AudioEye (AEYE) 2026 年第三季財報電話會議：EBITDA 創新高，上調財測指引

重點摘要

• AudioEye 公布 2026 年第三季營收創下歷史新高，約為 1,100 萬美元，年增 7%，連續 43 個季度刷新營收紀錄。
• GAAP 淨利改善至 100 萬美元，即稀釋後每股盈餘 0.08 美元，而去年同期為淨虧損 60 萬美元，即每股虧損 0.04 美元。
• 調整後 EBITDA 成長 58%，創下 390 萬美元的歷史新高。在毛利上升與 AI 驅動效率提振下，調整後 EBITDA 獲利率從 24% 擴大至 35%。
• 年經常性收入達到 4,330 萬美元，年增 12%，季增 100 萬美元。企業 ARR 成長 10%，合作夥伴及市集 ARR 則成長 14%。
• 管理層將 2026 全年調整後 EBITDA 指引上調至 1,340 萬至 1,360 萬美元，隱含約 50% 的年成長率。第四季調整後 EBITDA 預計將達到 420 萬至 440 萬美元。
• 該公司於 10 月推出了 Agentic Audits 和 SDK MCP。管理層將這兩款產品視為追加銷售機會，但表示現在要量化其營收貢獻還為時過早。

核心財務數據

業務與營運表現

儘管營收成長 7%，AI 驅動的效率提升仍使營收成本降低了 19%。管理層表示，效益主要來自工程與服務交付。總研發支出下降 17% 至約 130 萬美元，其中包括約 40 萬美元的資本化軟體開發成本。

合作夥伴與市集管道仍是 ARR 的主要貢獻者，約占總 ARR 的 59%。在州和地方政府合作夥伴擴展的助力下，其營收與 ARR 皆年增 14%。

企業 ARR 約占總 ARR 的 41%，成長了 10%。企業營收相對平穩，原因是非經常性營收減少抵銷了經常性營收的成長，這符合 AudioEye 優先發展 ARR 的策略。

AudioEye 於 10 月 8 日推出了 Agentic Audits 與 SDK MCP。兩者皆採用 AudioEye Intelligence，這是一個專有的數據集，建構自 10 年來對超過 10 萬個網站進行的逾 100 萬次人工無障礙審查。根據管理層的說法，Agentic Audits 比單純的自動化檢測多找出高達 50% 的高嚴重性問題，且大多數結果能在一個小時內交付。

管理層還表示，網站無障礙性對 AI 代理正變得日益重要，因為它們會透過無障礙樹進行導覽。在 AudioEye 一項涵蓋 6 個網站的研究中，無障礙程度最低的網站套用 AudioEye 修復方案後，任務完成率從 31% 提高到 96%。

管理層財務指引

以第四季營收指引的中位數計算，管理層預估季增約 55 萬美元，相當於年化季成長率約 20%。

更新後的全年調整後 EBITDA 預估範圍代表約 50% 的年成長率。管理層預估第四季指引中位數將產生超過 1,700 萬美元的年化調整後 EBITDA 年運營率，以及約 $1.30 的調整後 EPS 年運營率。

管理層亦預計訴訟費用在第三季季減約 50% 後，第四季將進一步下降。在指引中位數下，預估第四季調整後 EBITDA 為 430 萬美元，扣除約 40 萬美元的軟體開發成本後，隱含調整後自由現金流約為 390 萬美元。

風險與關注領域

• Agentic Audits 與 SDK MCP 在法說會召開前數週才剛推出。管理層表示，仍需要教育客戶，且尚無法量化營收提振效果。
• AudioEye 繼續將人工審查視為必要環節。代理型工具可以識別更多問題，但無法消除無障礙審查中的人工操作成分。
• 由於該公司降低對非經常性營收的重視，企業營收同比持平。因此，持續成長將更大幅度地依賴經常性銷售、業務擴展及合作夥伴的表現。
• 法規執行可能會支持需求，但時機仍不確定。夏威夷第 257 號法案的合規期限為實施細則確定後的 24 至 36 個月。
• 管理層預計歐洲的執法、新產品以及 AI 準備就緒的需求將成為潛在的成長加速器，但未提供量化的貢獻數據。

