0001437749-24-038377.txt : 20241226 0001437749-24-038377.hdr.sgml : 20241226 20241226160512 ACCESSION NUMBER: 0001437749-24-038377 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20241223 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20241226 DATE AS OF CHANGE: 20241226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bridgeline Digital, Inc. CENTRAL INDEX KEY: 0001378590 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 522263942 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33567 FILM NUMBER: 241581063 BUSINESS ADDRESS: STREET 1: 100 TRADE CENTER, SUITE G-700 CITY: WOBURN STATE: MA ZIP: 01801 BUSINESS PHONE: 781 376 5555 MAIL ADDRESS: STREET 1: 100 TRADE CENTER, SUITE G-700 CITY: WOBURN STATE: MA ZIP: 01801 FORMER COMPANY: FORMER CONFORMED NAME: Bridgeline Software, Inc. DATE OF NAME CHANGE: 20061018 8-K 1 blin20241222_8k.htm FORM 8-K blin20241222_8k.htm
false 0001378590 0001378590 2024-12-23 2024-12-23
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): December 23, 2024
 
BRIDGELINE DIGITAL, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
001-33567
52-2263942
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
100 Sylvan Road, Suite G700
Woburn, MA 01801
(Address of principal executive offices, zip code)
 
(781) 376-5555
(Issuer's telephone number)
 
 

(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
BLIN
Nasdaq Stock Market, LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
Item 2.02              Results of Operations and Financial Condition.
 
On December 23, 2024, Bridgeline Digital, Inc. (the "Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2024. A copy of that press release is attached hereto as Exhibit 99.1 (the "Press Release”).
 
The information in this Current Report, including the Press Release, is being furnished pursuant to Item 2.02 and shall not be deemed "filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act”), or otherwise subject to the liabilities of that section or deemed incorporated by reference in any filing by the Company under the Exchange Act, unless specifically identified as being incorporated therein.
 
Item 9.01              Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit
No.
Exhibit Description
   
99.1
   
104
Cover Page Interactive Data File (embedded within the inline XBRL document)
 
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
BRIDGELINE DIGITAL, INC.
 
 
(Registrant)
 
Date: December 26, 2024
     
       
 
By:
/s/ Thomas R. Windhausen
 
   
Thomas R. Windhausen
 
   
Chief Financial Officer
 
 
 
EX-99.1 2 ex_760508.htm EXHIBIT 99.1 ex_760508.htm

Exhibit 99.1

 

Bridgeline Announces Financial Results for the Fourth Quarter of Fiscal 2024

 

 

Woburn, Mass., December 23, 2024 - Bridgeline Digital, Inc. (NASDAQ: BLIN), a global leader in AI-powered marketing technology, today announced financial results for its fiscal fourth quarter ended September 30, 2024.

 

“HawkSearch is the leader in AI-powered product discovery. This year we nearly doubled our sales contracts, launched a new HawkSearch site every week, had better than 103% net revenue retention for HawkSearch, and released 5 AI products under the HawkSearch brand,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “We begin 2025 with the largest sales pipeline in the company’s history, an AI product suite that both existing customer and new customers need, and an outstanding industry reputation from customers and analysts.”

 

 

Financial Highlights Fourth Quarter of Fiscal Year 2024

 

 

Total revenue was $3.9 million, compared to $3.8 million in the prior year period.

 

 

Subscription and licenses revenue was $3.0 million, compared to $3.1 million in the prior year period.

 

 

Gross profit was $2.7 million, compared to $2.6 million in the prior year period.

 

 

Gross margin was 69% compared to 68% in the prior year period.

 

 

Financial Highlights Fiscal Year 2024

 

 

Total revenue was $15.4 million, compared to $15.9 million in the prior year period.

 

 

Subscription and licenses revenue was $12.1 million, compared to $12.7 million in the prior year period.

 

 

Gross profit was $10.4 million, compared to $10.9 million in the prior year period.

 

 

Gross margin was 68% compared to 68% in the prior year period.

 

 

Sales Highlights

 

 

In the fourth quarter of fiscal year 2024, Bridgeline signed 17 license sales, adding over $360 thousand in annual recurring revenue.

