Adcore Inc · TSX:ADCO
Adcore — Q4 2025 Earnings Presentation
25 slides from Adcore's earnings presentation, March 2026
Slide 1: Adcore's Q4 2025 & FY 2025 Earnings Call
T S X : A D CO | OTCQX : A D CO F Adcore's Q4 2025 & FY 2025 Earnings Call March, 2026
Slide 2: Hosts
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Hosts Nick Campbell Omri Brill Amit Konforty Investor Relations CEO CFO 2
Slide 3: Agenda
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Agenda • Forward Looking Statements • CEO Opening Remarks • CFO Financial Highlights • Q&A 3
Slide 4: Forward Looking Statements
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 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
Slide 5: CEO Opening Remarks
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 CEO Opening Remarks 5
Slide 6: Q4 & FY 2025 Report Highlights
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Q4 & FY 2025 Report Highlights We ended 2025 strong with 8% Q4 growth, near-record cash flow - and entered 2026 as an AI-first company with the momentum, partnerships, and balance sheet to deliver. 6
Slide 7: Quarterly Revenue
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 12.1 11.2 Quarterly 7.6 Revenue 7 6.5 CAD in million 3.9 3.8 Quarterly Revenue (8% YoY) 3.1 3.1 3.1 Gross Profit Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 7
Slide 8: Quality Growth KPIs
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 3.9M 3.7M 3.7M 3.8M 3.3M 3.1M 3.1M 3.1M 3.1M 2.9M Quality Growth KPIs Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 10.8M 10.6M CAD in millions 10.3M 9M 8.1 M 8M 7.6 M 7.3M 7.3M 6.7M Gross profit Cash and cash eq
Slide 9: Earning Reports Highlights Q4/2025
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Earning • Q4 Revenue up 8% YoY Reports • APAC Exploded — up 37% YoY in Q4 • Near-record Q4 Operating Cash Flow — CAD$4.17M (+9% YoY) Highlights • Q4 Operating Profit Turned Positive Q4/2025 • Positive Adjusted EBITDA sustained for 6 consecutive q
Slide 10: Earnings Report Highlights FY 2025
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Earnings • Revenue Grew to CAD$33.3M (+3% YoY) Report • APAC Revenue Surged ~34% for the Full Year • Operating Cash Flow Remained Strongly Positive — CAD$2.2M Hightlights • Cash Position Preserved at CAD$10.3M FY 2025 10
Slide 11: 2026 Acceleration
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 2026 Acceleration 11
Slide 12: 20 Years, 15 Years, 10 Years
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 20 Years 15 Years 10 Years Digital Marketing Software Strategic Two decades of deep expertise in Development Partnerships digital advertising, media buying, and performance marketing across A decade and a half building A full decade of cultivatin
Slide 13: Accelerating Momentum Into 2026
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 >40% of new AU revenue Accelerating from new solutions Momentum Into 2026 • 40%+ of new Australia revenue in Jan 2026 came from solutions that did not exist at the Q4 momentum has carried into beginning of 2025 2026 — and it is accelerating • Dem
Slide 14: 2026: Becoming an AI-First Company
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 2026: Becoming an AI-First Company 3x New Cost Dev Velocity AI Agents Efficiencies Engineering teams shipping Launching a new line of AI agents AI adoption across all departments code three times faster with AI, in H1 2026 to automate key expecte
Slide 15: Expanding Our Multi-Platform Partnership Model
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Expanding Our Multi-Platform Positioning Adcore as a true multi-platform growth partner Partnership Model for advertisers worldwide New Strategic Premier Partner Elite Tier Partner Partnership Partner Partner New Solutions Driving Growth SEO | Up
Slide 16: Comparable Companies
T S X : A D CO | O TCQX : A D CO F Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 EV / ENTERPRISE GROSS EV / COMPANY NAME TICKER MARK CAP VALUE (EV) PROFIT EBITDA Comparable Fluent Inc Criteo SA FLNT US CRTO US 158 1,175 192 861 2.7 0.6 -9.7 1.9 Companies Evertz Technologies Ltd Inuvo Inc E
Slide 17: Time to Take a Fresh Look
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Time to Take a Fresh Look We encourage investors to re-evaluate their position. Adcore is becoming an AI-first company with surging demand, accelerating momentum, and The momentum is real, and a fundamentally stronger foundation. we intend to cap
Slide 18: CFO Financial Highlights
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 CFO Financial Highlights 18
Slide 19: Comprehensive Income
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Comprehensive Income Three months ended Three months ended CAD in million December 31, 2025 December 31, 2024 Revenues 12.1 11.2 Cost of revenues 8.3 7.3 Gross profit 3.8 3.9 RnD 0.3 0.7 SG&A 3.5 2.8 Operating profit (loss) 0.0 0.4 Finance expens
Slide 20: Revenues and Gross Profit
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Revenues and Gross Profit Quarterly Yearly CAD in 32.5 33.3 millions 31.2 12.1 18.9 20.3 11.2 18.5 8.3 7.3 13.6 13 12.7 COR 3.9 3.8 Gross profit Q4 2024 Q4 2025 2023 2024 2025 20
Slide 21: Q4 2025 Revenue Breakdown
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Q4 2025 Revenue Breakdown North America -44% YoY 9% of total APAC +37% YoY EMEA -8% YoY 62% of total 29% of total 21
Slide 22: Net Cash Generated by Operating Activities
5,000 Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 4,172 4,000 3,816 Net Cash Generated 3,000 by Operating Activities 2,000 1,000 CAD in thousands 0 Q4 2024 Q4 2025 22
Slide 23: Financial Position - Assets
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Financial Position - Assets CAD in million 31.12.25 31.12.24 CURRENT ASSETS Cash and cash equivalents 10.3 10.8 Trade accounts receivable, net 5.2 6.6 Other accounts receivable 0.4 0.6 Total current assets 15.9 18 NON-CURRENT ASSETS Property, pla
Slide 24: Financial Position - Liabilities
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Financial Position - Liabilities CAD in million 31.12.25 31.12.24 Debt free CURRENT LIABILITIES Trade accounts payable 8.4 8.1 Other accounts payable 2.2 2.4 Lease liability 0.2 0.2 Total current liabilities 10.8 10.7 NON-CURRENT LIABILITIES Leas
Slide 25: Adjusted EBITDA
Adcore's Q4 2025 & FY 2025 Earnings Call | March 2026 Adjusted EBITDA Three months ended Three months ended CAD in thousands December 31, 2025 December 31, 2024 Operating profit (loss) 28 410 Depreciation and amortization 428 441 Share-based payments 51 17 Other non-operational items 0 407 Total Adj