Business
Adcore Reports Record Third Quarter 2020 Results Revenue More Than Doubles Since Last Quarter
Generated $ 4.1 million in Revenue, $ 925 ,000 in Adjusted EBITDA and increased...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Record Third Quarter 2020 Results Revenue More Than Doubles Since Last QuarterGenerated $4.1 million in Revenue, $925,000 in Adjusted EBITDA and increased working capital by $1.5 millionTORONTO, ON / ACCESSWIRE / November 12, 2020 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSXV:ADCO)(FSE:ADQ), a leading provider of machine-learning (\"ML\" and \"AI\") powered advertising technologies used by digital agencies and advertisers to leverage digital marketing in an effortless and accessible way (\"Effortless Advertising\"), announced today its financial results for the three and nine months ended September 30, 2020.Third Quarter 2020 Highlights (Unaudited)Total revenue was $4.1 million compared to $4 million for the same period in 2019, an increase of 3%, and a 105% increase since the last quarter.Revenue less media costs (gross margin) was 60% compared to 64% for the same period in 2019, a decrease of 4%Adjusted EBITDA (see \"Use of Non-IFRS Measures\") was $925,000 compared to $1.46 million for the same period in 2019, a decrease of 37%As of September 30, 2020, total working capital was $7 million compared to $5.5 million for the year ended Dec 31, 2019, an increase of $1.5 million or 27%As of September 30, 2020, the Company's cash and cash equivalents were $6.1 million, compared to $4.9 million for the year ended Dec 31, 2019, an increase of $1.2 millionContinued to invest in its global sales and marketing team and industry-leading technology, including developing an AI products re-cataloging feature for FEEDITOROmri Brill, Chief Executive Officer, commented on the results, \"Following a challenging second quarter due to the COVID-19 pandemic, we've experienced a dramatic rebound and couldn't be prouder to share a record third quarter with our valued investors. During the third quarter, Adcore saw growth across the board from all clients in all regions. We are pleased to deliver strong results on both the top and bottom lines. The Company's profitability coupled with an increase in cash, is proof again of the robustness and versatility of our business model.\"Mr. Brill continued, \"We're only beginning to see the first fruits of our labor from the Company's strategic decision to focus on e-commerce and technology. During the third quarter we saw a dramatic increase of e-commerce related activity coming from all r...