News Out!!!! $AKRFF
HAMILTON, Ontario, May 27, 2022 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty marketing, payments and point-of-sale technology and services provider, has filed its financial results for the period ended March 31, 2022. The results for the period ended March 31st, 2022 reflect 21% year over year revenue growth, and a 28% increase in subscription revenue over the same period in 2021. The Company also achieved $224,965 of positive adjusted EBITDA during the quarter representing a year over year increase of 2,674% and equates to 14% of total revenues. The Company expects these positive trends to continue as they execute on their renewed plans to consolidate, simplify and improve the merchant marketing, payments and point-of-sale industry.
The complete financial results for Ackroo, along with management’s discussion and analysis for the quarter ended March 31, 2022, are available under the profile for the Company at www.sedar.com. Highlights include:
Q1 2022 vs. 2021:
Q1 2021 TOTALS Q1 2022 TOTALS +/- % Change
Total Revenue $1,284,289 $1,556,495 + 21%
Subscription Rev $1,054,468 $1,353,486 + 28%
Gross Margins $1,123,694 (88%) $1,393,636 (90%) + 24% (2%)
Adjusted EBITDA $8,413 $224,965 + 2,674%
EBITDA % of Rev <1% 14% + 13%
“I am very pleased with the solid start to the year and how poised we are for growth in 2022,” said Steve Levely, CEO of Ackroo. “Led by the year over year growth in our AckrooPOS business we are very encouraged by both the progress we have had internally as well as seeing our merchant clients’ businesses improving as well. It has been a long 2 years with Covid but we really are seeing light at the end of a long tunnel on a number of fronts. We are winning a greater amount of larger new customers, cross selling more current customers and doing a better job retention wise then we were a year ago. We are migrating more customers from old platforms to our new current ones and have continued our focus on balancing growth with earnings generation as we achieved double digit earnings as a percentage of revenue once again. We continued to make product enhancements and improve product parity from acquired legacy platforms and have some great new product releases coming later in the year to drive bigger organic growth. As the quarter closed off and we made changes at a board level, we also started back up several of our M&A and other strategic discussions so that we are poised for those opportunities in the second half of 2022. In all the company really is on very stable ground and is poised strategically and functionally for our best year yet.”