 

 

For fiscal year 2024, Bridgeline signed 83 license sales, adding $2.1 million in annual recurring revenue, totaling $6.2 million in new customer contracts.

 

 

Demand for AI-powered search is transforming sales, as companies align with customer expectations for smarter search experiences. This surge in demand for higher quality search is driving upgrades to Bridgeline’s HawkSearch platform.

 

 

 

Product Highlights

 

 

The Hawk AI Product Suite now includes advanced features like Smart Search, Smart Response, and Smart Tools. A new Smart Agent lets users adjust prompts and foundation model settings through an intuitive interface to optimize interactions with Hawk AI.

 

 

HawkSearch launched Conversational Search. Powered by GenAI, this feature uses NLP to interpret user intent and phrasing, transforming searches into conversational interactions with accurate, meaningful results.

 

 

HawkSearch launched Smart Facets for Concept Search. Powered by GenAI, Smart Facets transforms the search experience by enabling users to ask detailed, context-rich questions that automatically select relevant search facets.

 

 

HawkSearch announced a new Smart Response feature that analyzes PDF content and delivers specific answers to user queries. The innovation includes tools for extracting content from large PDF repositories and using GenAI to create helpful search features such as thumbnails of PDFs, summaries of pages within each PDF, and extraction of other important metadata such as file names and categorization.

 

 

HawkSearch’s Rapid UI Framework had a major update launched, which included a new GenAI capability component that accelerates the integration of Smart Response into search interfaces.

 

 

Partner Highlights 

 

 

Optimizely is promoting HawkSearch as a top paid app in their app store and HawkSearch-AI was showcased at Opticon 2024 in San Antonio, Texas in November.

 

 

HawkSearch announced a leading distributor of fasteners and industrial supplies has selected HawkSearch to enhance their on-site search capabilities. This distributor, the first lead from our partner Xngage, will use HawkSearch to power their product discovery on the Optimizely platform using the Xngage XConnect connector for HawkSearch.

 

 

HawkSearch was named Moblico Partner of the Year. Moblico’s integration of HawkSearch’s AI capabilities enhances mobile engagement for distributors, optimizing real-time shopping experiences and increasing customer retention. This collaboration allows distributors to provide personalized customer experiences, leading to increased revenue and stronger market positioning.

 

 

Product Genius Technology, a leading provider of innovative solutions with decades of experience in the fastener industry, partnered with HawkSearch to provide patented search technology to enhance customer engagement and drive sales by simplifying the search, sort and display of complex product categories.

 

 

Human Element, Inc., a leading eCommerce services agency, will leverage HawkSearch AI-powered search technology to enhance customer engagement and drive sales for eCommerce platforms. Human Element will partner with HawkSearch to expand its offerings for B2B and B2C merchants to include AI-powered search technology, and the partnership gives Adobe Commerce (Magento), BigCommerce, and Shopify platform users easy access to HawkSearch’s AI-powered search.

 

Customer Highlights

 

 

Duda has expanded its partnership with the WooRank SEO platform. The agency now offers WooRank’s SEO insights and performance data as part of its top-tier SEO package, enhancing its clients' digital marketing strategies.

 

 

An aftermarket automotive truck parts retailer has chosen HawkSearch to power product discovery for its eCommerce website. The retailer is set to boost sales using HawkSearch's AI-powered Smart Search which allows customers to enter a concept or question into the search bar and receive more accurate, relevant results tailored to the customer’s query.

 

 

A top 10 U.S. electrical distributor has expanded its license with HawkSearch to enhance its Salesforce B2B Commerce experience. HawkSearch will support over 740 profit centers, improving the distributor’s product discovery with the Unit of Measure Conversion feature, while providing additional hosting services to address growing traffic demands.

 

 

A leader in fastener distribution has selected HawkSearch to enhance its search experience across 15 countries and 12 languages, leveraging HawkSearch’s Keyword & Concept Search to improve product discovery. Additionally, it will optimize part number searches, ensure accurate results for terms with varying spacing, support different format variations, and incorporate advanced machine learning and reporting capabilities.

