HAMILTON, Ontario, April 29, 2022 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty marketing, payments and point-of-sale technology and services provider, is pleased to report audited annual revenues of $5,977,541 including $5,001,139 of annual recurring revenue for the period ended December 31st, 2021. This represents similar results from the previous year and a 9-year cumulative average growth rate of 30% per year since the Company’s founding in 2012. Over the year, the Company maintained their high recurring to one time revenue ratios, strong gross margins, and a reduction of customer saturation risks. 2021 saw an increase in the number of customers and the average revenue per location. The Company paid down debt, completed their 11th acquisition and delivered a fourth consecutive positive EBITDA year.
The complete financial results for Ackroo, along with management’s discussion and analysis for the year ended December 31, 2021, are available under the profile for the Company at www.sedar.com. Highlights include:
2021 quarterly results:
Q1 - March 31, 2021 Q2 - June 30, 2021 Q3 - September 30, 2021 Q4 – December 31, 2021 2021 TOTALS
Total Revenue $1,284,289 $1,469,357 $1,567,121 $1,656,775 $5,977,542
Subscription Rev $1,054,468 $1,250,299 $1,323,794 $1,372,578 $5,001,139
Gross Margins $1,123,694 (88%) $1,295,369 (88%) $1,381,224 (88%) $1,470,047 (89%) $5,270,334 (88%)
Adjusted EBITDA $8,413 $45,026 $179,936 $175,842 $409,217
EBITDA % of Rev < 1% 3% 11% 11% 7%
2021 annual results vs. 2020:
2020 TOTALS 2021 TOTALS
Total Revenue $6,047,576 $5,977,542
Subscription Rev $5,018,361 $5,001,139
Gross Margins $5,417,880 (89%) $5,270,334 (88%)
Adjusted EBITDA $1,638,587 $409,217
EBITDA % of Rev 27% 7%
“I am very pleased with what we maintained and what we improved on, despite the challenges we faced in 2021,” said Steve Levely, CEO of Ackroo. “The impact of COVID on Ackroo was delayed as we saw larger attrition then normal, COVID related customer write offs, and less one times sales than we expected. In the beginning of 2021, we reinvested our earnings into sales, marketing and product to help bolster our organic growth. However, by mid-year those investments were not paying off as quickly as we expected, so in an effort to maintain our operating efficiency, we swiftly made adjustments to our plan to reduce costs, which slowed growth, but led to much better earnings in the second half of 2021. We also were able to complete a small strategic acquisition in the US to continue our diversification of offerings. In the end, we still managed to deliver growth in our AckrooPOS business and were able to maintain our AckrooPAY customer base, however, our AckrooMKTG business saw a slight decline due to some large loyalty customer attrition. We continued to make product enhancements and improve product parity from acquired legacy platforms and are pleased with both our increased number of new clients and our strong upsell and cross sell efforts, which led to our increasing average revenue per client.
We have many learnings from 2021 that we have begun incorporating where I am confident with a few more tweaks and changes inside and around our business, we will be set for much bigger success in the years ahead. We are already encouraged by the progress in Q1 and I am pleased to highlight that we delivered approximately $1.53M of revenue while also completing several other strategic initiatives, which are setting us up for a solid 2022.”
Readers are cautioned that revenue figures for the three-month period ended March 31, 2022 are based on internally prepared estimates. Actual results may vary when interim financial statements for the period are compiled.
Disclosure in this news release contains certain non-GAAP financial measures which include: “annual recurring revenue”, “gross margins” and “adjusted EBITDA”. These measures are used by the Company to provide investors with supplemental information to measure operating performance and highlight trends in the business which may not otherwise be apparent. These measures should not be considered in isolation or as a substitute for analysis of the financial information of the Company reported under IFRS. For information on the derivation of these non-GAAP financial measures, readers are encouraged to review managements’ discussion and analysis for the year ended December 31, 2021.
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.
For further information, please contact:
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
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