Business
IC Group Holdings Reports Fiscal 2024 Results for Its Business, Operating Through Its Subsidiary 11197894 Canada Ltd.: Revenue Up 47% Year-over-Year as Strategic Acquisitions and Recurring Revenue Drive Growth
Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - IC Group Holdings Inc. (TSXV: ICGH) (" IC...
About this update from Ic Group Holdings Inc.
[{"type":"text","content":"IC Group Holdings Reports Fiscal 2024 Results for Its Business, Operating Through Its Subsidiary 11197894 Canada Ltd.: Revenue Up 47% Year-over-Year as Strategic Acquisitions and Recurring Revenue Drive GrowthToronto, Ontario--(Newsfile Corp. - April 30, 2025) - IC Group Holdings Inc. (TSXV: ICGH) (\"IC Group\" or the \"Company\"), a technology-enabled consumer engagement company that helps Fortune 500 brands simplify and amplify connections with consumers both nationally and internationally, is pleased to announce the filing of audited financial results of its business, operated through its wholly-owned subsidiary, 11197894 Canada Ltd., for the year ended December 31, 2024. All figures are reported in Canadian dollars unless otherwise stated.\"2024 was a transformational year for IC Group,\" said Duncan McCready, CEO of IC Group. \"We're at an inflection point. We've accelerated our top-line growth, enhanced our recurring revenue profile, and laid the foundation for scalable engagement across digital and live event channels. With Fannex now part of the family, we are poised to offer an unmatched platform for brands to connect with consumers in live spaces while building a resilient and diversified revenue base. With our proven operational track record and significant insider ownership, IC Group is a business that is deeply aligned with shareholder value and well positioned for scalable growth.\"FY2024 Highlights:Revenue for the year ended December 31, 2024, was $17.9 million, up 47% from $12.2 million in 2023. For the 3-month period ending December 31, 2024, revenue rose 52% to $5.4 million, compared to $3.6 million in the same period last year.Gross margin was $9.6 million (54% of revenue), an increase of 28% from 2023.Recurring revenue from mobile transactions accounted for 38% of revenue in 2024 vs. 8% in 2023. Mobile Messaging revenue grew 575% to $6.7 million following a full year of integration.Net loss was $5.5 million, attributed to one-time costs associated with acquisitions, financing, mobile technology integration, stock-based compensation, corporate valuation, and growth initiatives.Adjusted EBITDA was $824,747, a decrease of 24% compared to $1,085,214 in 2023 attributed to higher corporate costs incurred to expand the senior management team to accelerate the integration of recently acquired businesses and to suppor...