分析師問答焦點

管理層表示，在接近創紀錄的新業務與擴展業務，以及合作夥伴持續動能的支撐下，第四季 ARR 成長應維持在目前低雙位數的步調。管理層預期 2027 年基本面情況類似，新產品、AI 代理的採用以及歐洲無障礙法規執行皆有帶來上行空間的可能。

在利潤率方面，財務長 Matthew Domeyer 表示 AudioEye 預計將保持改善後的毛利率水準，同時繼續尋求進一步擴展。執行長 Kelly Georgevich 補充表示，營收規模擴大時費用並未同步增加，且隨著營收成長，預計不需要大幅增加支出。

當被問及 AI 競爭時，管理層指出，通用 AI 模型無法複製 AudioEye 專有的無障礙數據集。該公司的內部研究發現，AI 生成的網站平均每頁仍有 55 個無障礙問題，而 AI 生成的電商網站問題數量是其他電商網站的三倍。

新的 AI 產品可以作為加購模組出售，部分產品亦可單獨購買。管理層預期這些產品能在兩次審查之間以及軟體開發過程中支持客戶業務擴展。

AudioEye 還授權了一項 1,500 萬美元的股票回購計畫，期限至 2027 年 10 月，依宣布時的股價計算，約占已發行股份的 15%。管理層表示，第四季與 2027 年預期的現金產生能力應能為回購及其他資本用途提供靈活性。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good afternoon, and welcome to AudioEye's Third Quarter 2026 Earnings Conference Call. Joining us for today's call are AudioEye's Chief Executive Officer, Ms. Kelly Georgevich; and Chief Financial Officer, Mr. Matthew Domeyer. [Operator Instructions] I would like to remind everyone that this call will be recorded and made available for replay via a link in the Investor Relations section of the company's website at www.audioeye.com.

Before I turn the call over to AudioEye's CEO, the company would like to remind all participants that statements made by AudioEye management during the course of this conference call that are not historical facts are considered to be forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements. The words believe, expect, anticipate, estimate, confidence, will and other similar statements of expectation identify forward-looking statements.

These statements are predictions, projections or other statements about future events and are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's press release and the comments made during this conference call and in the risk factors section of the company's annual report on Form 10-K, its quarterly reports on Form 10-Q and in its other reports and filings with the Securities and Exchange Commission.

Participants on this call are cautioned not to place undue reliance on these forward-looking statements, which reflect management's belief only as of the date hereof. AudioEye does not undertake any duty to update or correct any forward-looking statements. Further, management's remarks today will include certain non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measures to these non-GAAP financial measures is available in the company's earnings release or otherwise posted in the Investor Relations section of its website at www.audioeye.com.

Now I'd like to turn the call over to AudioEye's CEO, Ms. Kelly Georgevich.

Kelly Georgevich

Thank you, operator. We had a great quarter, generating record revenue, record adjusted EBITDA, strong free cash flow and positive GAAP net income, driven by efficiencies and increased AI use across the company. We are also excited to discuss accelerating revenue growth in Q4 with continued operating leverage.

In 2025, we introduced an aspirational goal of 30% to 40% growth in adjusted EBITDA and adjusted EPS per year over the following 3 years. We are pleased to report that we continue to deliver against this aspirational target and now expect approximately 50% growth in adjusted EBITDA in 2026. We also expect a Q4 adjusted EBITDA annualized run rate of over $17 million, up from previous expectations of $15 million. This translates into an annualized run rate for adjusted EPS of around $1.30 in Q4.

Gross margin improved over 550 basis points year-over-year with adjusted gross margins of 88% in Q3, driven by efficiency and increased use of AI. Adjusted EBITDA in Q3 was $3.9 million, up 58% year-over-year. The adjusted EBITDA margin was 35% in Q3.

As we anticipated and as indicated last quarter, litigation expense decreased in Q3. We expect a further reduction in Q4 and believe litigation expense will continue to trend down. We expect meaningful free cash flow generation in Q4 and into 2027, and we recently announced a $15 million stock repurchase program that runs through October 2027. This represents approximately 15% of the outstanding shares at current prices.