 

 

A leading manufacturer and distributor of life safety gear, equipment, and training for first responders selected HawkSearch to improve their on-site search and merchandising powered by Salesforce Commerce Cloud. The manufacturer will also leverage Instant Engage for surfacing trending items, categories, and content as soon as the user clicks on the search box.

 

 

A prominent supplier in the construction materials testing equipment industry has selected HawkSearch and will leverage Instant Engage and Autocomplete to display popular products, category pages, and relevant content as soon as users interact with the search bar.

 

 

A leading wholesale hardware distributor has selected HawkSearch to deliver an improved product discovery experience with highly relevant, accurate search results and personalized recommendations for their Optimizely Configured Commerce site.

 

 

 

Financial Results Fourth Quarter of Fiscal Year 2024

 

 

Total revenue, which is comprised of Licenses and Services revenue, was $3.9 million for the quarter ended September 30, 2024, as compared to $3.8 million for the same period in 2023.

 

 

Subscription and licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue and perpetual license revenue was $3.0 million for the quarter ended September 30, 2024, as compared to $3.1 million for the same period in 2023. As a percentage of total revenue, Subscription and licenses revenue was 78% of total revenue for the quarter ended September 30, 2024, compared to 81% for the same period in 2023.

 

 

Services revenue was $0.8 million for the quarter ended September 30, 2024, as compared to $0.7 million for the same period in 2023. As a percentage of total revenue, Services revenue accounted for 22% of total revenue for the quarter ended September 30, 2024, compared to 19% for the same period in 2023.

 

 

Cost of revenue was $1.2 million for the quarter ended September 30, 2024, as compared to $1.2 million for the same period in 2023. Gross profit was $2.7 million for the quarter ended September 30, 2024, as compared to $2.6 million for the same period in 2023.

 

 

Gross margin was 69% for the quarter ended September 30, 2024, as compared to 68% for the same period in 2023. Subscription and licenses gross margin was 72% for three months ended September 30, 2024, as compared to 73% for the same period in 2023. Services gross margin was 58% for the three months ended September 30, 2024, as compared to 46% for the same period in 2023.

 

 

Operating expenses were $3.1 million for the quarter ended September 30, 2024, as compared to $10.8 million for the same period in 2023 which included a goodwill impairment of $7.5 million.

 

 

Operating loss for the quarter ended September 30, 2024 was $0.5 million, as compared to $8.2 million for the same period in 2023 which included the impact of a goodwill impairment.

 

 

The warrant liability revaluation resulted in a nominal non-cash loss attributable to the change in the fair value of the warrant liabilities for the quarter ended September 30, 2024. This compares to a non-cash gain from revaluation of $0.2 million for the same period in 2023.

 

 

Net loss for the quarter ended September 30, 2024, was $0.4 million, compared to a net loss of $8.1 million for the same period in 2023 which included the impact of goodwill impairment.

 

Financial Results Year-to-Date Twelve Months of Fiscal Year 2024

 

 

Total revenue, which is comprised of Licenses and Services revenue, was $15.4 million for the twelve months ended September 30, 2024, as compared to $15.9 million for the same period in 2023.

 

 

Subscription and licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue and perpetual license revenue was $12.1 million for the twelve months ended September 30, 2024, as compared to $12.7 million for the same period in 2023. As a percentage of total revenue, Subscription and licenses revenue was 79% of total revenue for the twelve months ended September 30, 2024, compared to 80% for the same period in 2023.

 

 

Services revenue was $3.2 million for the twelve months ended September 30, 2024, as compared to $3.1 million for the same period in 2023. As a percentage of total revenue, Services revenue accounted for 21% of total revenue for the twelve months ended September 30, 2024, compared to 20% for the same period in 2023.

 

 

Cost of revenue was $4.9 million for the twelve months ended September 30, 2024, as compared to $5.0 million for the same period in 2023. Gross profit was $10.4 million for the twelve months ended September 30, 2024, as compared to $10.9 million for the same period in 2023.

