Mr. Omri Brill reports
ADCORE REPORTS STRONG SECOND QUARTER 2020 RESULTS; HIGHLIGHTED BY $534,000 IN ADJUSTED EBITDA
Adcore Inc. has released its financial results for the three and six months ended June 30, 2020.
Second quarter 2020 highlights:
- Total revenue was $2.0 million compared to $3.6 million for the same period in 2019, a decrease of 45 per cent.
- Revenue less media costs (gross margin) was 83 per cent compared to 58 per cent for the same period in 2019, an increase of 43 per cent.
- Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $534,000 compared to $1.08 million for the same period in 2019, a decrease of 51 per cent.
- As of June 30, 2020, total working capital was $6.4 million compared to $5.5 million for the year ended Dec 31, 2019, an increase of $948,000.
- As of June 30, 2020, the Company's cash and cash equivalents were $5.6 million, compared to $4.9 million for the year ended Dec 31, 2019, an increase of $755,000.
- Continued to invest in its global sales and marketing team and industry-leading technology, including developing Adcore's app for the Shopify app store.
Omri Brill, chief executive officer, commented: "As we passed the eye of the storm during April and May 2020 and successfully navigated through a challenging global economic environment, we clearly see a continuous month over month improvement moving forward. Despite an estimated $2.4M impact to our revenues due to COVID-19 during Q2 2020, the Company managed to remain profitable, a clear indication of the strength and robustness of our business model and effectiveness of management's cost saving measures. The $534,000 in Adjusted EBITDA tells this story best.
"We find ourselves at a historic moment in time as we see a tectonic shift in the way consumers interact and purchase, forcing businesses across all industries to move online and the acceleration of the stay-at-home economy. With its focus on online and eCommerce technology solutions, Adcore is perfectly positioned to take advantage of these dramatic changes. As the Company looks beyond Q2, 2020, we see a strong recovery in the business results for Q3, 2020 and expect this trend to continue and accelerate in Q4, 2020."
Conference Call and Webcast Information
Adcore will host a conference call at 9:00AM ET on September 02, 2020 to answer questions about the financial and operational performance of the Company for the second quarter ended June 30, 2020. The conference call will include a brief statement by management and will focus on answering questions about Adcore's results during the quarter, which can be sent in advance to email@example.com.
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Meeting ID: 89356429071
Adcore's second quarter 2020 financial statements are available under the Company's SEDAR profile. All amounts are based on Adcore's condensed consolidated interim financial statements for the three and six months ended June 30, 2020 and related notes prepared in accordance with International Financial Reporting Standards (IFRS), unless otherwise noted.
About Adcore Inc.
Adcore is a leading provider of machine-learning powered advertising technologies used by digital agencies and advertisers to leverage digital marketing in an effortless and accessible way with the goal of scaling activity and maximizing ROI.
By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution. In addition to being named numerous times on Deloitte's Fast 50 Technology list, Adcore is a certified Google Premier Partner, Microsoft Partner and TikTok Partner.
Established in 2006, the Company employs over forty people in its headquarters in Tel Aviv, Israel and satellite offices in Melbourne, Australia, Toronto, Canada and Hong Kong, Greater China.
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