Ackroo Releases Q2 2022 Financial Results
29 July 2022 - 10:00PM
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty
marketing, payments and point-of-sale technology and services
provider, has filed its financial results for the period ended June
30, 2022. The results for the period ended June 30th, 2022 reflect
8% year over year revenue growth which now has year to date revenue
growth at 14%. The Company achieved an 8% year over year increase
in subscription revenue growth which now has year to date revenue
growth at 17%. The Company also achieved $312,307 of positive
adjusted EBITDA during the quarter representing a year over year
increase of 594% and equates to 20% of total revenues. The Company
expects these positive trends to continue as they execute on their
renewed plans to consolidate, simplify and improve the merchant
marketing, payments and point-of-sale industry.
The complete financial results for Ackroo, along
with management’s discussion and analysis for the quarter ended
June 30, 2022, are available under the profile for the Company at
www.sedar.com. Highlights include:
Q2 2022 vs. 2021:
|
Q2 2022 TOTALS |
Q2 2021 TOTALS |
+/- % Change |
Total Revenue |
$1,583,497 |
$1,469,357 |
+ 8% |
Subscription Rev |
$1,347,353 |
$1,250,299 |
+ 8% |
Gross Margins |
$1,496,716 (95%) |
$1,295,369 (88%) |
+ 16% (+7%) |
Adjusted EBITDA* |
$312,307 |
$45,026 |
+ 594% |
EBITDA % of Rev |
20% |
3% |
+ 17% |
H1 2022 vs. 2021:
|
H1 2022 TOTALS |
H1 2021 TOTALS |
+/- % Change |
Total Revenue |
$3,139,992 |
$2,753,647 |
+ 14% |
Subscription Rev |
$2,700,840 |
$2,304,768 |
+ 17% |
Gross Margins |
$2,890,352 (92%) |
$2,419,064 (88%) |
+ 19% (+4%) |
Adjusted EBITDA* |
$537,273 |
$53,436 |
+ 905% |
EBITDA % of Rev |
17% |
2% |
+ 15% |
“We are very happy with the year over year
growth and the continued strengthening of our business,” said Steve
Levely, CEO of Ackroo. “Despite the capital markets struggling and
the general economy in a volatile place our business continues to
improve on many fronts. We are half-way through the year and have
already exceeded 2021’s EBITDA results and are now back to our 20%
EBITDA as a percentage of revenue we were at in 2020. We increased
our cash position, delivered record gross margins, increased our
average recurring revenue per location and reduced our cost to
acquire. We have continued to clean up legacy technical debt from
previous acquisitions that allowed more migrations to occur and
better prepare us for the next acquisition we do. We have
stabilized and expanded our POS offerings leading to growth from
both of these solutions while also slowly increasing our Payments
business revenues. We finished the quarter making several
operational changes inside and outside of the business to better
structure and align ourselves which has us poised for much bigger
growth and earnings contributions in the quarters ahead.”
Ackroo also announces the resignation of Paul
Hart as CFO of Ackroo effective immediately. The Company would like
to thank Paul for his contributions to the Company and wish him the
best of luck with his future endeavors.
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. 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 further information, please contact:
Steve LevelyChief Executive Officer | AckrooTel:
416-360-5619 x730Email: slevely@ackroo.com |
The TSX Venture Exchange has neither approved
nor disapproved the contents of this press release. Neither 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 StatementsThis
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.
*“Adjusted EBITDA” is a non-International
Financial Reporting Standard (IFRS) measure, and does not have a
standardized meaning prescribed by IFRS. Adjusted EBITDA is
calculated as net income (loss) excluding interest, taxes,
depreciation and amortization, or EBITDA, as adjusted for
share-based compensation and related expenses and foreign exchange
gains and losses. A complete reconciliation of this amount to net
income (loss) for the corresponding period is available in
managements’ discussion and analysis.
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