Annual Recurring Revenue (ARR) Milestone
ARR surpassed $20 million for the first time, with $1.2 million incremental ARR for the quarter, marking a 23% year-over-year growth.
Platform Subscription Revenue Growth
Platform subscription revenue increased by 22% to $4.8 million, driven by growth in SITE B2B and B2C platform revenue and Article Galaxy product.
Gross Margin Improvement
Gross margin improved by 430 basis points to 49.5%, with platforms recording a gross margin of 87.4%.
Adjusted EBITDA Record
Adjusted EBITDA set a new company record at $1.4 million, a significant increase from $961,000 in the prior year quarter.
Cash Flow and Liquidity
Cash and cash equivalents increased to $9.9 million from $6.1 million as of 06/30/2024, with a trailing twelve-month cash flow from operations of over $6.7 million.
AI Strategy Success
AI-based products showed strong growth, with SITE experiencing a 180% year-over-year increase in the B2B enterprise license segment.