Bridgeline Digital, Inc. (NASDAQ: BLIN), a provider of cloud-based
Marketing Technology software, today announced financial results
for its fiscal third quarter ended June 30, 2021.
“Bridgeline posted 31% topline growth this
quarter and expects license and subscription revenue to grow by
double digits next quarter,” said Ari Kahn, Bridgeline’s President,
and Chief Executive Officer. Mr. Kahn continued, “We won more
license sales in our third quarter than ever before in the
company’s history, plus Bridgeline has approximately $10M in cash,
which will accelerate sales and marketing investments for even
stronger quarters to come.”
Third quarter Summary:
- Total revenue,
which is comprised of Licenses and Services revenue, was $3.4
million for the quarter ended June 30, 2021 as compared to $2.6
million for the same period in 2020. Subscription and
licenses revenue grew by 37% and Services revenue by 15%.
- Subscription and
licenses revenue, which is comprised of SaaS licenses, maintenance
and hosting revenue and perpetual license revenue increased 37% to
$2.6 million for the quarter ended June 30, 2021, from $1.9 million
for the same period in 2020. As a percentage of total revenue,
Subscription and licenses revenue increased 3% to 76% of total
revenue for the quarter ended June 30, 2021, compared to 73% for
the same period in 2020.
- Services revenue
increased 15% or $108,000 to $821,000 for the quarter ended June
30, 2021 as compared to $713,000 for the same period in 2020. As a
percentage of total revenue, Services revenue accounted for 24% of
total revenue for the quarter ended June 30, 2021, compared to 27%
for the same period in 2020.
- Gross profit
increased 45% or $699,000 to $2.3 million for the quarter ended
June 30, 2021 as compared to $1.6 million for the same period in
2020. Cost of revenue increased 11% or $114,000 to $1.2 million for
the quarter ended June 30, 2021 compared to $1.1 million for the
same period in 2020. Gross margin percentage increased
to 65% for the quarter ended June 30, 2021, compared to 59% for the
same period in 2020. Subscription and licenses gross margin
percentage were 72% for three months ended June 30, 2021 as
compared to 64% for the same period in 2020. Services gross margin
percentage were consistent at 45% for the three months ended June
30, 2021 and 2020.
- Operating
expenses increased $1.5 million to $2.9 million for the quarter
ended June 30, 2021 from $1.4 million for the same period in 2020.
Included within the quarterly totals as of June 30, 2021 are
additional investment in sales and marketing, and acquisition
related costs associated with the integration of both Woorank and
Hawksearch.
- Operating loss
for the quarter ended June 30, 2021 is $615,000 as compared to
$150,000 profit for the same period in 2020.
- Net loss
applicable to common shareholders for the quarter ended June 30,
2021 is $3.6 million, compared to $1.7 million for the same period
in 2020. For the quarter ended June 30, 2021, the warrant liability
revaluation which considers the overall fluctuation in our closing
market share price as of June 30, 2021 of $4.30 from the previous
quarter’s closing market share price of $2.89, resulted in a $4.1
million non-cash derivative loss attributable to the change in the
fair value of the warrant liabilities. For the three months ended
June 30, 2020, the net loss attributable to the change in fair
value of certain derivative warrant liabilities was $1.8 million,
respectively.
Year to Date Summary:
- Total revenue,
which is comprised of Licenses and Services revenue, increased to
$9.2 million for the nine months ended June 30, 2021 as compared to
$8.2 million for the same period in 2020. Subscription and licenses
revenue grew by 20% and Services revenue decreased by 6%.
- Subscription and
licenses revenue, which is comprised of SaaS licenses, maintenance
and hosting revenue and perpetual license revenue increased 20% to
$6.6 million for the nine months ended June 30, 2021 from $5.5
million for the same period in 2020. As a percentage of total
revenue, Subscription and licenses revenue increased 5% to 72% of
total revenue for the nine months ended June 30, 2021, compared to
67% for the same period in 2020.
- Services revenue
decreased 6% or $165,000 to $2.5 million for the nine months ended
June 30, 2021 as compared to $2.7 million for the same period in
2020. As a percentage of total revenue, Services revenue accounted
for 28% of total revenue for the nine months ended June 30, 2021,
compared to 33% for the same period in 2020.
