Business
Adcore Reports 57% Increase in 2021 Revenue and 356% YoY Increase in Operating Profit in Q4
TORONTO, ON / ACCESSWIRE / March 14, 2022 / Adcore Inc. (the " Company " or " Adcore ") (TSX...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports 57% Increase in 2021 Revenue and 356% YoY Increase in Operating Profit in Q4TORONTO, ON / ACCESSWIRE / March 14, 2022 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ)(TSX:ADCO-WT), 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 and twelve months ended December 31, 2021.Full Year HighlightsTotal revenue for the year ended December 31, 2021, increased 57% to CAD$35.7 million compared to CAD$22.8 million in 2020.Adjusted EBITDA for the year ended December 31, 2021, was CAD$3.9 million, compared to CAD$3.3 million in 2020, an increase of 17%.As of December 31, 2021, total working capital was CAD$13.0 million compared to CAD$7.8 million on December 31, 2020, an increase of 67% or CAD$5.2 million.As of December 31, 2021, the Company's cash and cash equivalents were CAD$14.1 million, compared to CAD$11.7 million for the year ended December 31, 2020, an increase of CAD$2.4 million.Launched the Amphy.com platform, the world's most diverse 24/7 live learning marketplace. Adcore formally launched Amphy in July 2021 and has screened and onboarded 300+ teachers and is actively offering 1,800 classes across 80 categories to thousands of students to date.Established a United States subsidiary to target the increasing demand for digital marketing solutions in the U.S. market.Launched the Adcore Marketing Cloud, which brings together the Company's four applications under one scalable cloud-based platform, continues to unlock new verticals and expand market opportunities.Grew the Adcore team with the addition of 17 new employees worldwide.Fourth Quarter HighlightsTotal revenue for the three months ended December 31, 2021, was CAD$9.7 million compared to CAD$13.4 million for the same period in 2020.Gross profit for the three months ended December 31, 2021, was CAD$3.2 million, compared to CAD$3.0 million for the same period in 2020, an increase of 5%. Gross margin for the three months ended December 31, 2021, was 33% compared to 23% for the same period in 2020, an increase of 46%.Operating profit for the three months ended December 31, 2021, was CAD$736 thousand compared to CAD$161 thousand for the same period in 2020, an increase of 356%....