Business
Ionik Announces Record Fourth Quarter and Fiscal 2023 Results
Record Quarterly Adjusted EBITDA 1 of $5.0 million in Q4 - Year-over-year growth of 27.1...
About this update from Ionik Corporation
[{"type":"text","content":"Ionik Announces Record Fourth Quarter and Fiscal 2023 ResultsRecord Quarterly Adjusted EBITDA1 of $5.0 million in Q4 - Year-over-year growth of 27.1% and quarter-over-quarter growth of 34.8%Record Fiscal 2023 Revenue of $140.6 million - Growth of 43.3% over previous 12 months Record Fiscal 2023 Adjusted EBITDA1 of $14.9 million - 51.3% growth compared to $9.8 million in the prior 12 months(All figures in US dollars, unless otherwise indicated)Toronto, Ontario--(Newsfile Corp. - April 29, 2024) - PopReach Corporation (TSXV: INIK) (OTCQX: INIKF) (dba \"Ionik\", or the \"Company\"), a data-driven performance marketing technology company, announced its financial results for the three and twelve months ended December 31, 2023. Fiscal 2023 Annual Financial HighlightsRecord revenue of $140.6 million during its fiscal year 2023, as compared to $98.1 million for the prior twelve months ended December 31, 2022, an increase of 43.3%. Revenue growth was primarily driven by the acquisitions of Schiefer Media, Inc. (SCS) and OpenMoves, LLC in Q2 and S44 LLC (\"SHIFT44\") in Q4.Record gross profit of $55.5 million in its fiscal year 2023 ($38.6 million for the prior twelve months), representing a 43.7% increase from the comparable period in the prior year, driven by the increase in revenue.Gross margin percentage of 39.5% in fiscal year 2023 (39.4% for the prior twelve months).Record Adjusted EBITDA1 of $14.9 million ($9.8 million for the prior twelve months), an increase of 51.3%. Adjusted EBITDA growth was predominantly related to the three 2023 acquisitions as well as operating expense reductions.Financial Highlights for the Fourth Quarter 2023Revenue of $38.5 million, an increase of 12.7% versus $34.2 million for the prior quarter with growth driven by the acquisition of SHIFT44 in November 2023. Gross profit of $17.5 million (45.3% margin), compared to $12.9 million (37.8% margin) for the prior quarter and $14.8 million (33.3% margin) for the same period of 2022 (\"Q4 2022\"). Adjusted EBITDA1 of $5.0 million, compared to $3.7 million for the prior quarter, with growth derived from 2023 acquisitions.Adjusted Free Cash Flow1 of $4.8 million (95% Adjusted Free Cash Flow conversion rate1), compared to $1.9 million (52% Adjusted Free Cash Flow conversion rate1) for the prior quarter and $3.8 million (95% Adjusted Free Cash Flow conversion rat...