- Gross profit
increased 30% or $1.4 million to $5.9 million for the nine months
ended June 30, 2021 as compared to $4.5 million for the same period
in 2020. Cost of revenue decreased 11% or $406,000 to $3.2 million
for the nine months ended June 30, 2021 compared to $3.6 million
for the same period in 2020. Gross margin percentage increased to
65% for the nine months ended June 30, 2021, compared to 56% for
the same period in 2020. Subscription and licenses gross margin
percentage were 71% for the nine months ended June 30, 2021 as
compared to 60% for the same period in 2020. Services gross margin
percentage were 49% for the nine months ended June 30, 2021 as
compared to 47% for the same period in 2020.
- Operating
expenses increased 2% or $114,000 to $6.5 million for the nine
months ended June 30, 2021 from $6.4 million for the same period in
2020. Included within the nine month totals as of June 30, 2021 are
additional investment in sales and marketing, and acquisition
related costs associated with the integration of both Woorank and
Hawksearch.
- Operating loss
for the nine months ended June 30, 2021 is $563,000 as compared to
$1.8 million for the same period in 2020.
- Net loss
applicable to common shareholders for the nine months ended June
30, 2021 is $5.3 million, compared to $3.2 million for the same
period in 2020. For the nine months ended June 30, 2021, the
warrant liability revaluation which considers the overall
fluctuation in our closing market share price as of June 30,
resulted in a cumulative $6 million non-cash derivative loss
attributable to the change in the fair value of the warrant
liabilities offset by the government grant income of $88,000
related to the forgiveness of the PPP loan. For the nine months
ended June 30, 2021, the net gain attributable to the change in
fair value of certain derivative warrant liabilities was $1.1
million offset by the deemed dividend on amendment of Series A
convertible preferred stock of $2.4 million, respectively.
Financial Results
Third quarter
Total revenue, which is comprised of Licenses
and Services revenue, was $3.4 million for the quarter ended June
30, 2021 as compared to $2.6 million for the same period in 2020.
Subscription and licenses revenue grew by 37% and Services revenue
by 15%. Subscription and licenses revenue, which is
comprised of SaaS licenses, maintenance and hosting revenue and
perpetual license revenue increased 37% to $2.6 million for the
quarter ended June 30, 2021, from $1.9 million for the same period
in 2020. As a percentage of total revenue, licenses revenue
increased 3% to 76% of total revenue for the quarter ended June 30,
2021, compared to 73% for the same period in 2020. Services revenue
increase 15% or $108,000 to $821,000 for the quarter ended June 30,
2021 as compared to $713,000 for the same period in 2020. As a
percentage of total revenue, Services revenue accounted for 24% of
total revenue for the quarter ended June 30, 2021, compared to 27%
for the same period in 2020.
Gross profit increased 45% or $699,000 to $2.3
million for the quarter ended June 30, 2021 as compared to $1.6
million for the same period in 2020. Cost of revenue increased 11%
or $114,000 to $1.2 million for the quarter ended June 30, 2021
compared to $1.1 million for the same period in 2020.
Gross margin percentage increased to 65% for the quarter ended June
30, 2021, compared to 59% for the same period in 2020. Subscription
and licenses gross margin percentage were 72% for three months
ended June 30, 2021 as compared to 64% for the same period in 2020.
Services gross margin percentage were consistent at 45% for the
three months ended June 30, 2021 and 2020.
Operating expenses increased $1.5 million to
$2.9 million for the quarter ended June 30, 2021 from $1.4 million
for the same period in 2020. Included within the quarterly totals
as of June 30, 2021 are additional investment in sales and
marketing, and acquisition related costs associated with the
integration of Hawksearch.
Operating loss for the quarter ended June 30,
2021 is $615,000 as compared to $150,000 profit for the same period
in 2020. Net loss applicable to common shareholders for
the quarter ended June 30, 2021 is $3.6 million, compared to $1.7
million for the same period in 2020. For the quarter ended June 30,
2021, the warrant liability revaluation which considers the overall
fluctuation in our closing market share price as of June 30, 2021
of $4.30 from the previous quarter’s closing market share price of
$2.89, resulted in a $4.1 million non-cash derivative loss
attributable to the change in the fair value of the warrant
liabilities. For the three months ended June 30, 2020, the net loss
attributable to the change in fair value of certain derivative
warrant liabilities was $1.8 million, respectively.