 

 

Gross margin was 68% for the twelve months ended September 30, 2024, as compared to 68% for the same period in 2023. Subscription and licenses gross margin were 72% for the twelve months ended September 30, 2024, as compared to 74% for the same period in 2023. Services gross margin was 52% for the twelve months ended September 30, 2024, as compared to 48% for the same period in 2023.

 

 

Operating expenses were $12.5 million for the twelve months ended September 30, 2024, as compared to $20.8 million for the same period in 2023 which included a goodwill impairment of $7.5 million.

 

 

Operating loss for the twelve months ended September 30, 2024, was $2.0 million, as compared to an operating loss of $9.9 million for the same period in 2023 which included the impact of the goodwill impairment.

 

 

The warrant liability revaluation resulted in a $0.1 million non-cash gain attributable to the change in the fair value of the warrant liabilities for the twelve months ended September 30, 2024. This compares to a non-cash gain the change in the fair value of $0.6 million for the same period in 2023.

 

 

Net loss for the twelve months ended September 30, 2024, was $2.0 million, compared to a net loss of $9.4 million for the same period in 2023, which included the impact of the goodwill impairment.

 

 

 

Conference Call

 

Bridgeline Digital, Inc. will hold a conference call today, December 23, 2024, at 4:30 p.m. Eastern Time to discuss these results. The Company’s President and Chief Executive Officer, Ari Kahn, and Chief Financial Officer, Thomas Windhausen, will host the call, followed by a question-and-answer period.

 

 

The details of the conference call and replay are as follows:

 

 

Bridgeline Digital Fourth Quarter 2024 Earnings Call

 

Monday, December 23, 2024, at 4:30 p.m. ET
 

Registration:

https://register.vevent.com/register/BIa2b7e1f034b94ac0a2c6017e5f9e8d15

Listen Only:

https://edge.media-server.com/mmc/p/7vs4y5pi

 

 

Participants can register for the conference call using the above URL above.
Once registered, participants will receive dial-in numbers and unique PIN number.

 

Non-GAAP Financial Measures

 

This press release contains the following Non-GAAP financial measures: Adjusted EBITDA, Non-GAAP adjusted net income (loss), and Non-GAAP adjusted net earnings (loss) per diluted share.

 

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, impairment of goodwill and intangible assets, non-cash warrant related income/expense, changes in fair value of contingent consideration, restructuring and acquisition-related costs, amortization of debt discounts, preferred stock dividends and any related tax effects. Bridgeline uses Adjusted EBITDA and Non-GAAP adjusted net income (loss) as supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States ("GAAP").

 

Non-GAAP adjusted net income (loss) and Non-GAAP adjusted net income (loss) per diluted share are calculated as net income (loss) or net income (loss) per share on a diluted basis, excluding, where applicable, amortization of intangible assets, change in fair value of warrants, stock-based compensation, restructuring and acquisition-related costs, goodwill impairment charges, preferred stock dividends and any related tax effects.

 

Bridgeline's management does not consider these Non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these Non-GAAP financial measures. To compensate for these limitations, Bridgeline management presents Non-GAAP financial measures in connection with GAAP results. Bridgeline urges investors to review the reconciliation of its Non-GAAP financial measures to the comparable GAAP financial measures, which is included in this press release, and not to rely on any single financial measure to evaluate Bridgeline's financial performance.

 

Our definitions of Non-GAAP Adjusted EBITDA and adjusted net income (loss) may differ from and therefore may not be comparable with similarly titled measures used by other companies, thereby limiting their usefulness as comparative measures. As a result of the limitations that Adjusted EBITDA and Non-GAAP adjusted net income (loss) have as an analytical tool, investors should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP.

