Business
Ionik Delivers Record Revenue and EBITDA in Second Quarter 2024
Revenue increased 26% over prior year to $44.8 million Adjusted EBITDA 1 increased...
About this update from Ionik Corporation
[{"type":"text","content":"Ionik Delivers Record Revenue and EBITDA in Second Quarter 2024Revenue increased 26% over prior year to $44.8 million Adjusted EBITDA1 increased 52% over prior year to $5.5 millionReduced Senior Debt by $2.8 million(All figures in US dollars, unless otherwise indicated)Toronto, Ontario--(Newsfile Corp. - August 28, 2024) - PopReach Corporation (dba Ionik) (TSXV: INIK) (OTCQX: INIKF) (\"Ionik\", or the \"Company\"), a data-driven performance marketing technology company, announced its financial results for the second quarter ended June 30, 2024. Financial Highlights for the Second Quarter 2024Revenue of $44.8 million, an increase of 26% over the same period of the prior year (\"Q2 2023\"), attributable to revenue generated from 2023 acquisitions including Schiefer Media, Inc. (SCS), OpenMoves, LLC and S44 LLC (SHIFT44). Revenue grew 6% over the prior quarter, with organic growth and seasonality.Gross profit growth in the quarter reflected top line revenue growth, increasing 20% to $16.7 million (37% margin), compared to $13.9 million (39% margin) in Q2 2023. Gross profit grew 16% compared to $14.4 million (34% margin) in the previous quarter.Adjusted EBITDA1 of $5.5 million, an increase of 52% over Q2 2023, with growth derived mainly from 2023 acquisitions. Adjusted EBITDA1 grew 62% over the previous quarter.Year-to-date cash flow from operating activities of $1.7 million, compared to $0.6 million at June 30, 2023. Cash generated from operations was predominantly utilized to pay down and service senior debt obligations.Adjusted Free Cash Flow1 of $3.5 million (65% Adjusted Free Cash Flow conversion rate1), compared to $3.4 million (94% Adjusted Free Cash Flow conversion rate1) for Q2 2023. Adjusted Free Cash Flow1 reported in the second quarter of 2024 was affected by income taxes paid totalling $1.9 million. Excluding these tax payments, Adjusted Free Cash Flow1 was $5.4 million (99% Adjusted Free Cash Flow conversion rate1).Net loss after tax from continuing operations of $0.3 million versus a net loss of $4.8 million for Q2 2023. Cash as at June 30, 2024 was $6.8 million, compared to $8.4 million at March 31, 2024 and $7.4 million at December 31, 2023, with normal course fluctuations in working capital. At June 30, 2024, the Company had not drawn on its revolving facility of $10.0 million and had available to it $30.8 million ...