Business
Adcore Reports Strong First Quarter 2023 Financial Results
45% YoY Increase in Revenue, Multi-Regional Growth and High Profit Margins Reflect Continued Busi...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Strong First Quarter 2023 Financial Results45% YoY Increase in Revenue, Multi-Regional Growth and High Profit Margins Reflect Continued Business Strategy ExecutionTORONTO, ON / ACCESSWIRE / May 10, 2023 / 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, 2023.Adcore CEO, Omri Brill, commented \"I am pleased to share our first-quarter results for 2023, which not only demonstrate strong growth and progress in our financial performance but also surpassing our initial guidance. Our revenue for the quarter ending March 31, 2023, reached CAD$6.8 million, a 45% increase compared to the same period in 2022. Gross profit also saw a significant 35% increase, reaching CAD$2.7 million.Our gross margin ended at an impressive 40%, at the upper limits of our guidance, and we are further encouraged by the promising growth trends in our regional revenues. North America experienced a 61% increase, while EMEA saw an impressive 81% growth in revenue and the APAC region resumed their growth trends, with a notable 3% increase.Our Adjusted EBITDA for the quarter amounted to CAD$68,000, and we achieved a 56% reduction in cash flow used for operating activities compared to the first quarter of 2022. This improvement in cash flow management is indicative of our ongoing commitment to operational efficiency.We concluded the quarter with CAD$7.3 million in cash and a total working capital of CAD$8.6 million. With virtually no debt, the Company has ample runway to reach its milestones in the upcoming year. We plan to continue using our cash prudently, including repurchasing shares at current valuation ranges through our NCIB. This financial stability is a testament to the fiscal responsibility exercised by our management team as we persist in our pursuit of becoming one of the world's leading marketing technology companies.\" concluded Mr. Brill.First Quarter Highlights:Revenue for the three months ended March 31, 2023, was CAD$6.8 million compared to CAD$4.7 million for the three months ended March 31, 2022, a 45% increase.Gross profit for the three months ended March 3...