Mr. Omri Brill reports
ADCORE FOURTH QUARTER REVENUE GROWS 219% TO A RECORD $13.3 MILLION; FULL YEAR 2020 REVENUES INCREASE 52% TO $22.8 MILLION
Adcore Inc. has released its financial results for the three months and year ended Dec. 31, 2020.
Fourth quarter and fiscal 2020 highlights:
- Total revenue increased by 219 per cent to $13.3-million compared with $4.2-million in the fourth quarter of 2019 and grew 224 per cent sequentially compared with third quarter 2020 revenue. Full-year revenue increased by 52 per cent to $22.8-million compared with $15-million for fiscal 2019.
- Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the fourth quarter was $996,000, compared with $1.7-million for the same period in 2019. Adjusted EBITDA for fiscal 2020 was $3.3-million, compared with $5.6-million for fiscal 2019.
- As of Dec. 31, 2020, total working capital was $7.8-million, compared with $5.5-million at Dec. 31, 2019, an increase of $2.3-million, or 42 per cent.
- As of Dec. 31, 2020, the company's cash/cash equivalents amounted to $11.7-million, compared with $4.9-million at Dec. 31, 2019, an increase of $6.8-million, or 138 per cent.
- Strong growth in direct-channel revenue driven by e-commerce and international expansion.
"We closed out 2020 achieving record revenues of $22.8-million for the full year and $13.3-million for the fourth quarter, reflecting a dramatic increase in our direct clients' e-commerce activities across all regions," stated Omri Brill, chief executive officer. "Our company rebounded tremendously from a challenging first half of 2020 to an astonishing all-time high in revenues. As the pandemic accelerated digital transformation worldwide and gave rise to the stay-at-home economy, we saw a tremendous increase in demand for our technologies as our clients looked for the most effective ways to leverage digital advertising. The company remains very bullish for 2021, as it is witnessing this consumer behaviour pattern continuing in the first quarter of this year.
"Our growth strategy remains straightforward: ensuring advertisers and brands leverage our effortless marketing solutions to maximize their digital marketing performance, while continuing to supplement our solutions with state-of-the-art technological innovations. As we look towards the future, our direct-channel revenue stream presents a growing market opportunity, fuelled by growth in e-commerce as well as our international expansion, including our recent expansion into the Chinese market. Now more than ever, we are focused on growing our core value offering and strengthening our customer base.
"Subsequent to the quarter, we announced our graduation to the Toronto Stock Exchange, an exciting milestone that reflects our success driving the organic growth that qualified Adcore to meet the rigorous TSX listing requirements. We're excited to elevate our company to this well-regarded exchange, and we believe this platform will broaden our audience of international investors.
"We entered 2021 in a solid position, and we are energized by the interest and opportunities we're seeing across all of the regions in which Adcore operates. This is a pivotal time for our company as global businesses accelerate their digital transformation, and Adcore, a leader in e-commerce advertising technologies, stands ready to help on-line businesses increase their presence and brand recognition in the digital marketplace."
Conference call and webcast information
Adcore will host a conference call to discuss its fourth quarter and fiscal 2020 financial results at 8:30 a.m. ET on Wednesday, March 31, 2021.
The conference call will include a brief statement by management and will focus on answering questions about Adcore's results during the quarter and full year, which can be sent in advance to email@example.com.
Adcore's fourth 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 months and full year ended Dec. 31, 2020, and related notes, prepared in accordance with international financial reporting standards, unless otherwise noted.
About Adcore Inc.
Adcore is empowering entrepreneurs, advertisers and the future of e-commerce through its advertising management and automation platform. By combining extensive industry knowledge and experience with its proprietary artificial intelligence engine, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising, and monitoring and analyzing the performance of their advertising budget to ensure maximum return on investment. In addition to being named numerous times on Deloitte's Fast 50 Technology list, Adcore is a certified Google Premier partner, Microsoft partner, Facebook partner and TikTok partner.
Established in 2006, the company employs greater than 50 people at its headquarters in Tel Aviv, Israel, and satellite offices in Melbourne, Australia, Toronto, Canada, and Hong Kong, China.
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