Slide 1: Adcore's Q3 2025 Earnings Call
T S X : A D CO | OTCQX : A D CO F Adcore's Q3 2025 Earnings Call November, 2025
Slide 2: Hosts
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Hosts Nick Campbell Omri Brill Amit Konforty Investor Relations CEO CFO 2
Slide 3: Agenda
Adcore's Q3 2025 Earnings Call | November 2025 Agenda • Forward Looking Statements • CEO Opening Remarks • CFO Financial Highlights • Q&A 3
Slide 4: Forward Looking Statements
Adcore's Q3 2025 Earnings Call | November 2025 This conference call contains certain forward-looking information and forward-looking statements (collectively “forward-looking information”), including statements about the Company. Forward-looking information may relate to Forward the Company’s financ
Slide 5: CEO Opening Remarks
Adcore's Q3 2025 Earnings Call | November 2025 CEO Opening Remarks 5
Slide 6: Q3 2025 Report Highlights
Adcore's Q3 2025 Earnings Call | November 2025 Q3 2025 Report Highlights Q3 was steady operationally with regional strength in EMEA, up 25%, and APAC, up 7%, offsetting softness in North America. We maintained strong cost discipline - R&D down 10%, SG&A down 12%, and Adjusted EBITDA up 56% year-to-d
Slide 7: Quarterly Revenue
Adcore's Q3 2025 Earnings Call | November 2025 11.2 Quarterly 7.8 7 7.6 Revenue 6.5 CAD in million 3.7 3.9 3.1 3.1 3.1 Quarterly Revenue Gross Profit Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 7
Slide 8: Quality Growth KPIs
Adcore's Q3 2025 Earnings Call | November 2025 3.9M 3.7M 3.7M 3.3M 3M 3.1M 3.1M 3.1M 3.1M 2.9M Quality Growth KPIs Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 10.8M 10.6M CAD in millions 9M ↑8% YoY 8.1 M 8M 7.6 M 7.3M 7.3M 6.7M 6.2M Gross profit Cash and cash equi
Slide 9: Earnings Report Highlights
Adcore's Q3 2025 Earnings Call | November 2025 Earnings • EMEA revenue growth: grew by 25% YoY increase. Report • APAC revenue growth: grew by 7% YoY increase. • Cash and Cash equivalent: grew 8% YoY. Hightlights • R&D expenses: decreased from 7% to 6% of total revenues, reflecting improved cost eff
Slide 10: Highlights 01-09/25
Adcore's Q3 2025 Earnings Call | November 2025 Highlights • Positive Adjusted EBITDA: CAD$485 thosands for the nine months ended 30 September, 2025 compared to CAD$310 01-09/25 thousand in the same period last year . • Reduced net loss: decreased from CAD$1,262 to CAD$1,075 thousand, reflecting a re
Slide 11: 2025 Growth Strategy: Accelerating Momentum
Adcore's Q3 2025 Earnings Call | November 2025 2025 Growth Strategy: Accelerating Momentum Scale Revenue Targeting 25% growth to reach $40 million in annual revenue. Strengthen Profitability 6 straight quarters of positive Adjusted EBITDA. AI-Driven Innovation Deep AI integration across R&D, apps, a
Slide 12: Proposaly Website & Blog Launch
Adcore's Q3 2025 Earnings Call | November 2025 KEY GROWTH INITIATIVES THIS QUARTER Proposaly Website & Blog Launch A key milestone in Proposaly’s go-to-market strategy. The new website strengthens brand positioning and lead generation through refined messaging and UX. The new blog expands our conten
Slide 13: Creative Studio: AI Showreel Launch
Adcore's Q3 2025 Earnings Call | November 2025 KEY GROWTH INITIATIVES THIS QUARTER Creative Studio: AI Showreel Launch Introduced a new AI Showreel section on Adcore’s website, showcasing AI-generated video campaigns created for global clients. This initiative highlights Adcore’s leadership in AI- d
Slide 14: Community Impact: Ofir's Park, Ruhama
Adcore's Q3 2025 Earnings Call | November 2025 KEY GROWTH INITIATIVES THIS QUARTER Community Impact: Ofir’s Park, Ruhama Adcore initiated and delivered Ofir’s Park, a new community bike and skate park honoring the memory of Ofir Libstein and the children of Sha’ar HaNegev. The park stands as a symbo
Slide 15: Comparable Companies
T S X : A D CO | O TCQX : A D CO F Adcore's Q3 2025 Earnings Call | November 2025 EV / ENTERPRISE GROSS EV / COMPANY NAME TICKER MARK CAP VALUE (EV) PROFIT EBITDA Comparable Fluent Inc Criteo SA FLNT US CRTO US 77 1,672 103 1,477 1.4 1.0 -4.9 3.1 Companies Evertz Technologies Ltd Inuvo Inc ET TO I
Slide 16: CFO Financial Highlights
Adcore's Q3 2025 Earnings Call | November 2025 CFO Financial Highlights 16
Slide 17: Comprehensive Income
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Comprehensive Income Three months ended Three months ended CAD in million September 30, 2025 September 30, 2024 Revenues 7.6 7.8 Cost of revenues 4.5 4.1 Gross profit 3.1 3.7 RnD 0.5 0.6 SG&A 2.9 3.2 Operating profit (
Slide 18: Revenues and Gross Profit
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Revenues and Gross Profit Quarterly Nine months Yearly CAD in 32.5 millions 31.2 7.8 7.6 21.3 21.1 4.1 12 26.7 4.5 11.4 18.9 15.2 18.5 13.6 COR 11.5 12.7 3.7 9.7 9.3 Gross 3.1 profit Q3 2024 Q3 2025 01-09/24 01-09/25 2
Slide 19: Q3 2025 Revenue Breakdown
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Q3 2025 Revenue Breakdown North America -50% YoY 14% of total APAC +7% YoY EMEA +25% YoY 47% of total 39% of total 19
Slide 20: Selling, General & Administrative Expenses
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Selling, General & administrative expenses Three months Nine months 9M 8.7M 3.2M 2.9M 12% 4% Q3 2024 Q3 2025 01-09/24 01-09/25 20
Slide 21: Financial Position - Assets
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Financial Position - Assets CAD in million 30.09.25 31.12.24 CURRENT ASSETS Cash and cash equivalents 7.3 10.8 Trade accounts receivable, net 5.6 6.7 Other accounts receivable 0.4 0.6 Total current assets 13.3 18.1 NON
Slide 22: Financial Position - Liabilities
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Financial Position - Liabilities CAD in million 30.09.25 31.12.24 Debt free CURRENT LIABILITIES Trade accounts payable 5.3 8.1 Other accounts payable 1.9 2.4 Lease liability 0.2 0.2 Total current liabilities 7.4 10.7 N
Slide 23: Adjusted EBITDA
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F Adjusted EBITDA Three months ended Three months ended Nine months ended Nine months ended CAD in thousands September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Operating profit (loss) (278) (122)
Slide 24: Q&A
Adcore's Q3 2025 Earnings Call | November 2025 Q&A
Slide 25: Thank You
Adcore's Q3 2025 Earnings Call | November 2025 T S X : A D CO | O TCQX : A D CO F T S X : A D CO | OTCQX : A D CO F Thank You. For more information visit adcore.com/investors