Ackroo Releases Q3 2022 Financial Results
10 November 2022 - 12:00AM
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
September 30, 2022. The results for the period ended September
30th, 2022 reflect 8% year-to-date year over year revenue growth
and 275% year-to-date year over year adjusted EBITDA growth. During
the period the Company also achieved 22% adjusted EBITDA as a
percentage of total revenue increasing the year-to-date EBITDA as a
percentage of revenue to 19%, a significant increase over the
previous year. The Company used these earnings plus some of their
current cash flows to pay down $664,726 worth of debt/liabilities
during the period while also locking in a 7.5% interest rate on
their debt agreement with BDC. The Company plans to continue their
focus on growing their earnings not only to continue to
improve their balance sheet but to also help fund future
acquisitions.
The complete financial results for Ackroo, along
with management’s discussion and analysis for the quarter ended
September 30, 2022, are available under the profile for the Company
at www.sedar.com. Highlights include:
Nine Months Ended Sept 30, 2022 vs. Nine Months Ended
Sept 30, 2021:
|
YTD 2022 TOTALS |
YTD 2021 TOTALS |
+/- % Change |
Total Revenue |
$4,668,402 |
$4,320,769 |
+ 8% |
Subscription Rev |
$4,034,077 |
$3,628,562 |
+ 11% |
Gross Margins |
$4,293,970 (92%) |
$3,800,289 (88%) |
+ 13% (+4%) |
Adjusted EBITDA* |
$874,776 |
$233,372 |
+ 275% |
EBITDA % of Rev |
19% |
5% |
+ 14% |
Q3 2022 vs. Q3 2021:
|
Q3 2022 TOTALS |
Q3 2021 TOTALS |
+/- % Change |
Total Revenue |
$1,528,411 |
$1,567,121 |
- 3% |
Subscription Rev |
$1,333,237 |
$1,323,794 |
+ 1% |
Gross Margins |
$1,403,618 (92%) |
$1,381,224 (88%) |
+ 2% (+4%) |
Adjusted EBITDA* |
$337,504 |
$179,936 |
+ 88% |
EBITDA % of Rev |
22% |
11% |
+ 11% |
“We have been very focused on earnings
generation as a key part of our strategic plans,” said Steve
Levely, CEO of Ackroo. “At an economic time when cash is more
important than ever we feel this is the right strategy short and
long term for our business. We made significant HR changes in the
business in order to get our revenue per employee back above
$230,000 while also settling on long standing consulting agreements
that weren’t generating growth for us. We reduced several other
operating costs across the business as we migrated clients off of
old platforms and by renegotiation of various agreements. We did
however make a reinvestment in our staff as we gave all staff on
July 1st a raise as we recognize inflation is not only hitting us
corporately it is hitting our staff personally. We paid down debt
to help improve our balance sheet and to lock in a reduced interest
rate and we continued to evolve our AckrooMKTG platform. We
accomplished all of this while also maintaining our revenues and
delivered a strong 22% of revenue EBITDA for the period. As we head
into Q4 we are now cash flow positive again with plenty of great
strategic opportunities for growth ahead of us.”
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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