Mr. Omri Brill reports
ADCORE FIRST QUARTER 2021 REVENUE GROWS 161% TO A RECORD $8.6 MILLION
Adcore Inc. has released its financial results for the three months ended March 31, 2021.
First quarter 2021 highlights
- Total revenue increased 161 per cent to $8.6-million compared with $3.3-million in the first quarter of 2020.
- Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $584,000 compared with $843,000 in the first quarter of 2020. Profitability in the quarter reflects the company's continuing strategic focus on top-line and market share growth, by acquiring new customers and expanding existing customers' same-store growth.
- As of March 31, 2021, total working capital was $8.8-million compared with $7.8-million at Dec. 31, 2020, an increase of $1-million or 13 per cent.
- The company is setting the foundation for Adcore NG (New Generation), a completely new version of its four apps and the base for the Adcore Marketing Cloud (AMC) and launching a one-click smart campaign creation feature for Adcore Views.
- Strong growth in the company's direct channel revenue stream driven by a high level of e-commerce activity and international expansion.
"Our record first quarter results are a direct continuation of the momentum we saw throughout the second half of 2020, with e-commerce activity exploding. The company is optimistic that the convenience of shopping from home will continue to favourably impact demand for our technological solutions," commented Omri Brill, chief executive officer. "We continue to support businesses from around the globe with their digital transformation and the 161-per-cent increase in our quarterly revenue is a strong validation of our business model."
Mr. Brill continued: "We are experiencing an increased demand for our solutions. We recently announced the renewal of our contract to manage on-line advertising on behalf of the Israeli Government Advertising Agency, which is in the fourth year of a five-year contract. We're optimistic that as vaccines rollout globally, Israel may be one of the first to reopen its borders to tourists, building urgency into their digital advertising efforts. Additionally, last week we announced a new contract to provide our digital marketing technologies and services to MySale, a leading on-line retailer in Australia and New Zealand.
"As we move through 2021, we are focused on relentlessly pursuing and winning advertisers and brands who can effectively adopt our effortless marketing solutions to maximize their digital marketing performance. We believe the worldwide growth of e-commerce and the increasing market recognition of our technologies present a significant market opportunity and we're poised to capitalize on the interest we're seeing in our core business offering," Mr. Brill concluded.
Conference call and webcast information
Adcore will host a conference call to discuss its first quarter 2021 financial results at 8:30 a.m. ET, tomorrow, Tuesday, May 18, 2021.
To register for the conference call please visit Zoom or the company's website for a link.
The conference call will include a brief statement by management and will focus on answering questions about Adcore's results during the first quarter, which can be sent in advance to firstname.lastname@example.org.
Adcore's first quarter 2021 financial statements are available on the company's SEDAR profile. All amounts are in Canadian dollars and are based on Adcore's condensed consolidated interim financial statements for the three months ended March 31, 2021, and related notes prepared in accordance with international financial reporting standards (IFRS), 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 and Shanghai, China.
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