It's worth noting that our revenue has nearly doubled over the last 5 years, while our outstanding shares have increased by approximately 10% in this time frame. We also had a strong quarter in terms of GAAP profitability. In Q3, GAAP net income was $1 million or $0.08 per share compared to a net loss of $600,000 and $0.04 per share loss last year. Revenue was approximately $11 million, representing our 43rd consecutive quarter of record revenue. ARR grew $1 million sequentially to $43.3 million at September 30, 2026, 12% over the prior year.

On October 8, we launched 2 new products: Agentic Audits and our SDK MCP. Both are built on what we call AudioEye Intelligence, our proprietary data set created from more than 1 million human accessibility reviews across more than 100,000 sites over 10 years. Our SDK MCP brings AudioEye Intelligence into AI coding tools developers already use so they can catch and fix issues while coding is being created.

Our Agentic Audits use an AI agent powered by our proprietary data set to move through a site the way a real user would, opening menus, filling out forms and going through checkout. They can find up to 50% more high severity issues than automation alone and most results come back within an hour. Our solution already delivers 3 to 4x the legal protection of others. These new products add to that protection, helping developers ship more compliant code from the start and helping companies catch high-risk issues as their sites change. These products represent exciting upsell opportunities.

In September, we released a study on how well AI coding tools build accessible websites. We asked AI agents to create 15 sites that comply with WCAG 2.2 AA standards. We found that even when explicitly instructed to make the site accessible, it could not. The AI-generated sites averaged 55 issues per page compared to 62 on a typical site. And AI-generated e-commerce sites had 3x as many issues as other e-commerce sites. Because AI models have been trained on an inaccessible web, they repeat the same accessibility failures.

Digital accessibility has become a critical part of AI readiness as well as compliance. As more agents complete tasks for humans, they increasingly rely on a web's accessibility tree to navigate the site. To illustrate how important the accessibility tree has become, we've published research on how AI agents perform on inaccessible websites. We ran AI agents through everyday tasks on 6 sites with and without AudioEye's fixes. We found that on the least accessible site, AI agents completed only 31% of their tasks.

With AudioEye fixes, that rose to 96%. The AI agents navigate through a site's accessibility tree. So when it's broken, they can't complete tasks like making a purchase or booking. This means an accessible site now serves 2 audiences, people with disabilities and the AI agents acting on the behalf of customers.

On the regulatory side, in September, the European Standards Body published an updated accessibility standard that adopts WCAG 2.2, which raises the bar for companies covered by the European Accessibility Act. Stateside, Hawaii signed a new law in July, Act 257. Act 257 is the first state law to require all private businesses to conform to WCAG 2.1 Level A and AA through rules the state is now finalizing. This will have significant implications for the travel and hospitality industry. We believe other states may follow Hawaii's lead. The new law took effect July 14, 2026, with compliance deadlines 24 to 36 months after the rules are final.

Turning to guidance. For the fourth quarter of 2026, we expect revenue between $11.4 million and $11.6 million, a sequential increase from the third quarter of 2026 of approximately $550,000 at the midpoint and approximately 20% annualized sequential revenue growth.

For the full year 2026, we are narrowing the revenue range to between $43.6 million and $43.8 million. For the fourth quarter of 2026, we expect adjusted EBITDA of between $4.2 million and $4.4 million, a 56% increase over the fourth quarter of 2025 at the midpoint and an adjusted EBITDA margin of approximately 37%. We expect adjusted EPS of between $0.32 and $0.33 per share for the fourth quarter of 2026.

For the full year 2026, we are increasing adjusted EBITDA guidance from at least $12.7 million to between $13.4 million and $13.6 million, representing approximately 50% year-over-year growth. As mentioned earlier, Q4 adjusted EBITDA guidance represents an annualized run rate of over $17 million, and we expect cash generation to ramp significantly in Q4 and 2027.

In the fourth quarter, at the midpoint of guidance, an adjusted EBITDA of $4.3 million less around $400,000 of software development costs implies $3.9 million of adjusted free cash flow. Litigation expenses decreased in Q3, down approximately 50% from the second quarter. Further decreases in litigation expense are expected in the fourth quarter, contributing to substantial cash generation.

