Bridgeline Digital Inc (NASDAQ:BLIN) announced that it signed more than $6 million in new customer contracts in fiscal 2023 with a customer renewal rate of more than 90%.
The company’s CEO Ari Kahn noted that its revenue was dominated by the company’s core products such as its artificial intelligence (AI)-powered search engine HawkSearch, which accounted for nearly 50% of the company’s revenue and had a renewal rate of more than 95%.
“This was a transformative year that grew our core revenue significantly and shed legacy product revenue,” Kahn said in a statement.
“Bridgeline’s growth is now driven by core products with strong renewal rates and rapid sales cycles which positions the company for growth in 2024.”
For fiscal 2023, the company’s revenue was $15.9 million, compared to $16.8 million for fiscal 2022.
Gross profit was $10.9 million, compared to $11.7 million for the previous financial year and net loss was $9.4 million compared to income of $2.1 million for fiscal 2022.
For the fourth quarter of fiscal 2023, Bridgeline Digital reported revenue of $3.8 million, compared to $4.2 million for 4Q fiscal 2022.
Gross profit was $2.6 million, compared to $3 million in the year-ago quarter and net loss was $8.1 million compared to income of $0.5 million for the same period in 2022.
During the quarter, the company booked an additional 27 sales for $900,000 in contract value, including $375,000 in annual recurring revenue.