Adcore Reports Third Quarter 2024 Financial Results
Adcore reported Q3 2024 financial results with mixed performance across regions. Revenue decreased 5% to CAD$7.8 million, while gross profit increased 12% to CAD$3.7 million with improved margins of 47%. North America and APAC regions showed strong growth of 27% and 26% respectively, while EMEA declined 39%. Adjusted EBITDA rose to CAD$282,000 from CAD$240,000 year-over-year. The company reported a net loss of CAD$172,000 and operating cash flow usage of CAD$488,000. Working capital stood at CAD$6.2 million, down from CAD$7.6 million at the end of 2023.
Adcore ha riportato i risultati finanziari del terzo trimestre del 2024 con una performance mista tra le varie regioni. I ricavi sono diminuiti del 5% a 7,8 milioni di CAD, mentre il profitto lordo è aumentato del 12% a 3,7 milioni di CAD, con margini migliorati del 47%. Le regioni del Nord America e dell'APAC hanno mostrato una forte crescita del 27% e del 26% rispettivamente, mentre l'EMEA ha registrato un calo del 39%. L'EBITDA rettificato è aumentato a 282.000 CAD rispetto a 240.000 CAD dell'anno precedente. L'azienda ha riportato una perdita netta di 172.000 CAD e un utilizzo di flusso di cassa operativo di 488.000 CAD. Il capitale circolante si è attestato a 6,2 milioni di CAD, in discesa rispetto a 7,6 milioni di CAD alla fine del 2023.
Adcore reportó los resultados financieros del tercer trimestre de 2024 con un desempeño mixto en las regiones. Los ingresos disminuyeron un 5% a 7,8 millones de CAD, mientras que la ganancia bruta aumentó un 12% a 3,7 millones de CAD con márgenes mejorados del 47%. Las regiones de América del Norte y APAC mostraron un fuerte crecimiento del 27% y 26% respectivamente, mientras que EMEA disminuyó un 39%. El EBITDA ajustado aumentó a 282.000 CAD desde 240.000 CAD en comparación interanual. La compañía reportó una pérdida neta de 172.000 CAD y un uso del flujo de caja operativo de 488.000 CAD. El capital de trabajo se situó en 6,2 millones de CAD, por debajo de 7,6 millones de CAD a finales de 2023.
Adcore는 2024년 3분기 재무 결과를 발표했습니다. 지역별로 혼합된 성과를 보였습니다. 매출은 5% 감소하여 780만 CAD에 이르렀고, 반면 총 이익은 12% 증가하여 370만 CAD를 기록하며 마진은 47%로 개선되었습니다. 북미 및 APAC 지역은 각각 27% 및 26%의 강력한 성장을 보였으며, EMEA는 39% 감소했습니다. 조정된 EBITDA는 작년 대비 24만 CAD에서 28만 2000 CAD로 상승했습니다. 기업은 17만 2000 CAD의 순손실과 48만 8000 CAD의 운영 현금 흐름 사용을 보고했습니다. 작업 자본은 2023년 말 76만 CAD에서 감소하여 62만 CAD가 되었습니다.
Adcore a publié les résultats financiers du troisième trimestre 2024 avec des performances contrastées selon les régions. Les revenus ont diminué de 5 % pour atteindre 7,8 millions de CAD, tandis que le bénéfice brut a augmenté de 12 % à 3,7 millions de CAD, avec des marges améliorées de 47 %. Les régions d'Amérique du Nord et d'APAC ont affiché une forte croissance de 27 % et 26 % respectivement, tandis que l'EMEA a enregistré une baisse de 39 %. L'EBITDA ajusté a encore progressé pour atteindre 282 000 CAD, contre 240 000 CAD l'année précédente. L'entreprise a signalé une perte nette de 172 000 CAD et une utilisation des flux de trésorerie d'exploitation de 488 000 CAD. Le fonds de roulement s'est établi à 6,2 millions de CAD, en baisse par rapport à 7,6 millions de CAD à la fin de 2023.
Adcore berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit gemischter Leistung in den Regionen. Der Umsatz ging um 5% auf 7,8 Millionen CAD zurück, während der Bruttogewinn um 12% auf 3,7 Millionen CAD gestiegen ist, mit verbesserten Margen von 47%. Nordamerika und die APAC-Regionen wiesen ein starkes Wachstum von 27% bzw. 26% auf, während die EMEA-Region um 39% zurückging. Das bereinigte EBITDA stieg auf 282.000 CAD von 240.000 CAD im Vorjahresvergleich. Das Unternehmen berichtete von einem Nettoverlust von 172.000 CAD und einem operativen Cashflow-Verbrauch von 488.000 CAD. Das Betriebskapital belief sich auf 6,2 Millionen CAD, ein Rückgang von 7,6 Millionen CAD zum Ende des Jahres 2023.
