Ariz., Dec. 16, 2020 /PRNewswire/
-- 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.
About AudioEye
AudioEye is an industry-leading
digital accessibility platform delivering trusted ADA and WCAG
accessibility compliance at scale. Through patented technology,
subject matter expertise and proprietary processes, AudioEye is
eradicating all barriers to digital access, helping creators get
accessible and supporting them with ongoing advisory and automated
upkeep. Trusted by the FCC, ADP, SSA, Samsung, and more, AudioEye
helps everyone identify and resolve issues of accessibility and
enhance user experiences, automating digital accessibility for the
widest audiences. AudioEye stands out among its competitors because
it delivers Machine Learning/AI-driven accessibility without
fundamental changes to site architecture. Join our movement
at www.audioeye.com.
Forward-Looking Statements
All statements in
this press release about AudioEye's expectations, beliefs, plans,
objectives, prospects, financial condition, assumptions or future
events or performance are not historical facts and are
"forward-looking statements" as that term is defined under the
federal securities laws. Forward-looking statements are often, but
not always, made through the use of words or phrases such as
"believe", "anticipate", "should", "intend", "plan", "will",
"expects", "estimates", "projects", "positioned", "strategy",
"outlook", "forecast" and similar words. You should read the
statements that contain these types of words carefully. Such
forward-looking statements contained herein include, but are not
limited to, statements regarding expected revenue for the current
period and future periods. These statements are subject to a number
of risks, uncertainties and other factors that could cause actual
results to differ materially from what is expressed or implied in
such forward-looking statements, including the variability of
AudioEye's revenue and financial performance; changes in timing of
customer contracts and/or the recognition of revenue related
thereto; risks associated with product development and
technological changes; the acceptance of AudioEye's products in the
marketplace by existing and potential future customers;
competition; general economic conditions; and uncertainties
regarding the impact on our business and the overall economy from
the coronavirus (COVID-19) outbreak. These and other risks are
described more fully in AudioEye's filings with the Securities and
Exchange Commission (the "SEC"), including AudioEye's Annual Report
on Form 10-K for the year ended December 31,
2019 filed with the SEC on March 30,
2020, Form 10-Q for the quarter ended March 31, 2020 filed with the SEC on May 15, 2020, Form 10-Q for the quarter ended
June 30, 2020 filed with the SEC on
August 13, 2020, Form 10-Q for the
quarter ended September 30, 2020
filed with the SEC on November 13,
2020 and its subsequent filings with the SEC. There may be
events in the future that AudioEye is not able to predict
accurately or over which AudioEye has no control. Forward-looking
statements reflect management's view as of the date of this press
release, and AudioEye urges you not to place undue reliance on
these forward-looking statements. AudioEye does not undertake any
obligation to update such forward-looking statements to reflect new
information, future events or uncertainties or otherwise after the
date hereof.
Corporate Contact:
AudioEye, Inc.
Dr. Carr Bettis, Executive
Chairman
cbettis@audioeye.com
Investor Contact:
Matt
Glover or Tom Colton
AEYE@gatewayir.com
(949) 574-3860
View original content to download
multimedia:http://www.prnewswire.com/news-releases/audioeye-announces-customer-update-and-preliminary-outlook-for-fourth-quarter-2020-and-full-year-2021-revenue-301193677.html
SOURCE AudioEye, Inc.