TORONTO, ON / ACCESSWIRE / March 14, 2022 / Adcore Inc. (the "Company" or "Adcore") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ)(TSX:ADCO-WT), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way ("EffortlessMarketing"), today announced its financial results for the three and twelve months ended December 31, 2021.
Full Year Highlights
- Total revenue for the year ended December 31, 2021, increased 57% to CAD$35.7 million compared to CAD$22.8 million in 2020.
- Adjusted EBITDA for the year ended December 31, 2021, was CAD$3.9 million, compared to CAD$3.3 million in 2020, an increase of 17%.
- As of December 31, 2021, total working capital was CAD$13.0 million compared to CAD$7.8 million on December 31, 2020, an increase of 67% or CAD$5.2 million.
- As of December 31, 2021, the Company's cash and cash equivalents were CAD$14.1 million, compared to CAD$11.7 million for the year ended December 31, 2020, an increase of CAD$2.4 million.
- Launched the Amphy.com platform, the world's most diverse 24/7 live learning marketplace. Adcore formally launched Amphy in July 2021 and has screened and onboarded 300+ teachers and is actively offering 1,800 classes across 80 categories to thousands of students to date.
- Established a United States subsidiary to target the increasing demand for digital marketing solutions in the U.S. market.
- Launched the Adcore Marketing Cloud, which brings together the Company's four applications under one scalable cloud-based platform, continues to unlock new verticals and expand market opportunities.
- Grew the Adcore team with the addition of 17 new employees worldwide.
Fourth Quarter Highlights
- Total revenue for the three months ended December 31, 2021, was CAD$9.7 million compared to CAD$13.4 million for the same period in 2020.
- Gross profit for the three months ended December 31, 2021, was CAD$3.2 million, compared to CAD$3.0 million for the same period in 2020, an increase of 5%. Gross margin for the three months ended December 31, 2021, was 33% compared to 23% for the same period in 2020, an increase of 46%.
- Operating profit for the three months ended December 31, 2021, was CAD$736 thousand compared to CAD$161 thousand for the same period in 2020, an increase of 356%.
- Adjusted EBITDA for the three months ended December 31, 2021, was CAD$1.2 million compared to CAD$1.0 million for the same period in 2020, an increase of 17%.
* Additional information concerning Adcore's audited consolidated financial statements and related management's discussion and analysis for the three and twelve months ended December 31, 2021 can be found below and on the Company's profile at www.sedar.com.
"2021 full year results saw the largest revenue increase we have achieved in the Company's history, driven by new product offerings, international expansion and continued overall growth in e-commerce activity," commented Omri Brill, Chief Executive Officer of Adcore. "Also, throughout the year we strategically focused on growing our higher margin indirect sales reflected in the considerably higher margins we achieved in the fourth quarter. As we drive growth going forward, our goal is to continue to build on high margin revenue streams."
Mr. Brill continued, "While this was a record year and fourth quarter for the Company from an operational perspective, highlighted by 57% annual revenue growth and 356% YoY growth in quarterly operating profit, at the same time we took many strategic initiatives laying the foundation for future sustainable growth: graduating to the TSX, opening subsidiaries in China and the United States, commencing trading on the OTCQX in United States, raising CAD $4.1 million, and launching Amphy and the Adcore Marketing Cloud."
Mr. Brill concluded, "On the heels of a record 2021, we head into 2022 with a strengthened, diversified, and higher margin platform. We continue to hire the best talent in the industry to fulfill the growing demand by existing and new customers, and we have never been more optimistic about Adcore's future."