- Gross profit increased 12% to CAD$3.7 million
- Gross margin improved to 47% from 40% YoY
- North America revenue grew 27% to CAD$2.1 million
- APAC revenue increased 26% to CAD$3.35 million
- Adjusted EBITDA improved to CAD$282,000 from CAD$240,000
- Overall revenue declined 5% to CAD$7.8 million
- EMEA revenue decreased 39% to CAD$2.4 million
- Net loss of CAD$172,000
- Operating cash flow negative at CAD$488,000
- Working capital decreased to CAD$6.2 million from CAD$7.6 million
Continued Gross Margin Improvement, Double Digit Growth in Both North America & APAC
TORONTO, ON / ACCESSWIRE / November 14, 2024 / Adcore Inc. (the "Company" or "Adcore") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way ("Effortless Marketing"), today announced its financial results for the three months ended September 30, 2024.
Omri Brill, Adcore Founder and CEO, commented "We are thrilled to report another strong quarter of growth and momentum across Adcore's global markets. Our
Mr. Brill continued, "Our adjusted EBITDA also saw a positive increase, rising to CAD
Third Quarter Highlights
Revenue for the three months ended September 30, 2024, was CAD
$7.8 million compared to CAD$8.2 million for the three months ended September 30, 2023, a5% decrease.
Gross profit for the three months ended September 30, 2024, was CAD
$3.7 million compared to CAD$3.3 million for the three months ended September 30, 2023, a12% increase.Gross margin for the three months ended September 30, 2024, was
47% compared to40% for the three months ended September 30, 2023.Adjusted EBITDA for the three months ended September 30, 2024, was CAD
$282,000 compared to CAD$240,000 , for the three months ended September 30, 2023.North America revenue for the three months ended September 30, 2024, was CAD
$2.1 million compared to$1.65 million for the three months ended September 30, 2023, a27% increase.
EMEA revenue for the three months ended September 30, 2024, was CAD
$2.4 million compared to CAD$3.91 million for the three months ended September 30, 2023, a39% decrease.
APAC revenue for the three months ended September 30, 2024, was CAD
$3.35 million compared to$2.66 million for the three months ended September 30, 2023, a26% increase.
Net cash flow used in operating activities for the three months ended September 30, 2024, amounted to CAD
$488 thousands , compared to cash generated from operating activities in the amount of CAD$90 thousands for the three months ended September 30, 2023.
Working Capital for the three months ended September 30, 2024, was CAD
$6.2 million compared to CAD$7.6 million as of December 31, 2023.
CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a conference call and webcast to discuss these results on November 14th at 10AM ET.
To register for the conference call/webcast please click here or visit: https://investors.adcore.com/Q3-Conference-Call
The conference call will include a brief statement by management and will focus on answering questions about Adcore's results. Questions regarding results can be sent in advance to invest@adcore.com.
USE OF NON-IFRS MEASURES
The following table reconciles the non-IFRS measure to the most comparable IFRS measure for the three months ended September 30, 2024. This measure does not have any standardized meaning under IFRS and is not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies.
ADCORE INC.
