Yahoo Finance Ackroo Announces 2023 Audited Financial Results
Ackroo achieves 11% YoY revenue and 23% YoY adjusted EBITDA growth
HAMILTON, Ontario, April 30, 2024 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider, is pleased to report audited annual revenues of $6,977,597 for the year ended December 31st, 2023 including $6,086,981 of annual recurring revenue. This represents an 11% increase in total revenue and a 14% increase in recurring revenue over the same period in 2022. The Company also achieved $1,722,102 of positive adjusted EBITDA during the year representing a 23% increase over 2022 and equates to 27% of total revenues. The Company improved their balance sheet, completed its thirteenth acquisition, divested of a non-core point-of-sale product, paid down debt, bought back shares, improved operations and continued the development of their core AckrooMKTG platform. The Company delivered their strongest year to date on many fronts and is very optimistic about what the future holds for Ackroo.
The complete financial results for the year ended December 31, 2023 will be available under the profile for Ackroo on SEDAR+ at www.sedarplus.com. Highlights include:
2023 vs. 2022 annual results:
| Year ended Dec 31, 2023 | Year ended Dec 31, 2022 | YoY growth |
Total Revenue | $6,977,596 | $6,264,107 | + 11% |
Subscription Rev | $6,086,981 | $5,350,098 | + 14% |
Gross Margins | $6,230,869 (89%) | $5,685,210 (91%) | + 10% |
Adjusted EBITDA | $1,722,102 | $1,403,546 | + 23% |
EBITDA % of Rev | 27% | 22% | + 5% |
Net Income | $843,370 | -$2,036,940 |
|
EPS | $0.007 | -$0.018 |
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2023 quarterly results:
| Q1 - March 31, 2023 | Q2 - June 30, 2023 | Q3 - September 30, 2023 | Q4 - December 31, 2023 | 2023 TOTALS |
Total Revenue | $1,825,485 | $1,610,841 | $1,624,001 | $1,917,269 | $6,977,596 |
Subscription Rev | $1,612,799 | $1,408,516 | $1,397,281 | $1,668,385 | $6,086,981 |
Gross Margins | $1,607,582 (88%) | $1,387,805 (86%) | $1,477,437 (91%) | $1,758,052 (92%) | $6,230,870 (89%) |
Adjusted EBITDA | $451,424 | $241,838 | $394,155 | $634,685 | $1,722,102 |
EBITDA % of Rev | 25% | 15% | 24% | 33% | 27% |
“We delivered another great earnings and acquisition year” said Steve Levely, CEO of Ackroo. “We effectively closed two new transactions and divested of one distracting asset resulting in an 11% revenue growth year for the business. We increased our recurring revenue by 14% and adjusted EBITDA by a great 26% allowing us to deliver a solid 28% adjusted EBITDA as a percentage of revenue in the process. We believe our earnings growth is key to our short and long-term success and will remain a core focus for the business as we move forward. The Company also continued to make significant advancements in our operations and technology in order to help bring more value to our growing merchant base and to help further simplify our business. As an operator of our acquired assets it’s critical that we have simple and efficient operations and a core technology platform that is built for integration and scale in order to succeed. We plan to continue to improve in these areas while also maintain a very disciplined capital allocation strategy. We are very pleased with the many decisions we made and the earnings results we delivered in 2023 and are excited for a very prosperous year in 2024.”
Disclosure in this news release contains certain non-GAAP financial measures which include: “annual recurring revenue”, “gross margins” and “adjusted EBITDA”. These measures are used by the Company to provide investors with supplemental information to measure operating performance and highlight trends in the business which may not otherwise be apparent. These measures should not be considered in isolation or as a substitute for analysis of the financial information of the Company reported under IFRS. For information on the derivation of these non-GAAP financial measures, readers are encouraged to review managements’ discussion and analysis for the year ended December 31, 2023.
About Ackroo
As an industry consolidator, Ackroo acquires, integrates and manages gift card, loyalty marketing, payment and point-of-sale solutions used by 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 acquisition of payment ISO’s affords Ackroo the ability to resell payment processing solutions to their growing merchant base through some of the world’s largest payment technology and service providers. As a third revenue stream Ackroo has acquired certain custom software products including hybrid management and point-of-sale solutions that help manage and optimize the general operations for niche industry’s including 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 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 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.