Adjusted EBITDA gain for the quarter ended June
30, 2021 is $302,000 or $0.05 per diluted share, compared to
$428,000 or $0.11 per diluted share for the same period in
2020.
Year to Date
Total revenue, which is comprised of Licenses
and Services revenue, increased to $9.2 million for the nine months
ended June 30, 2021 as compared to $8.2 million for the same period
in 2020. Subscription and licenses revenue grew by 20% and Services
revenue decreased by 6%. Subscription and licenses
revenue, which is comprised of SaaS licenses, maintenance and
hosting revenue and perpetual license revenue increased 20% to $6.6
million for the nine months ended June 30, 2021 from $5.5 million
for the same period in 2020. As a percentage of total revenue,
Subscription and licenses revenue increased 5% to 72% of total
revenue for the nine months ended June 30, 2021, compared to 67%
for the same period in 2020. Services revenue decreased
6% or $165,000 to $2.5 million for the nine months ended June 30,
2021 as compared to $2.7 million for the same period in 2020. As a
percentage of total revenue, Services revenue accounted for 28% of
total revenue for the nine months ended June 30, 2021, compared to
33% for the same period in 2020.
Gross profit increased 30% or $1.4 mill to $5.9
million for the nine months ended June 30, 2021 as compared to $4.5
million for the same period in 2020. Cost of revenue decreased 11%
or $406,000 to $3.2 million for the nine months ended June 30, 2021
compared to $3.6 million for the same period in 2020. This decrease
is attributable to a reduction within our fixed costs to operate
our cloud-based hosting model and variable internal support costs.
Gross margin percentage increased to 65% for the nine months ended
June 30, 2021, compared to 56% for the same period in
2020. Subscription and licenses gross margin percentage
were 71% for the nine months ended June 30, 2021 as compared to 60%
for the same period in 2020. Services gross margin percentage were
49% for the nine months ended June 30, 2021 as compared to 47% for
the same period in 2020.
Operating expenses increased $114,000 to $6.5
million for the nine months ended June 30, 2021 from $6.4 million
for the same period in 2020. Included within the nine month totals
as of June 30, 2021 are additional investment in sales and
marketing, and acquisition related costs associated with the
integration of both Woorank and Hawksearch.
Operating loss for the nine months ended June
30, 2021 is $563,000 as compared $1.8 million for the same period
in 2020.
Net loss applicable to common shareholders for
the nine months ended June 30, 2021 is $5.3 million, compared to
$3.2 million for the same period in 2020. For the nine months ended
June 30, 2021, the warrant liability revaluation which considers
the overall fluctuation in our closing market share price as of
June 30, resulted in a cumulative $6 million non-cash derivative
loss attributable to the change in the fair value of the warrant
liabilities offset by the government grant income of $88,000
related to the forgiveness of the PPP loan. For the nine months
ended June 30, 2021, the net gain attributable to the change in
fair value of certain derivative warrant liabilities was $1.1
million offset by the deemed dividend on amendment of Series A
convertible preferred stock of $2.4 million, respectively.
Adjusted EBITDA gain for the nine months ended
June 30, 2021 is $1.2 million or $0.24 per diluted share, compared
to a loss of $571,000 or $0.17 per diluted share for the same
period in 2020.
Conference Call:
Bridgeline Digital, Inc. will hold a conference
call today, August 16, 2021 at 4:30 p.m. Eastern Time to discuss
these results. The Company's President and Chief Executive Officer,
Ari Kahn and Chief Financial Officer, Mark G. Downey will host the
call, followed by a question and answer period.
The details of the conference call and replay are as
follows:
What: |
Bridgeline Digital Third Quarter 2021 Earnings
Call |
When: |
Monday, August 16,
2021 |
Time: |
4:30 p.m.
ET |
Live Call: |
(877) 837-3910,
domestic |
|
(973) 796-5077,
international |
Replay: |
(855)
859-2056 |
|
(404)
537-3406 |
Conference ID: |
1438499 |
Please call the conference telephone number 5 –
10 minutes prior to the start time. An operator will register your
name and organization.
