iLearningEngines reports strong revenue growth and increased profitability in the first quarter of 2024.

From GlobeNewswire: 2024-05-16 17:30:00

iLearningEngines, Inc. (NASDAQ: AILE) reported a 33% year-over-year increase in first quarter revenue to $125 million. Despite a net loss due to one-time items, non-GAAP profitability improved compared to last year. The company also saw a 34% increase in annual recurring revenue to $479 million. The Business Combination with Arrowroot Acquisition Corp. was successfully completed on April 16, 2024, positioning iLearningEngines for continued growth.

Financial highlights for the first quarter of 2024 include a 132% trailing 12-month Net Dollar Retention rate and a $9 million Adjusted EBITDA. The company had approximately 134.9 million shares of common stock outstanding as of April 16, 2024, following the completion of the Business Combination with Arrowroot. iLearningEngines also reported over 4.7 million licensed users as of March 31, 2024, and had a total of 529 employees.

For the first quarter of 2024, iLearningEngines achieved a gross profit of $86.2 million, representing a 38.1% increase from the previous year. The company reported a net loss of $25.9 million, which included one-time items. Operating income improved to $7.9 million, while total other expenses amounted to $32.6 million. The balance sheet as of March 31, 2024, showed total assets of $111.8 million and a shareholders’ deficit of $47.1 million. Cash flows used in operating activities were $3.6 million for the quarter.



Read more at GlobeNewswire:: iLearningEngines Reports First Quarter 2024 Results