Ackroo Announces 2023 Unaudited Revenue Results
January 26 2024 - 8:00AM
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a gift card,
loyalty marketing, payments and point-of-sale technology
consolidator and services provider, is pleased to report unaudited
annual revenues of $6,825,670 for the year ended December 31st,
2023 including $5,935,055 of annual recurring revenue. This
represents a 9% increase in total revenue and an 11% increase in
recurring revenue over the same period in 2022. The Company
completed its thirteenth acquisition, divested of a non-core
point-of-sale product, paid down approximately $524,000 of debt,
bought back 6,068,681 shares, finished the year with a strong
treasury, and expects to announce their sixth consecutive positive
adjusted EBITDA year, once year end audit is complete, delivering
growth in this area as well. The Company delivered these results
while also continuing to streamline and optimize general operations
in order to set the Company up for bigger success in 2024 and
beyond.
The complete financial results for the year
ended December 31, 2023 will be available under the profile for
Ackroo on SEDAR+ at www.sedarplus.com. Highlights include:
2023 (unaudited) vs. 2022 (audited) annual
results:
|
Year ended Dec 31, 2023 |
Year ended Dec 31, 2022 |
YoY growth |
Total Revenue |
$6,825,670 |
$6,264,107 |
+ 9% |
Subscription Rev |
$5,935,055 |
$5,350,098 |
+ 11% |
Gross Margins |
$6,047,509 (89%) |
$5,685,210 (91%) |
+ 6% (-2%) |
2023 quarterly results (unaudited):
|
Q1 - March 31, 2023 |
Q2 - June 30, 2023 |
Q3 - September 30, 2023 |
Q4 – December 31, 2023 |
2023 TOTALS |
Total Revenue |
$1,825,486 |
$1,610,841 |
$1,624,001 |
$1,765,342 |
$6,825,670 |
Subscription Rev |
$1,613,199 |
$1,408,666 |
$1,396,732 |
$1,516,458 |
$5,935,055 |
Gross Margins |
$1,607,583 (88%) |
$1,387,805 (86%) |
$1,477,437 (91%) |
$1,574,685(89%) |
$6,047,509(89%) |
Adjusted EBITDA |
$451,424 |
$241,838 |
$394,155 |
TBD |
TBD |
EBITDA % of Rev |
25% |
15% |
24% |
TBD |
TBD |
“We are very happy with the continued progress
we are having consolidating, simplifying and improving our industry
and our business” said Steve Levely, CEO of Ackroo. “We started the
year normalizing a US based acquisition in the loyalty marketing
space while also divesting of a point-of-sale business that became
a non-core asset. We used the proceeds from the divesture along
with the earnings generated from the business over the first few
quarters to pay off the balance owed for our Simpliconnect
acquisition and to clear a debt settlement we had. We then used the
remaining cash generated to do share buy backs as we believed this
was the best use of capital based on the share price of Ackroo. We
then finished the year using our Q4 generated cash to close our
13th acquisition to date in the gift card space once again in the
US market. All of these actions led to another year of solid
revenue growth while also improving our balance sheet in the
process. We continued our focus on improving retention and
expansion of our inorganically and organically acquired merchants
while also better streamlining our operations to simplify processes
and maximize cash generation for the business. We are very
encouraged by the many decisions we made and the results we
achieved in 2023 and are excited for what lies ahead in 2024.”
The Company cautions that figures for revenue
have not been audited and are based upon calculations prepared by
management. Actual results may differ from those reported in this
release once these figures have been audited. The Company expects
to complete its 2023 audit in April to confirm revenue figures,
along with other financial results.
Ackroo has also granted incentive stock options
to purchase 5,800,000 common shares to certain directors, officers
and employees of the Company, exercisable at a price of $0.07,
until January 26, 2027.
About Ackroo
As an industry consolidator, Ackroo acquires,
integrates and manages gift card, loyalty marketing, payment and
point-of-sale solutions used by merchants of all sizes. Ackroo’s
self-serve, data driven, cloud-based marketing platform helps
merchants in-store and online process and manage loyalty, gift card
and promotional transactions at the point of sale. Ackroo’s
acquisition of payment ISO’s affords Ackroo the ability to resell
payment processing solutions to their growing merchant base through
some of the world’s largest payment technology and service
providers. As a third revenue stream Ackroo has acquired certain
custom software products including hybrid management and
point-of-sale solutions that help manage and optimize the general
operations for niche industry’s including automotive dealers and
more. All solutions are focused on helping to consolidate, simplify
and improve the merchant marketing, payments and point-of sale
ecosystem for their clients. Ackroo is headquartered in Hamilton,
Ontario, Canada. For more information, visit: www.ackroo.com.
For further information, please contact:
Steve LevelyChief Executive Officer | AckrooTel:
416-360-5619 x730Email: slevely@ackroo.com |
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.
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