With that, I'll hand it over to Matt to cover our financial results in more detail.

Matthew Domeyer

Thank you, Kelly. As Kelly mentioned, revenue for the third quarter was a record $11 million, representing our 43rd consecutive period of record revenue. Annual recurring revenue was $43.3 million as of September 30, 2026, up from $42.3 million as of June 30, 2026. Year-over-year, ARR grew 12%, driven by double-digit growth in both our partner and marketplace and enterprise channels.

As of September 30, 2026, AudioEye had approximately 130,000 customers, up 7,000 or 6% from approximately 123,000 customers as of September 30, 2025, and up approximately 1,000 from June 30, 2026. The increase was driven primarily by our partner and marketplace channel with enterprise customers also increasing. Both of our 2 revenue channels continued to deliver strong results. AudioEye's enterprise channel consists of our larger customers and organizations that generally engage directly with AudioEye's sales personnel for pricing and solutions.

As we have previously discussed, in 2026, we have reduced our emphasis on nonrecurring revenue to focus on growing ARR. In the third quarter of 2026, enterprise revenue was relatively flat year-over-year with lower nonrecurring revenue being offset by increases in recurring revenue. Our focus on enterprise ARR is showing results, and it increased 10% over the comparable prior year period as we continue to deliver some of our strongest new and expansion business to date. As of September 30, 2026, enterprise ARR represented approximately 41% of total ARR.

Our partner and marketplace channel includes all revenue from our SMB-focused marketplace products as well as from partners who deploy these products for their SMB customers. In the third quarter of 2026, the partner and marketplace channel revenue increased 14% year-over-year. We again saw strong expansion from our state and local government partners in the quarter. Partner and marketplace ARR grew by 14% compared to the prior year quarter and represented approximately 59% of total ARR as of September 30, 2026.

Gross margin for the third quarter expanded over 550 basis points to 83% compared to 77% in the third quarter of 2025. Gross profit grew 15% to $9.1 million compared to $7.9 million in the prior year period. While revenue grew 7%, cost of revenue declined 19%, resulting in 160% conversion of incremental revenue to gross profit. The reduction in cost of revenue came primarily from AI-driven efficiencies in engineering and service delivery.

Adjusted gross margin was 88% in Q3 2026 compared to 83% in the prior year comparable period. The increase in adjusted gross margin is consistent with the GAAP change. In the third quarter of 2026, operating expenses decreased 5% or $400,000 to $7.8 million. The decrease in operating expenses was driven primarily by lower R&D and sales and marketing spend.

Our total R&D spend in Q3 was approximately $1.3 million, including approximately $400,000 recorded as capitalized software development costs. Total R&D spend decreased 17% year-over-year and was around 12% of Q3 2026 revenue, down from 15% in Q3 2025, driven by increased AI usage.

Net income in the third quarter of 2026 was $1 million or $0.08 per diluted share compared to a net loss of $0.6 million or $0.04 per share in the same year ago period, driven by higher gross profit and lower operating expenses noted previously.

In the third quarter of 2026, we achieved record adjusted EBITDA of approximately $3.9 million or adjusted EPS of $0.30 per diluted share and an adjusted EBITDA margin of 35%. This compares to Q3 2025, which had an adjusted EBITDA of $2.5 million or adjusted EPS of $0.19 per share and an adjusted EBITDA margin of 24%. The $1.4 million or 58% increase in adjusted EBITDA over the comparable period of the prior year was primarily driven by increases in gross profit and AI efficiencies.

In the third quarter, we generated $3.5 million of free cash flow, calculated as adjusted EBITDA of $3.9 million plus $400,000 of capitalized software development costs, an improvement of $1.5 million from the third quarter of 2025.

Turning to the balance sheet. We ended the quarter with $9.3 million in cash, an increase of $600,000 from June 30, 2026, and $3 million available under our revolving line of credit. As of September 30, 2026, our net debt, defined as total debt less cash, was $7.2 million. Net debt has declined approximately $1 million year-to-date and our net debt to adjusted EBITDA ratio, using the midpoint of our updated 2026 adjusted EBITDA guidance is approximately $0.5 million.