ADJUSTED EBITDA
(Expressed in CAD thousands)
| Three Months Ended |
| ||||||
| September30, 2024 |
|
| September 30, 2023 |
| |||
Operating (loss) profit |
|
| (122 | ) |
|
| - |
|
Depreciation and amortization |
|
| 388 |
|
|
| 208 |
|
Share-based payments |
|
| 14 |
|
|
| 32 |
|
Other non-recurring items |
|
| 2 |
|
|
| - |
|
Total Adjustments |
|
| 404 |
|
|
| 240 |
|
Adjusted EBITDA |
|
| 282 |
|
|
| 240 |
|
ADCORE INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in CAD thousands)
| Three Months Ended |
| ||||||
| September30, 2024 |
|
| September30, 2023 |
| |||
Revenues |
|
| 7,844 |
|
|
| 8,229 |
|
Cost of revenues |
|
| 4,189 |
|
|
| 4,971 |
|
|
|
|
|
|
|
|
| |
Gross profit |
|
| 3,655 |
|
|
| 3,258 |
|
Research and development expenses |
|
| 545 |
|
|
| 313 |
|
Selling, general and administrative expenses |
|
| 3,232 |
|
|
| 2,945 |
|
|
|
|
|
|
|
|
| |
Operating profit (loss) |
|
| (122 | ) |
|
| - |
|
Finance expenses |
|
| 81 |
|
|
| 169 |
|
Finance income |
|
| (29 | ) |
|
| (5 | ) |
|
|
|
|
|
|
|
| |
Loss before taxes on income |
|
| (174 | ) |
|
| (169 | ) |
Tax Expenses (income) |
|
| (2 | ) |
|
| 26 |
|
Net Profit (Loss) |
|
| (172 | ) |
|
| (189 | ) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Basic profit per share attributable to shareholders |
|
| (0.003 | ) |
|
| (0.003 | ) |
Diluted profit per share attributable to shareholders |
|
| (0.003 | ) |
|
| (0.003 | ) |
ADCORE INC.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Expressed in CAD thousands)
| September30, 2024 |
|
| December 31, 2023 |
| |||
|
| CAD$ in thousands |
| |||||
CURRENT ASSETS: |
|
|
|
|
|
| ||
Cash and cash equivalents |
|
| 6,713 |
|
|
| 8,061 |
|
Trade accounts receivable, net |
|
| 5,576 |
|
|
| 6,094 |
|
Other accounts receivable |
|
| 444 |
|
|
| 548 |
|
|
|
|
|
|
|
|
| |
Total current assets |
|
| 12,733 |
|
|
| 14,703 |
|
|
|
|
|
|
|
|
| |
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
| 1,279 |
|
|
| 264 |
|
Intangible assets, net |
|
| 3,949 |
|
|
| 4,081 |
|
|
|
|
|
|
|
|
| |
Total non-current assets |
|
| 5,228 |
|
|
| 4,345 |
|
|
|
|
|
|
|
|
| |
Total assets |
|
| 17,961 |
|
|
| 19,048 |
|
|
|
|
|
|
|
|
| |
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Trade accounts payable |
|
| 3,722 |
|
|
| 4,980 |
|
Other accounts payable |
|
| 2,619 |
|
|
| 2,152 |
|
Lease liability |
|
| 172 |
|
|
| - |
|
Total current liabilities |
|
| 6,513 |
|
|
| 7,132 |
|
|
|
|
|
|
|
|
| |
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accrued severance pay, net |
|
| 11 |
|
|
| 11 |
|
Deferred tax liability, net |
|
| - |
|
|
| 190 |
|
Lease liability |
|
| 677 |
|
|
| - |
|
Total non-current liabilities |
|
| 688 |
|
|
| 201 |
|
|
|
|
|
|
|
|
| |
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Share capital |
|
| 11,029 |
|
|
| 10,782 |
|
Additional paid in capital |
|
| 3,751 |
|
|
| 3,615 |
|
Treasury stocks |
|
| (978 | ) |
|
| (925 | ) |
Actuarial reserve |
|
| (97 | ) |
|
| (95 | ) |
Retained earnings |
|
| (2,945 | ) |
|
| (1,662 | ) |
Total Equity |
|
| 10,760 |
|
|
| 11,715 |
|
|
|
|
|
|
|
|
| |
TOTAL LIABILITIES AND EQUITY |
|
| 17,961 |
|
|
| 19,048 |
|
ABOUT ADCORE
Adcore is a leading AI-powered marketing technology company.
By combining extensive industry knowledge and experience with its proprietary artificial intelligence (AI) powered technology, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. Adcore is a certified Google Premier Partner, Elite Tier Microsoft Partner, Facebook Partner, Verified Amazon Partner, and TikTok Partner.
Established in 2006, the Company employs over fifty people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.
For more information about Adcore, please visit https://www.adcore.com/investors/,https://www.adcore.com/blog or follow us on LinkedIn.
FORWARD-LOOKING STATEMENTS
This press release contains or may contain certain forward-looking statements, including statements about the Company. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
For further information please contact:
ADCORE INC.
https://www.adcore.com/investors/
Nick Campbell, CFA |
| Martijn van den Bemd |
|
|
Investor Relations |
| Chief Partnerships Officer |
|
|
Telephone: 905-630-0148 |
| Telephone: 647-497-5337 |
|
|
Email: nickc@adcore.com |
| Email: martijn@adcore.com |
|
|
SOURCE: Adcore Inc.
View the original press release on accesswire.com
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