Business
Adcore Reports Second Quarter 2024 Financial Results
Robust Gross Margins and Strong Revenue Growth in North America, Foundation Set to Execute Long T...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Second Quarter 2024 Financial ResultsRobust Gross Margins and Strong Revenue Growth in North America, Foundation Set to Execute Long Term Growth Plan TORONTO, ON / ACCESSWIRE / August 14, 2024 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ), 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 June 30, 2024.Omri Brill, Adcore Founder and CEO, commented \" In Q2 we saw strong 22% year over year growth in revenue from the North America region while maintaining robust gross margins. Despite the slowdown in the EMEA market, we successfully overcame these challenges and achieved continued improvements in operating efficiency, resulting in gross margins of 44%, consistent with our strategic revenue initiative.\" Mr. Brill continued \"Adcore is in an optimal financial position to continue executing our long term growth strategy and developing our leading digital marketing technology.\"Mr. Brill added, \"We are particularly encouraged by the remarkable growth of our Media Blast app, launched just 12 months ago, which has already achieved an ARR of CAD$1,000,000. This impressive performance within its first year is a testament to our innovative approach and the dedication of our team.\"Second Quarter HighlightsRevenue for the three months ended June 30, 2024, was CAD$6.6 million compared to CAD$6.9 million for the three months ended June 30, 2023, a 4% decrease.Gross profit for the three months ended June 30, 2024, was CAD$2.9 million compared to CAD$3 million for the three months ended June 30, 2023, a 1% decrease.Gross margin for the three months ended June 30, 2024, was 44% compared to 43% for the three months ended June 30, 2023,Adjusted EBITDA for the three months ended June 30, 2024, was negative CAD$173,000 compared to CAD$112,000, for the three months ended June 30, 2023North America revenue for the three months ended June 30, 2024, was CAD$2 million compared to CAD$1.7 million for the three months ended June 30, 2023, a 22% increase.EMEA revenue for the three months ended June 30, 2024, was CAD$1.9 million compared to CAD$2.6 million for the three months ended June 30, 2023, a 27% decrease.APAC revenue for the th...