With that, I'll turn the call back to the operator to open the line for questions. Operator?

Operator

[Operator Instructions] Our first question comes from the line of Josh Reilly with Needham & Company.

分析師問答

Joshua Reilly

Nice job on the quarter here. I know it's early on the 2 new AI products you released in October, but maybe you can share how much you're seeing in terms of the push-pull dynamics on AI features from customers? And are customers requesting more AI functionality? Or are you seeing that you need to build awareness of what AI can do for them?

Kelly Georgevich

Yes, it's definitely still early days. We just released the product a couple of weeks ago. So far, feedback has been very positive, especially with the customers who have been in beta. I think I'd say both, but I'd say some of it has to be education on the customer side. We think these are really powerful add-ons for customers, especially to do more in real time or between audits. But yes, we're pretty excited about what they can do, especially on the expansion side.

Joshua Reilly

Got it. And then as we think about the ARR growth going forward, how sustainable is this low double-digit growth rate for the balance of 2026? Without giving any specific guidance, what are the puts and takes investors should be considering for Q4 ARR growth that could maybe lead to outperformance? And then in 2027, once again, it seems the demand environment should be further improving given the tailwinds out there. Is there anything we should be considering in terms of the macro or otherwise that may impact demand trends?

Kelly Georgevich

Yes. We had about 12% year-over-year ARR growth, which is good to see. I think we expect that to continue into Q4. We're seeing really good momentum across the board, near record new and expansion business, really solid growth from partners. And so all of that is just a positive for Q4 and expectations there on ARR.

I think we can expect something similar for 2027 with some additional accelerators or things that could move the needle, things like our new product offerings. I think as agents take over more path, the readability of the sites and how accessibility plays into that could be really interesting. And then, of course, enforcement of the EU could move the needle further.

Operator

Up next in the queue, we have George Sutton with Craig-Hallum Capital Group.

George Sutton

Logan on for George here. First one for me, I wonder if you could just unpack the step down in cost of goods sold this quarter a bit more and maybe just talk in any more detail about where the AI efficiencies are coming into play. And I guess, is there more room for margin improvement here? Should we think about this as sort of a onetime step function improvement?

Matthew Domeyer

Logan, it's Matt. Yes, so we saw a 550 basis point increase in margin, which was a really great improvement. The gross profits helped by the growing ARR, and we're able to scale. We've also -- we've got a long track record of lowering expenses and working to manage and scale. And so I think where we're at right now, we expect to be able to maintain those rates, and we'll keep looking for room to expand the margins as we can going forward.

George Sutton

Got it. And then going back to the new AI products and again, recognizing that it's early, but can you give any sense for what kind of uplift in sort of revenue per customer, those new products might have?

Kelly Georgevich

Yes, it's probably too early to quantify it, but I do think they are expansion opportunities for customers kind of like as in between their audits and additional current services that they already have.

Operator

Up next in the queue, we have Richard Baldry with ROTH Capital Partners.

Richard Baldry

I'm going to probably ask a few times going forward because people seem worried about AI sort of becoming a competitive threat in a lot of different verticals. So we've had these tools out for a little while, the large language models. Have you seen any actual new competitors enter the market in trying to leverage those tools to create new businesses and competition with yourselves?

Kelly Georgevich

We haven't seen much in the market, no. I think that study we put out kind of emphasizes what we've been talking about for some time, which is we have this proprietary data set that no one else has over 1 million human fixes over 100,000 websites over 10 years, so no one can replicate that. And what the web has been trained on and what AI is trained on has been inaccessible sites.

So the idea of a new product coming in or a new competitor coming in that can just do what we've been doing for 10 years is just not possible. And that's part of the reason we put out the study over the last 3 months or so is to prove that AI just can't do this. We found that AI eventually had no impact when you instructed it to create a site that was accessible and our AI tools are powered with our proprietary data set.

Richard Baldry

And when you think about the new tools and the automation you're able to achieve with them, is there a way to think about how much of your prior workload you're able to automate? And how much you think you could incrementally automate over time? And how much sort of either now or long term remains probably manual because of complex or other issues?