Non-GAAP Financial Measures
This press release contains the following
non-GAAP financial measures: non-GAAP adjusted net income/(loss),
non-GAAP adjusted earnings/(loss) per diluted share, Adjusted
EBITDA and Adjusted EBITDA per diluted share.
Non-GAAP adjusted net income/(loss) and non-GAAP
adjusted earnings/(loss) per diluted share are calculated as net
income/(loss) or net income/(loss) per share on a diluted basis,
excluding, where applicable, amortization of intangible assets,
non-cash stock-based compensation, goodwill impairment charges,
restructuring and acquisition-related costs, preferred stock
dividends and any related tax effects.
Adjusted EBITDA and Adjusted EBITDA per diluted
share are defined as earnings before interest, taxes, depreciation
and amortization, non-cash stock-based compensation charges,
goodwill impairment charges, restructuring and acquisition-related
costs, changes in fair value of derivative liabilities and warrant
expense, amortization of debt discounts, preferred stock dividends
and any related tax effects. Bridgeline uses non-GAAP adjusted net
income/(loss) and Adjusted EBITDA as supplemental measures of our
performance that are not required by, or presented in accordance
with, accounting principles generally accepted in the United States
(“GAAP”).
Bridgeline’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they
exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgments by management about which expenses and income
are excluded or included in determining these non-GAAP financial
measures. In order to compensate for these limitations, Bridgeline
management presents non-GAAP financial measures in connection with
GAAP results. Bridgeline urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which is included in this press release,
and not to rely on any single financial measure to evaluate
Bridgeline's financial performance.
Our definitions of non-GAAP adjusted net
income/(loss) and Adjusted EBITDA may differ from and therefore may
not be comparable with similarly titled measures used by other
companies, thereby limiting their usefulness as comparative
measures. As a result of the limitations that non-GAAP adjusted net
income and Adjusted EBITDA have as an analytical tool, investors
should not consider them in isolation, or as a substitute for
analysis of our operating results as reported under GAAP.
Safe Harbor for Forward-Looking Statements
Statement under the Private Securities Litigation Reform
Act of 1995
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, are based on our current expectations, estimates and
projections about our industry, management's beliefs, and certain
assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as
"anticipates," "expects," "intends," "plans," "predicts,"
"believes," "seeks," "estimates," "may," "will," "should," "would,"
"could," "potential," "continue," "ongoing," similar expressions,
and variations or negatives of these words. These statements appear
in a number of places in this press release and include statements
regarding the intent, belief or current expectations of Bridgeline
Digital, Inc. These forward-looking statements are not guarantees
of future results and are subject to risks, uncertainties and
assumptions, including, but not limited to, the impact of the COVID
– 19 pandemic and related public health measures that may affect
our financial results; business operations and the business of our
customers, suppliers and partners; our ability to retain and
upgrade current customers, increasing our recurring revenue, our
ability to attract new customers, our revenue growth rate; our
history of net loss and our ability to achieve or maintain
profitability, our liability for any unauthorized access to our
data or our users’ content, including through privacy and data
security breaches; any decline in demand for our platform or
products; changes in the interoperability of our platform across
devices, operating systems, and third party applications that we do
no control; competition in our markets; our ability to respond to
rapid technological changes, extend our platform, develop new
features or products, or gain market acceptance for such new
features or products, particularly in light of potential
disruptions to the productivity of our employees resulting from
remote work; our ability to manage our growth or plan for future
growth, and our acquisition of other businesses and the potential
of such acquisitions to require significant management attention,
disrupt our business, or dilute stockholder value; the volatility
of the market price of our common stock, the ability to maintain
our listing on the NASDAQ Capital Market, or our ability to
maintain an effective system of internal controls as well as other
risks described in our filings with the Securities and Exchange
Commission. Any of such risks could cause our actual results to
differ materially and adversely from those expressed in any
forward-looking statement. Bridgeline Digital, Inc. assumes no
obligation to, and does not currently intend to, update any such
forward-looking statements after the date of this release, except
as required by applicable law.
