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AudioEye, Inc. (AEYE) falls in the aftermarket – What’s going on with the stock?

AudioEye, Inc. (AEYE) experiences a decrease of 7.49% in the aftermarket. However, the last trading session closed at $11.35 with an incline of 2.9%.

AEYE Promotes Executives to Facilitate Further Growth and Scale

ON 21^st September 2021, AEYE announced that Chris Hundley, Dominic Varacalli, and Mase Gray have been promoted to help the company expand and scale in the future. Firstly, Chris Hundley, who previously served as Chief Technology Officer, is now the President, where he will oversee departmental alignment on go-to-market and other strategic initiatives.

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Secondly, Dominic Varacalli is the Chief Operating Officer from President. He will continue to focus in his new job on areas where he has brought substantial value in providing excellent service to our clients while increasing business margin efficiency. Thirdly, Mase Gray will be promoted as Chief Technology Officer from Chief Architect. He will be responsible for developing AudioEye’s product and technical strategy, as well as building world-class engineering staff, in order to support the company’s development.

Second Quarter 2021 Financial Results

AEYE reported second-quarter 2021 financial results on 11^th August 2021. According to the report, total sales climbed 14% to a new high of $6.0 million. Monthly Recurring Revenue rose by 25% to $2.0 million on June 30, 2021, from $1.6 million on June 30, 2020. Moreover, gross profit climbed to a new high of $4.5 million up from $3.7 million the year before.

However, the rise in gross profit was largely attributable to scale and efficiencies gained through the greater platform and product investment. Lastly, total operational expenditures grew by 68 percent to $7.6 million from $4.5 million the previous year.

Ensysce Biosciences’ management team

On 26^th July 2021, AEYE stated that David J. Kovacs, VP of Public Policy, and David Tanzer, VP of Strategic Development, are new members of Ensysce Biosciences’ management team. David J. Kovacs is now the Vice President of Public Policy, and David Tanzer is the Vice President of Strategic Development.

Kovacs has considerable expertise in the pharmaceutical and technology industries. He has shaped policy and creates strategies for revolutionary firms. Tanzer is a seasoned business leader who specializes in maximizing the potential of firms with unique intellectual property and technology. Tanzer has 25 years of expertise in the healthcare and media industries, including serving as the CEO or President of eight different businesses.