Ackroo announces Q2 Financial results with 61% YOY growth
Aug. 02, 2018
OTTAWA, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (“Ackroo” or the “Company”), a gift card and loyalty marketing technology and services provider, has filed its financial results for the three months ended June 30, 2018 and is pleased to report quarterly revenues of $1,048,171 representing a 61% increase over the same period in 2017. The Company also achieved $91,082 of positive EBITDA during the period representing a 29% increase over the previous quarter. Year to date the Company has now delivered $2,216,587 of revenue representing a 70% increase over the same period in 2017. The continued strong revenue and earnings growth further validates the progress the Company continues to make and has the Company poised for great success in 2018 and beyond.
“We continue to meet and in some cases exceed our 2018 goals,” said Steve Levely, chief executive officer at Ackroo. “Q2 is seasonally a softer quarter for the Company around one time revenue as referral volume typically drops, clients are not re-ordering as much collateral like plastic gift cards, loyalty cards and holders, nor do many clients launch new loyalty or promotional campaigns leading into the summer reducing our marketing services revenue. We did see our typical drop in one time revenue during the period however we continued to grow our subscription revenue, we sold a larger amount of higher margin one time revenue products then expected, plus we made a number of cost reductions after Q1 with the bulk of the KESM to Ackroo migrations complete. These actions led to our highest gross margins in Company history and in turn had us exceed our internal gross margin and earnings goals for the quarter. Our current progress along with some exciting advancements expected in late Q3 2018 have us positioned for a big second half of 2018 which is very exciting for the Company and for our shareholders.”
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
-- Sales of $2,216,587 for the six month period ended June 30th, 2018 as compared to $1,300,842 for the six month period ended June 30th, 2017 (70% growth); -- Sales of $1,048,171 for the three month period ended June 30th, 2018 as compared to $651,457 for the three month period ended June 30th, 2017 (61% growth); -- Subscription revenue of $804,038 for the three month period ended June 30th, 2018 as compared to $394,123 for the three month ended June 30th, 2017 (104% growth); -- Positive EBITDA from operations excluding stock based compensation was $91,082 for the three month period ended June 30th, 2018 as compared to $70,689 of positive EBITDA from the three month period ended March 31st, 2018 (29% growth); -- Gross margin of 83% for the three month period ended June 30th, 2018 as compared to 70% for the period ended June 20th, 2017 (13% growth);
About AckrooAckroo provides retail and hospitality merchants of all sizes a robust, cloud based multi-currency marketing platform to help attract, engage and grow their customers while increasing their revenues and margins. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card, loyalty and promotional transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
For information, please contact:
Steve Levely Chief Executive Officer | Ackroo Tel: 613-599-2396 x730 Email: firstname.lastname@example.org
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 StatementsThis 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.