About Bridgeline Digital
Bridgeline helps companies grow online revenues
by increasing their traffic, conversion rate, and average order
value with its Unbound platform and suite of apps. To learn
more, please visit www.bridgeline.com or call (800) 603-9936.
Contact:
Company ContactBridgeline Digital, Inc.Mark G. DowneyChief
Financial Officer(631) 203-6820mdowney@bridgeline.com
BRIDGELINE DIGITAL, INC. |
RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
June 30 |
|
June 30 |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Reconciliation of GAAP net income/(loss) to |
|
|
|
|
|
|
|
non-GAAP adjusted net income/(loss): |
|
|
|
|
|
|
|
|
GAAP net loss applicable to common shareholders |
$ |
(3,609 |
) |
|
$ |
(1,701 |
) |
|
$ |
(5,327 |
) |
|
$ |
(3,162 |
) |
|
Amortization of intangible assets |
|
285 |
|
|
|
208 |
|
|
|
726 |
|
|
|
678 |
|
|
Stock-based compensation |
|
43 |
|
|
|
53 |
|
|
|
133 |
|
|
|
133 |
|
|
Restructuring and acquisition-related charges |
|
568 |
|
|
|
1 |
|
|
|
862 |
|
|
|
373 |
|
|
Convertible Preferred stock dividends |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,420 |
|
|
Non-GAAP adjusted net income/(loss) |
$ |
(2,713 |
) |
|
$ |
(1,439 |
) |
|
$ |
(3,606 |
) |
|
$ |
442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net earnings/(loss) per diluted
share to |
|
|
|
|
|
|
|
non-GAAP adjusted net earnings/(loss) per diluted
share: |
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
$ |
(0.61 |
) |
|
$ |
(0.44 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.97 |
) |
|
Amortization of intangible assets |
|
0.05 |
|
|
|
0.05 |
|
|
|
0.14 |
|
|
|
0.21 |
|
|
Stock-based compensation |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
Restructuring and acquisition-related charges |
|
0.10 |
|
|
|
0.00 |
|
|
|
0.17 |
|
|
|
0.11 |
|
|
Convertible Preferred stock dividends |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.74 |
|
|
Non-GAAP adjusted net earnings/(loss) per diluted share |
$ |
(0.46 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.70 |
) |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net income/(loss) to Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
$ |
(3,609 |
) |
|
$ |
(1,701 |
) |
|
$ |
(5,327 |
) |
|
$ |
(742 |
) |
|
Provision for income tax |
|
(1,176 |
) |
|
|
6 |
|
|
|
(1,175 |
) |
|
|
9 |
|
|
Interest and other expense, net |
|
9 |
|
|
|
2 |
|
|
|
7 |
|
|
|
3 |
|
|
Government grant income |
|
- |
|
|
|
- |
|
|
|
(88 |
) |
|
|
- |
|
|
Change in fair value of warrants |
|
4,161 |
|
|
|
1,843 |
|
|
|
6,020 |
|
|
|
(1,078 |
) |
|
Amortization of intangible assets |
|
285 |
|
|
|
208 |
|
|
|
726 |
|
|
|
678 |
|
|
Depreciation |
|
14 |
|
|
|
12 |
|
|
|
38 |
|
|
|
40 |
|
|
Restructuring and acquisition-related charges |
|
568 |
|
|
|
1 |
|
|
|
862 |
|
|
|
373 |
|
|
Other amortization |
|
7 |
|
|
|
4 |
|
|
|
13 |
|
|
|
13 |
|
|
Stock-based compensation |
|
43 |
|
|
|
53 |
|
|
|
133 |
|
|
|
133 |
|
|
Adjusted EBITDA |
$ |
302 |
|
|
$ |
428 |
|
|
$ |
1,209 |
|
|
$ |
(571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net earnings/(loss) per diluted
share to |
|
|
|
|
|
|
|
Adjusted EBITDA per diluted share: |
|
|
|
|
|
|
|
|
GAAP net income/(loss) |
$ |
(0.61 |
) |
|
$ |
(0.44 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.23 |
) |
|
Provision for income tax |