 

 

 

Safe Harbor for Forward-Looking Statements

Statement under the Private Securities Litigation Reform Act of 1995

 

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These statements appear in a number of places and include statements regarding the intent, belief or current expectations of Bridgeline Digital, Inc. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, including, but not limited to, business operations and the business of our customers, suppliers and partners; our ability to retain and upgrade current customers, increasing our recurring revenue, our ability to attract new customers, our revenue growth rate; our history of net loss and our ability to achieve or maintain profitability, instability in the financial markets, including the banking sector; our liability for any unauthorized access to our data or our users' content, including through privacy and data security breaches; any decline in demand for our platform or products; changes in the interoperability of our platform across devices, operating systems, and third party applications that we do not control; competition in our markets; our ability to respond to rapid technological changes, extend our platform, develop new features or products, or gain market acceptance for such new features or products, particularly in light of potential disruptions to the productivity of our employees resulting from remote work; our ability to manage our growth or plan for future growth, and our acquisition of other businesses and the potential of such acquisitions to require significant management attention, disrupt our business, or dilute stockholder value; the volatility of the market price of our common stock, the ability to maintain our listing on the NASDAQ Capital Market; or our ability to maintain an effective system of internal controls as well as other risks described in our filings with the Securities and Exchange Commission. Any of such risks could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Bridgeline Digital, Inc. assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by applicable law.

 

About Bridgeline Digital

 

Bridgeline is a marketing technology company that offers a suite of products that help companies grow online revenue by driving more traffic to their websites, converting more visitors to purchasers, and increasing average order value.

 

To learn more, please visit www.bridgeline.com or call (800) 603-9936.

 

 

Contact:

 

Bridgeline Digital, Inc.

Thomas R. Windhausen

Chief Financial Officer

twindhausen@bridgeline.com

 

 

  

BRIDGELINE DIGITAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

   

ASSETS

               
   

September 30,

   

September 30,

 
   

2024

   

2023

 

Current assets:

               

Cash and cash equivalents

  $ 1,390     $ 2,377  

Accounts receivable, net

    1,288       1,004  

Prepaid expenses and other current assets

    269       278  

Total current assets

    2,947       3,659  

Property and equipment, net

    74       151  

Operating lease assets

    163       390  

Intangible assets, net

    3,908       4,890  

Goodwill, net

    8,468       8,468  

Other assets

    42       73  

Total assets

  $ 15,602     $ 17,631  
                 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               
                 

Current liabilities:

               

Current portion of long-term debt

  $ 282     $ 267  

Current portion of operating lease liabilities

    157       148  

Accounts payable

    1,112       1,255  

Accrued liabilities

    988       995  

Deferred revenue

    2,189       2,084  

Total current liabilities

    4,728       4,749  

Long-term debt, net of current portion

    244       435  

Operating lease liabilities, net of current portion

    6       241  

Warrant liabilities

    98       174  

Other long-term liabilities

    520       572  

Total liabilities

    5,596       6,171  
                 

Commitments and contingencies

               
                 

Stockholders' equity:

               

Preferred stock - $0.001 par value; 1,000,000 shares authorized;

               

Series C Convertible Preferred stock: 11,000 shares authorized; 350 shares issued and outstanding at September 30, 2024 and 2023

    -       -  

Series D Convertible Preferred stock: 4,200 shares authorized; no shares issued and outstanding at September 2024 and 2023

               

Common stock - $0.001 par value; 50,000,000 shares authorized;10,417,609 shares issued and outstanding at September 30, 2024 and 2023

    10       10  

Additional paid-in-capital

    101,833       101,275  

Accumulated deficit

    (91,538 )     (89,577 )

Accumulated other comprehensive loss

    (299 )     (248 )

Total stockholders' equity

    10,006       11,460  

Total liabilities and stockholders' equity

  $ 15,602     $ 17,631  

   

 

 

 

BRIDGELINE DIGITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

 

     

Three Months Ended

   

Twelve Months Ended

 
     

September 30,

   

September 30,

 
     

2024

   

2023

   

2024

   

2023

 

Revenue:

                                 

Subscription and perpetual licenses

  $ 3,025     $ 3,072     $ 12,134     $ 12,742  

Digital engagement services

    838       726       3,224       3,143  

Total net revenue

    3,863       3,798       15,358       15,885  
                                   

Cost of revenue:

                               

Subscription and perpetual licenses

    859       815       3,392       3,364  

Digital engagement services

    352       391       1,532       1,650  

Total cost of revenue

    1,211       1,206       4,924       5,014  

Gross profit

    2,652       2,592       10,434       10,871  
                                   

Operating expenses:

                               

