Mr. Steve Levely reports

ACKROO RELEASES 2022 AUDITED FINANCIAL RESULTS

Ackroo Inc. has released audited annual revenues of $6,264,107, including $5,350,098 of annual recurring revenue for the period ended Dec. 31, 2022. The results represent a 7-per-cent increase in recurring subscription revenues and a 5-per-cent increase in total revenues over 2021. Now in the company's 10th year of operations, Ackroo has achieved a cumulative average revenue growth rate of 28 per cent since founding in 2012. Ackroo also delivered its fifth consecutive positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) year with $1,403,576 of adjusted EBITDA, representing 22 per cent of total revenues and an impressive 243-per-cent increase over 2021. The company increased its average revenue per location, its strong gross margins and its recurring-revenue-to-one-time-revenue ratios while improving its product and operations. The company paid down $970,644 of debt/liabilities, reducing its adjusted EBITDA to debt ratios to less than 3:1 and signed its 12th acquisition to date.

The complete financial results for Ackroo, along with management discussion and analysis for the year ended Dec. 31, 2022, are available under the profile for the company on SEDAR. Highlights are shown in the attached table.

"We are very pleased with what we accomplished in 2022," said Steve Levely, chief executive officer of Ackroo. "After a very challenging year in 2021, we are very happy to have bounced back and deliver both revenue and significant earnings growth for the business while advancing our operations and technology in the process. We have managed through lots of headwinds around things like inflation, which has driven both our supplier costs and employee incomes up. We saw lots of people changes both in the company as turnover was higher than previous years and we made changes at a board level to introduce new talent to support us. The capital markets as it relates to tech companies has had a massive impact on investor confidence, leading to a very depressed share price, where using our public currency to advance our business was not an option. Despite all of these obstacles, I am very proud that Ackroo has continued to improve and simplify our operations and hit many of our financial goals. We exceeded our 20-per-cent EBITDA goals by achieving a 22-per-cent adjusted EBITDA as a percentage of revenue, effectively tripling our results from 2021. We then leveraged those earnings to get our EBITDA to debt ratios below 3 to 1 while positioning us to close our 12th acquisition at the end of the year. As an industry consolidator, it is critical that we continue to maintain this strong financial discipline, so I am very encouraged as to what we accomplished last year as it sets the stage for an even bigger result in 2023."

About Ackroo Inc.

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 on-line 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 industries, 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 the company's clients. Ackroo is headquartered in Hamilton, Ont., Canada.

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