Ackroo Releases 2022 Audited Financial Results
April 28 2023 - 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 audited annual revenues of
$6,264,107 including $5,350,098 of annual recurring revenue for the
period ended December 31st, 2022. The results represent a 7%
increase in recurring subscription revenues and 5% increase in
total revenues over 2021. Now in the Company’s tenth year of
operations they have achieved a cumulative average revenue growth
rate of 28% since founding in 2012. Ackroo also delivered their
fifth consecutive positive adjusted EBITDA year with $1,403,576 of
adjusted EBITDA representing 22% of total revenues and an
impressive 243% increase over 2021. The Company increased their
average revenue per location, their strong gross margins and their
recurring to one time revenue ratios while improving their product
and operations. The Company paid down $970,644 of debt/liabilities
reducing their adjusted EBITDA to debt ratios to less than 3 to 1
and signed their 12th acquisition to date.
The complete financial results for Ackroo, along
with management’s discussion and analysis for the year ended
December 31, 2022, are available under the profile for the Company
at www.sedar.com. Highlights include:
2022 vs. 2021 annual results:
|
Year ended Dec 31, 2022 |
Year ended Dec 31, 2021 |
YoY growth |
Total Revenue |
$6,264,107 |
$5,977,542 |
+ 5% |
Subscription Rev |
$5,350,098 |
$5,001,139 |
+ 7% |
Gross Margins |
$5,685,210 (91%) |
$5,270,334 (88%) |
+ 8% (+3%) |
Adjusted EBITDA |
$1,403,576 |
$409,217 |
+243% |
EBITDA % of Rev |
22% |
7% |
+15% |
2022 quarterly results:
|
Q1 - March 31, 2022 |
Q2 - June 30, 2022 |
Q3 - September 30, 2022 |
Q4 – December 31, 2022 |
2022 TOTALS |
Total Revenue |
$1,556,495 |
$1,583,497 |
$1,528,411 |
$1,595,705 |
$6,264,107 |
Subscription Rev |
$1,353,486 |
$1,347,353 |
$1,333,237 |
$1,316,021 |
$5,350,098 |
Gross Margins |
$1,393,636 (90%) |
$1,496,716 (95%) |
$1,403,618 (92%) |
$1,391,240(87%) |
$5,685,210(91%) |
Adjusted EBITDA |
$242,561 |
$312,307 |
$337,192 |
$511,517 |
$1,403,576 |
EBITDA % of Rev |
16% |
20% |
22% |
32% |
22% |
“We are very pleased with what we accomplished
in 2022,” said Steve Levely, CEO 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 head winds 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% EBITDA goals by
achieving a 22% adjusted EBITDA as a percentage of revenue
effectively tripling our results from 2021. We then leveraged those
earnings to get our EBITDA to debt ratio’s 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.”
Disclosure in this news release contains certain
non-GAAP financial measures which include: “annual recurring
revenue”, “gross margins” and “adjusted EBITDA”. These measures are
used by the Company to provide investors with supplemental
information to measure operating performance and highlight trends
in the business which may not otherwise be apparent. These measures
should not be considered in isolation or as a substitute for
analysis of the financial information of the Company reported under
IFRS. For information on the derivation of these non-GAAP financial
measures, readers are encouraged to review managements’ discussion
and analysis for the year ended December 31, 2022.
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.
Ackroo (TSXV:AKR)
Historical Stock Chart
From Apr 2024 to May 2024
Ackroo (TSXV:AKR)
Historical Stock Chart
From May 2023 to May 2024