Sales and marketing

    912       965       3,715       4,757  

General and administrative

    857       806       3,282       3,173  

Research and development

    1,022       1,070       4,160       3,679  

Depreciation and amortization

    201       385       1,086       1,528  

Goodwill impairment

    -       7,517       -       7,517  

Restructuring and acquisition related expenses

    142       75       210       132  

Total operating expenses

    3,134       10,818       12,453       20,786  

Loss from operations

    (482 )     (8,226 )     (2,019 )     (9,915 )
                                   

Interest expense and other, net

    (3 )     (170 )     (61 )     (189 )

Change in fair value of warrant liabilities

    (5 )     214       76       575  

Income (loss) before income taxes

    (490 )     (8,182 )     (2,004 )     (9,529 )

Provision for (benefit from) income taxes

    (58 )     (119 )     (43 )     (94 )

Net (loss) income

  $ (432 )   $ (8,063 )   $ (1,961 )   $ (9,435 )
                                   

Net (loss) income per share attributable to common shareholders:

                               

Basic net (loss) income per share

  $ (0.04 )   $ (0.77 )   $ (0.19 )   $ (0.91 )

Diluted net (loss) income per share

  $ (0.04 )   $ (0.77 )   $ (0.19 )   $ (0.91 )

Number of weighted average shares outstanding:

                               

Basic

    10,417,609       10,417,609       10,417,609       10,417,609  

Diluted

    10,417,609       10,417,609       10,417,609       10,424,187  

 

 

 

  

BRIDGELINE DIGITAL, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(Unaudited)

  

   

Three Months Ended

   

Twelve Months Ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Reconciliation of GAAP net income (loss) to Adjusted EBITDA:

                               

GAAP net loss

  $ (432 )   $ (8,063 )   $ (1,961 )   $ (9,435 )

Provision for income taxes

    (58 )     (119 )     (43 )     (94 )

Interest expense and other, net

    3       170       61       189  

Change in fair value of warrants

    5       (214 )     (76 )     (575 )

Amortization of intangible assets

    186       346       982       1,378  

Depreciation and other amortization

    22       45       130       177  

Goodwill impairment

    -       7,517       -       7,517  

Restructuring and acquisition related charges

    142       75       210       132  

Stock-based compensation

    137       126       505       402  

Adjusted EBITDA

  $ 5     $ (117 )   $ (192 )   $ (309 )
                                 

Reconciliation of GAAP net income (loss) to non-GAAP adjusted net income (loss):

                               

GAAP net loss

  $ (432 )   $ (8,063 )   $ (1,961 )   $ (9,435 )

Change in fair value of warrants

    5       (214 )     (76 )     (575 )

Amortization of intangible assets

    186       346       982       1,378  

Goodwill impairment

    -       7,517       -       7,517  

Restructuring and acquisition related charges

    142       75       210       132  

Stock-based compensation

    137       126       505       402  

Non-GAAP adjusted net loss

  $ 38     $ (213 )   $ (340 )   $ (581 )
                                 

Reconciliation of GAAP net earnings (loss) per diluted share to non-GAAP adjusted net earnings (loss) per diluted share:

                               

GAAP net loss per diluted share

  $ (0.04 )   $ (0.77 )   $ (0.19 )   $ (0.91 )

Change in fair value of warrants

    0.00       (0.02 )     (0.01 )     (0.06 )

Amortization of intangible assets

    0.02       0.03       0.09       0.13  

Goodwill impairment

    -       0.72       -       0.72  

Restructuring and acquisition related charges

    0.01       0.01       0.02       0.01  

Stock-based compensation

    0.01       0.01       0.05       0.04  

Non-GAAP adjusted net loss per diluted share

  $ 0.00     $ (0.02 )   $ (0.03 )   $ (0.06 )

   

 
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Document Information [Line Items]  
Entity, Registrant Name BRIDGELINE DIGITAL, INC.
Document, Type 8-K
Document, Period End Date Dec. 23, 2024
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-33567
Entity, Tax Identification Number 52-2263942
Entity, Address, Address Line One 100 Sylvan Road, Suite G700
Entity, Address, City or Town Woburn
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