Ackroo Announces 2021 Unaudited Results
January 18 2022 - 7:00AM
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty
marketing, payments and point-of-sale technology and services
provider, is pleased to report unaudited quarterly revenues of
$1,657,915 for the period ended December 31st, 2021 and unaudited
annual revenues of $5,978,683 for the year ended 2021. This
represents similar results from the previous year and a 9-year
cumulative average growth rate of 30% per year since the Company’s
founding in 2012. The Company delivered $4,979,357 of annual
recurring revenue, completed their 11th acquisition, and their
fourth consecutive positive EBITDA year.
The complete financial results for Ackroo are
available at www.sedar.com. Highlights include:
2021 announced quarterly results:
|
Q1 - March 31, 2021 |
Q2 - June 30, 2021 |
Q3 - September 30, 2021 |
Q4 – December 31, 2021 |
Avg QoQgrowth |
Total Revenue |
$1,284,289 |
$1,469,357 |
$1,567,121 |
$1,657,915 |
+ 7% |
Subscription Rev |
$1,054,468 |
$1,250,299 |
$1,323,794 |
$1,369,596 |
+ 7% |
Gross Margins |
$1,123,694 (88%) |
$1,295,369 (88%) |
$1,381,224 (88%) |
$1,473,223 (89%) |
+ 8% (0%) |
Adjusted EBITDA |
$8,408 |
$45,026 |
$179,936 |
TBD |
TBD |
EBITDA % of Rev |
< 1% |
3% |
11% |
TBD |
TBD |
“After a very challenging start to 2021 we are
very happy with how we adapted and managed to improve quarter over
quarter,” said Steve Levely, CEO of Ackroo. “We started the year
with a large pull back in revenues from larger attrition than
normal, COVID related customer write offs, plus less one time and
new sales then we had anticipated. At the same time, we were
further investing in our organic business so not only were revenues
affected so were earnings to start the year. This forced the
Company to adapt quickly to maintain our EBITDA positive business
with an even tighter focus on operational and financial decisions.
We made changes during Q2 and Q3 that allowed us to better manage
our operations and return to a solid earnings growth business. We
then finished the year with a very strong quarter and a record
number of new customer wins - growing 6% over the previous quarter
and a 29% increase over Q1. We managed to complete the bulk of the
normalization of our most recent acquisition of Interactive DMS,
completed several migrations of legacy platform clients, and have
done lots of internal restructuring to position us for much greater
success in years to come.”
The Company cautions that figures for revenue
have not been audited and are based upon calculations prepared by
management. Actual results may differ from those reported in this
release once these figures have been audited. The Company expects
to complete its 2021 audit in April to confirm revenue figures,
along with other financial results.
Ackroo also announces that its board of
directors has approved the appointment of MNP LLP as the new
auditor of the Company effective January 11, 2022. MNP LLP has
been engaged to complete an audit of the 2021 financial year for
the Company.
Ackroo has also granted incentive stock options
to purchase 900,000 common shares to certain directors and
employees of the Company exercisable at a price of $0.125, for a
period of 3 years. The option grant remains subject to the approval
of the TSX Venture Exchange.
About Ackroo
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 online
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 industry’s 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 their clients.
Ackroo is headquartered in Hamilton, Ontario, Canada. For more
information, visit: www.ackroo.com.
For further information, please contact:
Steve LevelyChief Executive
Officer | AckrooTel: 416-360-5619 x730Email: slevely@ackroo.com
The TSX Venture Exchange has neither approved
nor disapproved the contents of this press release. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward Looking StatementsThis
release contains forecasts and forward-looking statements that are
not guarantees of future performance and activities and are subject
to risks and uncertainties. The Company has based these
forward-looking statements on assumptions and assessments made by
its management in light of their experience and their perception of
historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Important factors
that could cause actual results, developments and business
decisions to differ materially from those anticipated in these
forward-looking statements include, but are not limited to: the
Company’s ability to raise enough capital to support the Company’s
go forward plans; the overall global economic environment; the
impact of competition and new technologies; general market,
political and economic conditions in the countries in which the
Company operates; projected capital expenditures and liquidity;
changes in the Company’s strategy; government regulations and
approvals; changes in customers’ budgeting priorities; plus other
factors that may arise. Any forward-looking statements in this
press release are made as of the date hereof, and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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