Business
Adcore Revenue Increases 250% YoY for Second Quarter 2021
Adjusted EBITDA of CAD$1.5 million, an increase of 189% YoY TORONTO, ON / ACCESSWIRE / A...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Revenue Increases 250% YoY for Second Quarter 2021Adjusted EBITDA of CAD$1.5 million, an increase of 189% YoYTORONTO, ON / ACCESSWIRE / August 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 six months ended June 30, 2021.Second Quarter and Year-to-Date HighlightsTotal revenue for the second quarter of 2021 increased 250% to CAD$7.0 million compared to CAD$2.0 million in the second quarter of 2020. Total revenue for the six months ended June 30, 2021, increased 232% to CAD$15.6 million compared to CAD$4.7 million in the same period in 2020.Second quarter gross margin saw a significant increase sequentially to 46% from a gross margin of 23% in Q1 2021.Adjusted EBITDA for the second quarter of 2021 was CAD$1.5 million compared to CAD$0.5 million for the same quarter in 2020, an increase of 189%. Adjusted EBITDA was CAD$2.1 million in the first six months of 2021 compared to CAD$1.3 million for the same period in 2020, an increase of 62%.As of June 30, 2021, total working capital was CAD$13.1 million compared to CAD$7.8 million at December 31, 2020, an increase of CAD$5.3 million.As of June 30, 2021, the Company's cash and cash equivalents were CAD$13.9 million, compared to CAD$11.7 million for the year ended December 31, 2020, an increase of CAD$2.2 million.Continued to see strong growth in the Company's direct channel revenue stream driven by a high level of e-commerce, digital transformation and international expansion.Made significant progress during the quarter growing the Amphy.com platform, the world's most diverse 24/7 live learning marketplace. Adcore formally launched Amphy in July 2021 and has already screened and onboarded 200+ teachers and is actively offering 800 classes across 70 categories to thousands of students.Completed capital raise for gross proceeds of CAD$4.1 million to support future growth.Began trading on the OTCQX® Best Market (the \"OTCQX\") in the U.S. and secured DTC eligibility.\"I couldn't be happier with our second quarter results, which reflect the strong momentum we're seeing in our business as we leverage our capabil...