Kelly Georgevich

Yes. We definitely still find that you need the manual aspect of an audit. What we like about these new products and what they can do is they can find on the Agentic Audits significantly more issues than our automation, about 50% more of the high severity issues. So they're nice little fill-ins after a website redesign or between audits and same on the SDK MCP is while you're creating code, if you can solve a number of the issues that you would have to wait for an audit to find. I think that's pretty powerful.

Richard Baldry

Is there another way to think about sort of how much -- you've had significant improvements in OpEx and on your cost of goods line. How deep into the process of automating your own operating side of the table and your go-to-market COGS side, do you think you're at? How much incremental profitability do you think you could do even off the same revenue base with further automation?

Kelly Georgevich

Yes, we've been able to ramp revenue without ramping expenses for a number of years. And I think AI has just given us that extra kind of milestone where we've been able to implement AI and be very efficient across all departments. I think we expect to see that to continue. So as revenues increase, I don't think we'll need to ramp expenses significantly, but we're still focusing on finding further efficiencies as well.

Richard Baldry

And last for me, more sort of top of the funnel. If you look at your sales overall, sort of the pipelines, can you talk about the degree to which they're expanding either in sort of geographies where the regulatory environment is pushing it outside of those? How do you feel about those entering or heading towards fiscal '27?

Kelly Georgevich

Yes. I think we're seeing some of our best lead volume to date still. And as I mentioned, some of our best new business and expansion ARR to date. Litigation is still growing at record levels. So that's definitely a factor that we're continuing to see. And so regulation is helping, but I think demand overall is growing and that litigation -- private litigation is driving demand as well. As you ramp enforcement, we expect to see additional demand. And I do think there is a possibility for additional demand with the AI readiness and linked to accessibility.

Richard Baldry

Maybe one last one to squeeze in. Your cash hit a multiyear high in the quarter. I'm sort of curious, what do you think a comfortable level of cash for operations is now that your EBITDA is scaling the way it is sort of against the backdrop of how much you'd be willing to use the on-hand cash for buyback versus use it out of quarterly cash flow from ops?

Kelly Georgevich

Yes. Yes. I mean I think we're -- we have the $3 million line of credit. I think we're pretty comfortable at levels that we've been at over the last handful of quarters. I do think that there's a key aspect of a significant cash generation in Q4 and into 2027, which allows us to do a lot with that extra cash, but I think we feel pretty comfortable with where it's at now.

Operator

And our last question comes from the line of Scott Buck with Titan Partners.

Scott Buck

Kelly, on the new Agentic products, how are they priced? Are they stand-alone SKUs? Or are they bundled with kind of existing products?

Kelly Georgevich

You can purchase those either, so you can purchase them as stand-alone and so like an add-on to your current line items on your contract or certain products, 1 of the 2 you can buy as a stand-alone product.

Scott Buck

Okay. Perfect. And then customer accounts rose about 6%. ARR grew 12%. Is ARR growing because of mix, pricing, upsells? Help kind of bridge me there.

Kelly Georgevich

Yes, really across the board. So we saw double-digit ARR growth in both our enterprise, which is kind of new and expansion business, both kind of approaching record numbers and the partner side as well. So kind of operating and performing on all cylinders.

Scott Buck

Okay. And then last one on capital allocation and the announced buyback. How quickly do you expect to execute on the buyback? And is that constrained by the credit agreement?

Kelly Georgevich

I mean our stock is trading at 6x EBITDA adjusted EBITDA and growing 50% over year. So we do think it's an attractive time to buy and a good way to deploy excess cash for our shareholders. We don't see -- we have a good relationship with our debt provider and don't see any issues there.

Operator

At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Ms. Kelly Georgevich for her closing remarks.

Kelly Georgevich

I'd like to thank our employees, customers and investors for their continued support, and we look forward to providing you an update on the next call.

Operator

Before we conclude today's call, I would like to remind everyone that a recording of today's call will be available for replay via a link in the Investor Relations section of the company's website. Thank you for joining us today for AudioEye's Third Quarter 2026 Earnings Conference Call. You may now disconnect.