Business
Adcore Fourth Quarter Revenue Grows 219% to a Record $13.3 Million; Full Year 2020 Revenues Increase 52% to $22.8 Million
TORONTO, ON / ACCESSWIRE / March 30, 2021 / Adcore Inc. (the " Company " or " Adcore ") (TSX...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Fourth Quarter Revenue Grows 219% to a Record $13.3 Million; Full Year 2020 Revenues Increase 52% to $22.8 MillionTORONTO, ON / ACCESSWIRE / March 30, 2021 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSX:ADCO)(FSE:ADQ), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way (\"Effortless Advertising\") today announced its financial results for the three months and full year ended December 31, 2020.Fourth Quarter and Full Year 2020 HighlightsTotal revenue increased 219% to $13.3 million compared to $4.2 million in the fourth quarter of 2019 and grew 224% sequentially compared to third quarter 2020 revenue. Full year revenue increased 52% to $22.8 million compared to $15 million for full year 2019.Adjusted EBITDA (see \"Use of Non-IFRS Measures\") for the fourth quarter was $996,000 compared to $1.7 million for the same period in 2019. Adjusted EBITDA for the full year 2020 was $3.3 million compared to $5.6 million for full year 2019.As of December 31, 2020, total working capital was $7.8 million compared to $5.5 million at December 31, 2019, an increase of $2.3 million or 42%As of December 31, 2020, the Company's cash and cash equivalents were $11.7 million, compared to $4.9 million at December 31, 2019, an increase of $6.8 million or 138%Strong growth in direct channel revenue driven by e-commerce and international expansion\"We closed out 2020 achieving record revenues of $22.8 million for the full year and $13.3 for the fourth quarter, reflecting a dramatic increase in our direct clients' e-commerce activities across all regions,\" stated Omri Brill, Chief Executive Officer. \"Our company rebounded tremendously from a challenging first half of 2020 to an astonishing all-time high in revenues. As the pandemic accelerated digital transformation worldwide and gave rise to the stay-at-home economy, we saw a tremendous increase in demand for our technologies as our clients looked for the most effective ways to leverage digital advertising. The Company remains very bullish for 2021 as it is witnessing this consumer behavior pattern continuing in the first quarter of this year.\"Mr. Brill continued, \"Our growth strategy remains straightforward: ensuring advertisers and brands leverage our effortless marketing solutions to maximize their digital ...