Bullboard - Stock Discussion Forum Adcore Inc T.ADCO

Alternate Symbol(s): ADCOF

Adcore Inc. is a Canada-based company, which provides various solutions for digital marketing. The Company operates through two segments: AdTech and EdTech. The AdTech segment is engaged in e-commerce advertising management and automation platform. The EdTech segment provides a marketplace for live classes, connecting and enriching humanity through knowledge. Its marketing cloud is a set of... see more

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Adcore Inc > Adcore releases second quarter financials - looks good!

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Post by Dara7Dara on Aug 10, 2021 5:05pm

Adcore releases second quarter financials - looks good!

Second Quarter and Year-to-Date Highlights

Total revenue for the second quarter of 2021 increased 250% to CAD$7.0 million compared to CAD$2.0 million in the second quarter of 2020. Total revenue for th e six months ended June 30, 2021, increased 232% to CAD$15.6 million compared to CAD$4.7 million in the same period in 2020.
Second quarter gross margin saw a significant increase sequentially to 46% from a gross margin of 23% in Q1 2021.
Adjusted EBITDA for the second quarter of 2021 was CAD$1.5 million compared to CAD$0.5 million for the same quarter in 2020, an increase of 189%. Adjusted EBITDA was CAD$2.1 million in the first six months of 2021 compared to CAD$1.3 million for the same period in 2020, an increase of 62%.
As of June 30, 2021, total working capital was CAD$13.1 million compared to CAD$7.8 million at December 31, 2020, an increase of CAD$5.3 million.
As of June 30, 2021, the Company's cash and cash equivalents were CAD$13.9 million, compared to CAD$11.7 million for the year ended December 31, 2020, an increase of CAD$2.2 million.
Continued to see strong growth in the Company's direct channel revenue stream driven by a high level of e-commerce, digital transformation and international expansion.
Made significant progress during the quarter growing the Amphy.com platform, the world's most diverse 24/7 live learning marketplace. Adcore formally launched Amphy in July 2021 and has already screened and onboarded 200+ teachers and is actively offering 800 classes across 70 categories to thousands of students.
Completed capital raise for gross proceeds of CAD$4.1 million to support future growth.
Began trading on the OTCQX® Best Market (the "OTCQX") in the U.S. and secured DTC eligibility.

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