Business
Adcore Reports First Quarter 2022 Operating Results
TORONTO, ON / ACCESSWIRE / May 10, 2022 / Adcore Inc. (the " Company " or " Adcore ") (TSX:A...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports First Quarter 2022 Operating ResultsTORONTO, ON / ACCESSWIRE / May 10, 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 months ended March 31, 2022.\"During the quarter we successfully executed on our strategy started in the second part of 2021 to achieve improved and sustainable gross margins in the 45%-55% range by focusing on higher margin indirect revenue. We began to see the positive impact of our strategy in Q4 2021 and continued to drive significantly higher gross margins in Q1 2022 from a higher quality revenue mix as well as growing our gross profit. We are encouraged by our progress thus far in fiscal year 2022 and confident this strategy will deliver enhanced profitability over the long term as we continue to grow our business,\" said Omri Brill, Chief Executive Officer of Adcore.First Quarter HighlightsTotal revenue for the three months ended March 31, 2022 was CAD$4.7 million compared to CAD$8.6 million for the same period in 2021.Gross profit for the three months ended March 31, 2022, was CAD$2.0 million, an increase of 2% compared to the same period in 2021. Gross margin for the three months ended March 31, 2022, was 43% compared to 23% for the same period in 2021, an increase of 87%.Operating loss for the three months ended March 31, 2022, was CAD$446 thousand compared to an operating profit of CAD$36 thousand for the same period in 2021.Adjusted EBITDA for the three months ended March 31, 2022, was CAD$85 thousand compared to CAD$584 thousand for the same period in 2021, a decrease of 85%.Announced 14 new clients across four of its main regions: North America, EMEA, AUNZ and Greater China.Renewed an advertising contract with the Israeli Government Advertising Agency for the fifth year at an annual advertising budget of up to CAD$25 million.Named to Elite Tier of Microsoft's Advertising Partner Program and Attained Google Premier Partner Status.* Additional information concerning Adcore's consolidated financial statements and related management's discussion and analysis for the three ended March 31, 2022 can be found below and on the Com...