AudioEye

Revenue is predominantly subscription-based across Enterprise and Partner-Marketplace channels, supporting steady ARR growth and a long streak of record revenue periods. As of March 31, 2026, ARR was approximately 41.2 million, with the Partner-Marketplace channel at about 59 percent of ARR and Enterprise at about 41 percent.

Concentration risk exists, with one customer-partner accounting for roughly 13 percent of quarterly revenue, but broad SMB penetration partially offsets this. Regulatory clarity and ongoing litigation levels provide secular tailwinds for continued adoption.

Overall, we view forward revenue as reasonably predictable for a microcap, with improving operating leverage, while acknowledging small-scale volatility and exposure to partner dynamics.