Ackroo releases Q1 2021 Financial Results
27 May 2021 - 10:00PM
Ackroo Inc. (the “
Company” or
“
Ackroo”) (TSX-V: AKR) (OTC: AKRFF), a loyalty
marketing, payments and point-of-sale technology and services
provider, has filed its financial results for the period ended
March 31, 2021. The results for the period ended March 31, 2021
reflect the Company’s 13th consecutive adjusted EBITDA positive
quarter and includes 82% of the revenue being recurring with an 88%
gross profit margin. Throughout the quarter, the Company normalized
the recently acquired GGGolf business to position the new AckrooPOS
business unit for growth.
“Although Q1 was very challenging for Ackroo I
am happy with several of the obstacles overcome and tasks completed
to set us up for continued success,” said Steve Levely, CEO of
Ackroo. “Similar to Q2 2020 we faced strict restrictions and great
uncertainty from COVID-19 with many businesses locked down. Despite
a reduction in our overall churn, the uncertainty led to many of
our clients pulling back spend on one time revenue items and a few
of our enterprise clients reducing their subscription size. We did
however have great progress in sales and marketing. The team
achieved a record number of new leads, client cross sells, and
signed 50% more new clients in Q1 2021 versus Q1 2020. We continued
to normalize our newly acquired GGGolf business by standardizing
contracts, optimizing support and adjusting the team itself. We
managed to balance out the challenges with lots of progress and
delivered our 13th consecutive adjusted EBITDA positive
quarter.”
The complete financial results for Ackroo are
available at www.sedar.com. Highlights include:
- Revenue of $1,284,289 for the three-month period ended March
31, 2021 as compared to $1,485,871 for the three-month period ended
March 31, 2020 (14% decline);
- Subscription and Service revenue was $1,054,468 for the
three-month period ended March 31, 2021 as compared to $1,157,661
for the three-month period ended March 31, 2020 (9% decline);
- Positive adjusted EBITDA of $8,408 for the three-month period
ended March 31, 2021, as compared to positive adjusted EBITDA of
$248,974 for the three-month period ended March 31, 2020;
- Gross profit margin of $1,123,694 (88%) for the three-month
period ended March 31, 2021, as compared to $1,273,265 (86%) for
the three-month period ended March 31, 2020 (2% increase).
About Ackroo Through vendor and
industry consolidation, Ackroo provides marketing, payment and
point-of-sale solutions for merchants of all sizes. Ackroo’s
self-serve, data driven, cloud-based marketing platform helps
merchants in-store and online process and manage loyalty, gift card
and promotional transactions at the point of sale in order to
attract, engage and grow their customers while increasing their
revenues and margins. Ackroo’s payment services provide merchants
with low-cost payment processing options through some of the
world’s largest payment technology and service providers. Ackroo’s
hybrid management and point-of-sale solutions help manage and
optimize the general operations for niche industry’s including golf
clubs, automotive dealers and more. All solutions are focused on
helping to consolidate, simplify and improve the merchant
marketing, payments and point-of sale ecosystem for their clients.
Ackroo is headquartered in Hamilton, Ontario, Canada. For more
information, visit: www.ackroo.com.
For information, please contact:
Steve Levely Chief Executive Officer | Ackroo Tel:
416-360-5619 x730 Email: slevely@ackroo.com |
|
The TSX Venture Exchange has neither approved
nor disapproved the contents of this press release. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward Looking Statements This
release contains forecasts and forward-looking statements that are
not guarantees of future performance and activities and are subject
to risks and uncertainties. The Company has based these
forward-looking statements on assumptions and assessments made by
its management in light of their experience and their perception of
historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Important factors
that could cause actual results, developments and business
decisions to differ materially from those anticipated in these
forward-looking statements include, but are not limited to: the
company’s ability to raise enough capital to support the company’s
go forward plans; the overall global economic environment; the
impact of competition and new technologies; general market,
political and economic conditions in the countries in which the
company operates; projected capital expenditures and liquidity;
changes in the company’s strategy; government regulations and
approvals; changes in customers’ budgeting priorities; plus other
factors that may arise. Any forward-looking statements in this
press release are made as of the date hereof, and the company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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