AEYE · CIK 1362190
What AudioEye, Inc. told the SEC could break it.
AudioEye's whole demand thesis is regulatory: its web-accessibility business depends on accessibility-related laws and how courts apply them to the internet, so a change in those laws or their judicial interpretation could materially shift demand for its products. On top of that policy dependence sit two more concrete exposures. One major customer — including affiliates across multiple contracts and a partnership — accounted for about 13% of 2025 revenue and roughly 12% of accounts receivable, concentrating both revenue and collections. And its financing carries constraints: a secured credit facility plus an SG Credit term loan, backed by substantially all its assets and subject to covenants like a minimum cash balance and a committed-debt-to-ARR ratio, so a breach could pinch liquidity.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one major customer ~13% of revenue (12% of receivables)medium
AudioEye has one major customer (including affiliates and a partnership) accounting for ~13% of 2025 revenue (15% in 2024) and ~12% of accounts receivable, concentrating revenue and collection risk in that relationship.
“We had one major customer (including the customer's affiliates reflecting multiple contracts and a partnership with the Company) which accounted for approximately 13 % and 15 % of our revenue in the years ended December 31, 2025 and 2024, respectively.”
SEC filing →As of 2026
Liquidity & debt
- secured credit facility (Western Alliance) + SG Credit term loan with covenantsmedium
AudioEye's credit facility (with a term loan up to $5.0M and a $3.0M revolver, plus an SG Credit Partners term loan) is secured by substantially all assets and carries financial covenants including minimum cash and a committed-debt-to-ARR ratio; a covenant breach could impair liquidity.
“The Credit Facility Agreement is secured by substantially all of our assets and contains certain customary financial covenants, including the requirements that we maintain (a) a minimum cash balance held in accounts with the Lender; (b) a certain ratio of total committed debt to Annual Recurring Revenue;”
SEC filing →As of 2026
Regulatory & policy
- demand tied to accessibility laws and judicial interpretationmedium
AudioEye's web-accessibility business depends on accessibility-related laws and their application to the internet; changes in those laws or judicial interpretation could materially shift demand for its products.
“changes in laws or regulations or judicial interpretation of the application of accessibility-related laws and regulations to the internet”
SEC filing →As of 2026
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