Business
Adcore Reports Strong Q4 and Year End 2022 Operating Results
Highlighted by a 43% increase in gross margin and over 20 new strategic customers, positioning Ad...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Strong Q4 and Year End 2022 Operating ResultsHighlighted by a 43% increase in gross margin and over 20 new strategic customers, positioning Adcore for long-term success.TORONTO, ON / ACCESSWIRE / March 29, 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 and twelve months ended December 31, 2022.\"Adcore's 2022 was a pivotal year for us, as we focused on profitability and operational efficiency and expanding customer concentration,\" said Omri Brill, CEO of Adcore.\"Despite the post COVID challenges we faced in the first half of 2022, we are proud to report that our company has achieved several significant accomplishments. We saw a 43% increase in gross margin, which demonstrates our focus on maximizing profitability. Additionally, we achieved an increase in strategic regional revenue, with EMEA and North America experiencing a 71% and 125% increase, respectively. We also expanded our team by adding new employees worldwide, demonstrating our commitment to growth and innovation.\"We are thrilled to have added more than 20 new strategic customers to our portfolio in 2022 and to further diversify our customer base. This is a clear testament to the strength of our sales team and the value we provide to our clients. Our sustained effort has resulted in strong momentum in the second half of the year, culminating in impressive financial results. We exceeded our fourth quarter gross profit guidance, with CAD $3.8 million, and achieved revenue at the high end of our guidance, with CAD $8.8 million. We are proud of these achievements and are committed to building on this success in the coming year.\"Furthermore, our cash and cash equivalents were CAD$8.8 million as of December 31, 2022, and our total working capital was CAD$9.3 million, showing our commitment to financial responsibility and prudent management. We are committed to creating long-term value for our stakeholders, and we are confident that we are well-positioned to achieve our goals in the coming year,\" Mr. Brill concluded.Full-Year HighlightsTotal revenue for the year ended December 31, 2022, was CAD$2...