Ackroo Announces 2022 Unaudited Results
25 January 2023 - 12:00AM
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty
marketing, payments and point-of-sale technology and services
provider, is pleased to report unaudited annual revenues of
$6,265,332 for the period ended December 31st, 2022 including
$5,350,380 of annual recurring revenue. This represents a 5%
increase in total revenue and 7% increase in recurring revenue over
the same period in 2021. The Company delivered their fifth
consecutive positive adjusted EBITDA year with a significant
increase over 2021, paid down close to $1,000,000 of debt to get
their debt to EBITDA ratio below 3 to 1 and also completed their
12th acquisition to date. All of this material progress has Ackroo
setup for strong revenue and EBITDA growth in the years ahead.
The complete financial results for Ackroo are
available at www.sedar.com. Highlights include:
2022 vs. 2021 annual results:
|
Year ended Dec 31, 2022 |
Year ended Dec 31, 2021 |
YoY growth |
Total Revenue |
$6,265,332 |
$5,977,542 |
+ 5% |
Subscription Rev |
$5,346,580 |
$5,001,139 |
+ 7% |
Gross Margins |
$5,688,036 (91%) |
$5,270,334 (88%) |
+ 8% (+3%) |
Adjusted EBITDA |
TBD |
$409,217 |
TBD |
EBITDA % of Rev |
TBD |
7% |
TBD |
“We are very happy with the earnings growth we
generated and the many strategic decisions we made inside and
around the business in 2022,” said Steve Levely, CEO of Ackroo. “We
spent the year putting a great focus on cash generation and debt
reduction while also making sure we simplified and optimized the
business for continued growth. We had clear internal goals around
EBITDA as a percentage of revenue, EBITDA to debt ratios, gross
margin percentage achievement and revenue per employee, all of
which we hit by year end. We continued to simplify our business
with client migrations from legacy platforms while also introducing
several operational and financial changes to minimize complexity.
As part of our product parity and migration work we put into beta a
new major advancement to our AckrooMKTG product with the release of
our marketingHub which adds important communication tools for this
client segment. Although one time revenue from items like setup
fees, card orders and custom development was down year over year,
we did manage to grow our recurring revenue and then finished the
year with our 12th acquisition setting the stage for a great growth
year ahead in 2023. We learned a lot from both inside and outside
the business this year that has us smarter and better positioned
then we have ever been to exceed our future goals.”
The Company cautions that figures for revenue
have not been audited and are based upon calculations prepared by
management. Actual results may differ from those reported in this
release once these figures have been audited. The Company expects
to complete its 2022 audit in April to confirm revenue figures,
along with other financial results.
Ackroo has also granted incentive stock options
to purchase 5,000,000 common shares to certain directors and
employees of the Company exercisable at a price of $0.065, for a
period of 3 years. The option grant remains subject to the approval
of the TSX Venture Exchange.
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.
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