MILTON, Ontario, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (“Ackroo” or the “Company”), a loyalty marketing, gift card and payments technology and services provider, has filed their financial results for the three months ended September 30, 2019 and is pleased to report quarterly revenues of $1,476,490 representing a 36% increase over the same period in 2018. The Company also achieved $250,208 of positive EBITDA during the period representing a 27% increase over the previous quarter and 54% over the same period in 2018. The revenue and earnings growth are primarily related to the Company increasing their subscription revenue by 44% over Q3 2018 which has led to an increased ratio of recurring revenue to one time revenue which is now at an all-time high of 78% of total revenues. The continued strong revenue and record earnings growth further validates the Company’s strategic plans and has the Company poised for a strong close to the year as they head into their busiest quarter.
“We achieved several key goals during the quarter” said Steve Levely, CEO at Ackroo. “We began integrating and normalizing the recent IQ724 acquisition while also further growing our organic business. We continued to grow our recurring revenues while further advancing our technology via digital marketing, big data and integrations to various point-of-sale solutions to expand our addressable market and product offering. We expanded our service offering by introducing debit and credit card payment services for our growing merchant base. We now have over 200 installations on Clover and have signed our first ever payment processing clients in the process. Most importantly despite the increased costs that are associated with the IQ724 acquisition that we will see for the first 2 quarters, we still delivered significant quarter over quarter and year over year earnings growth and delivered another cash flow positive quarter. We are now positioned to exceed our earnings goals for 2019 and are poised for an even bigger 2020 ahead.”
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
Sales of $1,476,490 for the three month period ended September 30th, 2019 as compared to $1,083,046 for the three month period ended September 30th, 2018 (36% growth);
Subscription revenue of $1,157,771 for the three month period ended September 30th, 2019 as compared to $803,843 for the three month ended September 30th, 2018 (44% growth);
Positive EBITDA from operations excluding stock based compensation was $250,208 for the three month period ended September 30th, 2019 as compared to $196,395 of positive EBITDA from the three month period ended June 30th, 2019 (54% growth);
Positive EBITDA from operations excluding stock based compensation was $518,098 for the nine month period ended September 30th, 2019 as compared to $323,728 of positive EBITDA from the nine month period ended September 30th, 2018 (60% growth);
Positive cash flow created was $391,929 for the nine month period ended September 30th, 2019 as compared to $6,659 of negative cash flow from the nine month period ended September 30th, 2018;
Ackroo provides merchants of all sizes a robust, cloud based multi-currency marketing platform to help attract, engage and grow their customers while increasing their revenues and margins. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process loyalty, gift card and promotional transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their loyalty and gift card accounts. Ackroo also provides important marketing and payment services to assist their merchants with utilizing Ackroo’s technology solution and to provide a single point of contact for all of their primary merchant currencies. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com.
For information, please contact:
Chief Executive Officer | Ackroo
Tel: 613-599-2396 x730
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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