Business
Adcore Reports Record Third Quarter 2021 - Revenue Increases 153% YoY to CAD$10.4 million
TORONTO, ON / ACCESSWIRE / November 10, 2021 / Adcore Inc. (the " Company " or " Adcore ") (...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Record Third Quarter 2021 - Revenue Increases 153% YoY to CAD$10.4 millionTORONTO, ON / ACCESSWIRE / November 10, 2021 / 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 nine months ended September 30, 2021.Third Quarter and Year-to-Date HighlightsTotal revenue for the third quarter of 2021 increased 153% to CAD$10.4 million compared to CAD$4.1 million in the third quarter of 2020. Total revenue for the nine months ended September 30, 2021, increased 180% to CAD$26.0 million compared to CAD$9.3 million in the same period in 2020.Adjusted EBITDA for the third quarter of 2021 was CAD$585,000 compared to CAD$925,000 for the same quarter in 2020. Adjusted EBITDA for the first nine months of 2021 was CAD$2.7 million, compared to CAD$2.2 million for the same period in 2020, an increase of 23%.As of September 30, 2021, total working capital was CAD$13.2 million compared to CAD$7.8 million at December 31, 2020, an increase of CAD$5.4 million.As of September 30, 2021, the Company's cash and cash equivalents were CAD$15.5 million, compared to CAD$11.7 million for the year ended December 31, 2020, an increase of CAD$3.8 million.Launched the Adcore Marketing Cloud, which brings together the Company's four applications under one scalable cloud-based platform.Continued growth of 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 1,200 classes across 80 categories to thousands of students to date.* See consolidated statements of financial position and comprehensive income below and on the Company's SEDAR profile\"Our third quarter results reflect the continued tremendous momentum the Company has been experiencing since the fourth quarter of 2020. This is our fourth consecutive quarter achieving triple digit YoY growth, generating CAD$39.3 million TTM revenue and 189% YoY growth, establishing Adcore as one of the fastest growing public Ad-tech companies,\" commented Omri Brill, Chief Executive Officer of Adcore. \"Ecommerce activity ...