Strong ARR Growth
The company reported an ARR above $20 million for the first time with a $1.2 million incremental ARR for the quarter, marking a 23% year-over-year growth.
Gross Margin Improvement
Gross margin for the third quarter was 49.5%, a 430 basis point improvement over the prior year quarter. Platform business gross margin reached 87.4%, up by 180 basis points.
Record Adjusted EBITDA
Adjusted EBITDA reached $1.4 million, setting a new company record, and representing a 10.4% margin.
Cash Flow Increase
Cash flow from operations in the quarter was approximately $2.9 million compared to $2 million in the prior year quarter, with a year-to-date total of $4.8 million.
AI Product Growth
AI-based products showed strong growth, particularly in the B2B enterprise license segment, which saw a 180% increase over the previous year quarter.