News Out!!!
HAMILTON, Ontario, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company” or “Ackroo”), a loyalty marketing, payments and point-of-sale technology and services provider, has filed its financial results for the period ended September 30, 2021. The results for the three-month period ended September 30, 2021 reflect 11% year over year revenue growth including 4% year over year subscription revenue growth. The Company also achieved their 15th consecutive positive Adjusted EBITDA quarter with $179,936 of positive Adjusted EBITDA representing 11% of total revenue. The revenue growth and Adjusted EBITDA improvement is driven by a return to pre-pandemic customer retention and continued normalization of acquired businesses.
“Q3 was a very good bounce back quarter for Ackroo” said Steve Levely, CEO of Ackroo. “After a challenging start to the year with greater attrition than we have historically seen, we are encouraged by our improved customer retention and expansion. Our key performance indicators are improving: our churn rate dropped back to our pre-pandemic rate of below 5% and our average revenue per location has returned to $98. Notably, we added several larger multi-location clients onto our MKTG platform as well as more AckrooPAY and AckrooPOS clients into our business. In addition, we added a new CFO and various new senior leaders to position Ackroo for continued financial and operational discipline as we execute on our organic and inorganic growth strategies. We continue to work on integrating our acquired businesses to generate further synergies from both a revenue and cost perspective and expect our organic business to continue to grow as well.”
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
Three-months ended
September 30, 2021
September 30, 2020
% change
Total Revenue
$1,567,121
$1,417,929
+ 11%
Subscription Revenue
$1,323,794
$1,270,418
+ 4%
Gross Margins
$1,381,224 (88%)
$1,277,542 (90%)
- 2%
Adjusted EBITDA
$179,936
$310,600
- 42%
About Ackroo
Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes. Ackroo’s self-serve, data driven, cloud-based marketing platform helps merchants in-store and online process and manage loyalty, gift card and promotional transactions at the point of sale. Ackroo’s payment services provide merchants with low-cost payment processing options through some of the world’s largest payment technology and service providers. Ackroo’s hybrid management and point-of-sale solutions help manage and optimize the general operations for niche industry’s including golf clubs, automotive dealers and more. All solutions are focused on helping to consolidate, simplify and improve the merchant marketing, payments and point-of sale ecosystem for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com.
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