WOBURN, Mass. - Bridgeline Digital, Inc. (NASDAQ: BLIN), specializing in AI-powered marketing technology, announced today an expansion of its licensing agreement with a top-tier U.S. electrical distributor to enhance the latter's Salesforce (NYSE:CRM) B2B Commerce experience using HawkSearch. The enhancement aims to improve product discovery across over 740 profit centers and includes additional hosting services to support increased web traffic.
The distributor will leverage HawkSearch's Unit of Measure Conversion feature, which allows customers to receive consistent search results regardless of whether they search for products in feet or meters. This feature is expected to streamline the product search and purchase process for the distributor's customers.
In response to the distributor's rapid growth and the resulting higher web traffic, the partnership also includes an investment in additional hosting services. These services are designed to manage the increased demand without compromising the user experience.
HawkSearch has been developed to meet the specific needs of B2B industries, including manufacturing and distribution. The company's CEO, Ari Kahn, emphasized the importance of these tailored solutions in supporting the operational efficiency and sales growth of their clients, which include Trident Enterprises, Filters Fast, and Grizzly Industrial.
Bridgeline Digital's suite of AI-powered solutions is focused on helping businesses increase revenue by improving traffic, conversion rates, and average order value. The company's commitment to innovation and customer growth is reflected in the expanded partnership with the electrical distributor, positioning the latter for continued success in its market.
The information for this article is based on a press release statement from Bridgeline Digital.
In other recent news, Bridgeline Digital has seen significant developments. The company announced its third quarter 2024 financial results, reporting a total revenue of $3.9 million, with subscription license revenue making up 77% of this figure. Despite a net loss of $300,000 for the quarter, Bridgeline Digital highlighted a gross profit margin of 69% and an improved adjusted EBITDA of $3,000.
The company also reported a decrease in operating expenses and a noncash gain from the change in the fair value of warrants. In other developments, Bridgeline Digital has regained compliance with Nasdaq's minimum bid price requirement, ensuring its continued listing on The Nasdaq Stock Market LLC.
Bridgeline Digital is focusing on advancements in their AI-driven HawkSearch product and strategic partnerships. The company's management remains optimistic about future growth and the company's strategic direction. Bridgeline Digital anticipates continued success in 2024, with a focus on driving growth, product innovation, customer success, and shareholder value.
InvestingPro Insights
Bridgeline Digital, Inc. (NASDAQ: BLIN) has recently announced a strategic expansion of its licensing agreement, which is a positive step for the company's growth. To provide a deeper understanding of Bridgeline Digital's financial health and stock performance, here are some insights based on real-time data from InvestingPro.
InvestingPro data highlights a market capitalization of $12.24 million, underscoring the company's position in the market. Despite a challenging period, Bridgeline Digital has experienced a significant price total return of 35.06% year-to-date, with an even more impressive one-month price total return of 33.71%, indicating a strong recent uptrend in its stock price.
However, it's important to note that the company has been operating with a negative P/E ratio of -1.26, and analysts do not anticipate Bridgeline Digital to be profitable this year, as reflected by an adjusted P/E ratio of -4.07 for the last twelve months as of Q3 2024. This suggests that while the company is currently unprofitable, investors may be optimistic about its future prospects, especially considering the recent positive stock performance.
Two InvestingPro Tips for Bridgeline Digital include a note on the company's stock price volatility and a caution regarding its short-term obligations, which currently exceed its liquid assets. These factors are crucial for potential investors to consider, especially when evaluating the company's financial stability and ability to handle market fluctuations.
For those looking for more detailed analysis, InvestingPro offers additional tips for Bridgeline Digital, which can be found at https://www.investing.com/pro/BLIN. These insights could be particularly valuable for investors seeking to make informed decisions about their investments in Bridgeline Digital.
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