Generated $30.3 million in Revenue and $5.4 million in Adjusted EBITDA
Self-Serve Advertising Automation Platform, illumin, Generated $5.2 million in Revenue
Completed a US$57.5 million Cross-Border Offering and Successful Listing on the Nasdaq Capital Market
TORONTO and NEW YORK, Aug. 10, 2021 /CNW/ -
AcuityAds Holdings Inc. (TSX: AT) (Nasdaq: ATY) ("AcuityAds" or "Company"), the technology leader in consumer journey based advertising automation, today reported financial results for the three and six months ended June 30, 2021. Unless otherwise specified, all amounts are in Canadian dollars.
Second Quarter 2021 Highlights
-- Total revenue for the three months ended June 30, 2021 was $30.3 million, a 54.9% increase year-over-year, and a 74.9% increase on a constant currency basis. Revenue growth was largely driven by our new advertising automation platform, illumin, and newer emerging verticals such as pharmaceutical, technology, automotive and direct-to-consumer brands. -- Gross margin for the three months ended June 30, 2021 was 52.2% compared to 51.7% for the same period in 2020, an increase of 50 basis points. -- Net revenue or gross profit (revenue less media costs) for the three months ended June 30, 2021 was $15.8 million, compared to $10.1 million for the same period in 2020, an increase of 56.4%. -- Adjusted EBITDA increased over 154% to $5.4 million for the three months ended June 30, 2021, compared to $2.1 million during the comparable prior year period. Adjusted EBITDA margin as a percentage of total revenue was 18% and as a percentage of net revenue was 34.4%. Adjusted EBITDA for the trailing 12-month period totaled $21.8 million, an increase of 88.7% from the comparable period last year. -- Total Connected TV segment revenue for the first quarter of 2021 grew over 400%, compared to the second quarter of 2020. -- illumin second quarter 2021 revenue was $5.2 million, up over 60% compared to the first quarter of 2021, as previously announced on July 15, 2021. -- Net Income was $3.4 million for the three months ended June 30, 2021 compared to a net loss of $1.6 million for the same period in 2020. -- Operating cash flow for the three months ended June 30, 2021 was $3.5 million, compared to operating cash flow of $5.3 million for the same period in 2020. -- At June 30, 2021, the Company had cash and cash equivalents of $93.4 million, compared to $22.6 million as of December 31, 2020. -- In the quarter, the Company completed a US$57.5 million cross-border public offering in the United States and Canada, and is now trading on The Nasdaq Capital Market ("Nasdaq") under the ticker symbol "ATY". "We are very pleased to report 55% revenue growth and 154% Adjusted EBITDA growth on a year-over-year basis for our second quarter. We saw strength throughout our business including some initial signs of recovery in COVID-affected industries such as travel, leisure and entertainment. This outstanding performance would not have been possible without the hard work of all our team members and I want to thank them for their efforts," said Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. "As we look to the third quarter, based on our current momentum, we expect to generate solid year-over-year revenue and EBITDA growth despite any normal seasonality."
Mr. Hayek continued, "The biggest second quarter growth driver was illumin, which continues to surpass our expectations with sequential sales growth in excess of 60% and new clients growing over 135%. We continue to see rapidly increasing interest for illumin as evidenced by very significant pipeline growth in the quarter. Given this very strong pipeline growth, we expect illumin to experience strong sequential revenue growth in the second half of 2021 and continue to believe it is fundamentally changing the programmatic advertising landscape. With our latest illumin release, which further enhances the platform's features and functionality, and the ongoing expansion of our consumer journey expertise, we are continuing to extend our leadership position in the marketplace."