|
(0.20 |
) |
|
|
0.00 |
|
|
|
(0.23 |
) |
|
|
0.00 |
|
|
Interest and other expense, net |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
Government grant income |
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
- |
|
|
Change in fair value of warrants |
|
0.70 |
|
|
|
0.48 |
|
|
|
1.18 |
|
|
|
(0.33 |
) |
|
Amortization of intangible assets |
|
0.05 |
|
|
|
0.05 |
|
|
|
0.14 |
|
|
|
0.21 |
|
|
Depreciation |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
Restructuring and acquisition-related charges |
|
0.10 |
|
|
|
0.00 |
|
|
|
0.17 |
|
|
|
0.11 |
|
|
Other amortization |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
Stock-based compensation |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
Adjusted EBITDA per diluted share |
$ |
0.05 |
|
|
$ |
0.11 |
|
|
$ |
0.24 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
` |
|
|
|
|
|
|
BRIDGELINE
DIGITAL, INC. |
CONSOLIDATED
BALANCE SHEETS |
(in thousands,
except share and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
June
30 |
|
September
30 |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
4,768 |
|
|
$ |
861 |
|
|
Accounts receivable, net |
|
1,325 |
|
|
|
665 |
|
|
Prepaid expenses |
|
389 |
|
|
|
268 |
|
|
Other current assets |
|
600 |
|
|
|
111 |
|
|
|
|
Total current assets |
|
7,082 |
|
|
|
1,905 |
|
Property and equipment, net |
|
248 |
|
|
|
238 |
|
Operating lease assets |
|
533 |
|
|
|
294 |
|
Intangible assets, net |
|
8,159 |
|
|
|
2,617 |
|
Goodwill |
|
15,961 |
|
|
|
5,557 |
|
Other assets |
|
80 |
|
|
|
49 |
|
|
|
|
Total assets |
$ |
32,063 |
|
|
$ |
10,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion of long-term debt |
$ |
755 |
|
|
$ |
- |
|
|
Current portion of operating lease liabilities |
|
176 |
|
|
|
96 |
|
|
Accounts payable |
|
2,169 |
|
|
|
1,311 |
|
|
Accrued liabilities |
|
754 |
|
|
|
599 |
|
|
Purchase price and contingent consideration payable |
|
6,187 |
|
|
|
- |
|
|
Paycheck Protection Program liability |
|
- |
|
|
|
88 |
|
|
Deferred revenues |
|
2,796 |
|
|
|
1,511 |
|
|
|
|
Total current liabilities |
|
12,837 |
|
|
|
3,605 |
|
Long-term debt, net of current portion |
|
1,288 |
|
|
|
- |
|
Operating lease liabilities, net of current portion |
|
356 |
|
|
|
198 |
|
Warrant liabilities |
|
8,823 |
|
|
|
2,486 |
|
Other long-term liabilities |
|
425 |
|
|
|
15 |
|
|
|
|
Total liabilities |
|
23,729 |
|
|
|
6,304 |
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock - $0.001 par value; 1,000,000
shares authorized; |
|
|
|
|
|
Series A Convertible Preferred stock: |
|
|
|
|
|
|
264,000 shares authorized; no shares outstanding at June 30, 2021
and September 30, 2020 |
|
- |
|
|
|
- |
|
|
|
Series C Convertible Preferred stock: |
|
|
|
|
|
|
11,000 shares authorized; 350 shares issued and outstanding at June
30, 2021 and September 30, 2020 |
|
- |
|
|
|
- |
|
|
|
Series D Convertible Preferred Stock: |
|
|
|
|
|
|
4,200 shares authorized; 4200 shares issued and outstanding at
June 30, 2021 and no shares outstanding at September 30, 2020
(liquidation preference of $4,200 at June 30, 2021) |
|
- |
|
|
|
- |
|
|
Common stock - $0.001 par value; 50,000,000
shares authorized; |
|
|
|
|
|
6,801,243 shares at June 30, 2021 and 4,420,170 shares at September
30, 2020, issued and outstanding |
|
7 |
|
|
|
4 |
