Q3 Revenue Increases 62% to $8.9M and Adjusted EBITDA Improves to
$559K
TORONTO and NEW YORK, Nov. 8,
2016 /CNW/ - AcuityAds Holdings Inc. (TSXV:AT) ("AcuityAds"
or "Company"), a technology leader that provides targeted digital
media solutions enabling advertisers to connect intelligently with
audiences across video, mobile, social and online display
campaigns, today announced financial results for the three-month
period ended September 30, 2016.
"I am pleased to report that Acuity delivered another strong
quarter as evidenced by our 62% revenue growth and improving
Adjusted EBITDA. Our Adjusted EBITDA for the trailing 12 month
period was $935K," stated
Tal Hayek, CEO of AcuityAds.
"Contributing to our strong performance were our US and Self-Serve
segments as well as our recent acquisition of 140 Proof, Inc.,
which we closed on September 1, 2016.
The amazing team at 140 Proof, Inc. delivered $1.6M of revenue in the month of September."
Third Quarter Financial Highlights
- Total revenue for Q3 2016 increased 62% to $8,871,289, compared to $5,476,982 in Q3 2015. Total revenue for the nine
months ended September 30, 2016 was
$21,080,474 compared to
$13,101,707 for the same period
in 2015, representing growth of 61% year over year. Total
revenue includes one month of revenue associated with 140 Proof,
Inc.
- AcuityAds grew its Self-Serve partner base by adding 22 new
platform partners in Q3 2016. Total Partners of the Company's
SaaS-based Self-Service programmatic platform now stands at 125
compared to 60 at the end of Q3 2015.
- SaaS-based Self-Service revenue for Q3 2016 increased 88% to
$3,536,431, compared to $1,880,884 in Q3 2015 and represented 40% of
overall revenue compared to 34% in the same period last year.
SaaS-based Self-Service revenue for the nine months ended
September 30, 2016 was $9,392,117 compared to $3,541,716 for the same period in 2015,
representing growth of 165%.
- US revenue for Q3 2016 increased by 131% to $3,857,976 compared to $1,669,428 in Q3 2015. For the nine months ended
September 30, 2016, US revenue
totalled $7,536,969 compared to
$4,098,701 for the same period
in 2015, representing growth of 84%.
- Revenue less media costs (gross margin) remained strong at 50%
for Q3 2016 compared to 47% for the three months ended September 30, 2015.
- A key milestone in the quarter was revenue of $226,128 from the Company's European data center
which went live at the end of Q2 2016.
- Operating expenses for the quarter were $4,628,522 compared to $2,974,752 in Q3 2015. Total operating expenses
for the nine months ended September 30,
2016 were $11,707,285 compared
to $9,010,599 for the same period in
2015. Operating expenses include one month of costs associated with
140 Proof, Inc. which totalled $532,587.
- The Company posted Adjusted EBITDA of $559,164 in Q3 2016 compared to an Adjusted
EBITDA loss of $254,609 in Q3 2015.
Adjusted EBITDA for the nine months ended September 30, 2016 was $673,534 compared to an Adjusted EBITDA loss
of $1,704,176 for the same
period in 2015.
- Net loss for Q3 2016 was $479,172 compared to a net loss of
$586,377 in Q3 2015. Net loss for the
nine months ended September 30, 2016
was $1,435,014 compared to
$3,127,909 for the same period
in 2015. Included in the Q3 2016 net loss was a charge of
$374,004 relating to acquisition
costs associated with the purchase of 140 Proof, Inc.
- As at September 30, 2016, the
Company's cash and restricted cash balance was $2,478,067 compared to $3,049,172 at the end of Q2 2016. In
the quarter, the Company paid cash consideration and acquisition
costs of $1,709,052 relating to the
acquisition of 140 Proof, Inc. and also increased its term loan by
$1,000,000.
About AcuityAds:
AcuityAds is a technology company that enables marketers to
connect intelligently with their most meaningful audiences through
digital media. A Self-Serve programmatic marketing platform,
powered by proprietary machine learning technology, is at the core
of its business, accompanied by a patented solution for mobile
targeting that leverages social data. AcuityAds empowers
marketers by offering transparency on costs and brand safety, and
real-time reporting and analytics, bringing accountability to
programmatic advertising to deliver business results.
AcuityAds is headquartered in Toronto,
Canada with sales offices in New
York City, Boston,
Chicago, Los Angeles, San
Francisco, San Diego,
Vancouver, Calgary and Montreal. For more
information, visit AcuityAds.com.
Disclaimer in regards to Forward-looking
Statements
Certain statements included herein constitute
"forward-looking statements" within the meaning of applicable
securities laws. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Investors are cautioned not to put undue reliance on
forward-looking statements. Except as required by law, AcuityAds
does not intend, and undertakes no obligation, to update any
forward-looking statements to reflect, in particular, new
information or future events. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE AcuityAds Inc.