|
|
Additional paid-in-capital |
|
87,663 |
|
|
|
78,316 |
|
|
Accumulated deficit |
|
(78,910 |
) |
|
|
(73,583 |
) |
|
Accumulated other comprehensive loss |
|
(426 |
) |
|
|
(381 |
) |
|
|
|
Total stockholders' equity |
|
8,334 |
|
|
|
4,356 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
32,063 |
|
|
$ |
10,660 |
|
|
|
|
|
|
|
|
|
|
|
BRIDGELINE DIGITAL, INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except share and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue: |
|
|
|
|
|
|
|
|
Digital engagement services |
$ |
821 |
|
|
$ |
713 |
|
|
$ |
2,543 |
|
|
$ |
2,708 |
|
|
Subscription and licenses |
|
2,624 |
|
|
|
1,919 |
|
|
|
6,612 |
|
|
|
5,494 |
|
|
|
Total revenue |
|
3,445 |
|
|
|
2,632 |
|
|
|
9,155 |
|
|
|
8,202 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Digital engagement services |
|
449 |
|
|
|
395 |
|
|
|
1,297 |
|
|
|
1,432 |
|
|
Subscription and licenses |
|
744 |
|
|
|
684 |
|
|
|
1,919 |
|
|
|
2,190 |
|
|
|
Total cost of revenues |
|
1,193 |
|
|
|
1,079 |
|
|
|
3,216 |
|
|
|
3,622 |
|
|
|
Gross profit |
|
2,252 |
|
|
|
1,553 |
|
|
|
5,939 |
|
|
|
4,580 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
760 |
|
|
|
312 |
|
|
|
1,729 |
|
|
|
2,130 |
|
|
General and administrative |
|
608 |
|
|
|
464 |
|
|
|
1,681 |
|
|
|
1,936 |
|
|
Research and development |
|
625 |
|
|
|
402 |
|
|
|
1,453 |
|
|
|
1,218 |
|
|
Depreciation and amortization |
|
306 |
|
|
|
224 |
|
|
|
777 |
|
|
|
731 |
|
|
Restructuring and acquisition-related expenses |
|
568 |
|
|
|
1 |
|
|
|
862 |
|
|
|
373 |
|
|
|
Total operating expenses |
|
2,867 |
|
|
|
1,403 |
|
|
|
6,502 |
|
|
|
6,388 |
|
Income (loss) from operations |
|
(615 |
) |
|
|
150 |
|
|
|
(563 |
) |
|
|
(1,808 |
) |
|
Interest expense and other, net |
|
(9 |
) |
|
|
(2 |
) |
|
|
(7 |
) |
|
|
(3 |
) |
|
Government grant income |
|
- |
|
|
|
- |
|
|
|
88 |
|
|
|
- |
|
|
Change in fair value of warrant liabilities |
|
(4,161 |
) |
|
|
(1,843 |
) |
|
|
(6,020 |
) |
|
|
1,078 |
|
Loss before income taxes |
|
(4,785 |
) |
|
|
(1,695 |
) |
|
|
(6,502 |
) |
|
|
(733 |
) |
|
Provision for (benefit from) income taxes |
|
(1,176 |
) |
|
|
6 |
|
|
|
(1,175 |
) |
|
|
9 |
|
Net loss |
$ |
(3,609 |
) |
|
$ |
(1,701 |
) |
|
$ |
(5,327 |
) |
|
$ |
(742 |
) |
Dividends on convertible preferred stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(106 |
) |
Deemed dividend on amendment of Series A convertible |
|
|
|
|
|
|
|
preferred stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,314 |
) |
Net loss applicable to common shareholders |
$ |
(3,609 |
) |
|
$ |
(1,701 |
) |
|
$ |
(5,327 |
) |
|
$ |
(3,162 |
) |
Net loss per share attributable to common shareholders: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.61 |
) |
|
$ |
(0.44 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.97 |
) |
|
Diluted |
$ |
(0.61 |
) |
|
$ |
(0.44 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.97 |
) |
Number of weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
5,939,021 |
|
|
|
3,876,677 |
|
|
|
5,117,586 |
|
|
|
3,264,734 |
|
|
Diluted |
|
5,939,021 |
|
|
|
3,876,677 |
|
|
|
5,117,586 |
|
|
|
3,264,734 |
|
Bridgeline Digital (NASDAQ:BLIN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bridgeline Digital (NASDAQ:BLIN)
Historical Stock Chart
From Apr 2023 to Apr 2024