Ackroo delivers third straight positive earnings growth quarter with 78% quarter over quarter positive EBITDA growth
OTTAWA, Oct. 30, 2018 (GLOBE NEWSWIRE) — Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (“Ackroo” or the “Company”), a gift card and loyalty marketing technology and services provider, has filed its financial results for the three months ended September 30, 2018 and is pleased to report quarterly revenues of $1,083,046 representing a 74% increase over the same period in 2017. The Company also achieved $161,958 of positive EBITDA during the period representing a 78% increase over the previous quarter. This was also the highest gross margin quarter in Company history achieving 87% gross margins thanks to a greater amount of higher margin one-time revenue products being sold and a steady increase in subscription revenue. The continued strong revenue and record earnings growth further validates the Company’s strategic plans and has the Company poised for great success in the years ahead.
“We are very happy with the continued progress and results we are delivering,” said Steve Levely, chief executive officer at Ackroo. “Every quarter is even more important than the last in order to position us for success and so making sure we accomplish key short term goals while working on long term projects in tandem is critical in our journey. This past quarter we had major product advancements around our architecture, our development into key segments like petroleum and our very important first step into self-serve sign up via Clover. We saw positive sales progress as we added 99 new merchant locations to our platform while also selling a larger amount of higher margin products and services to our current customers. These combined actions led to increases in our recurring revenues and our highest gross margins in Company history. We also began a relationship with EDC which will assist in our organic and inorganic growth plans into the United States in the years ahead. All of these actions plus several more operational items completed during the period have positioned us for a very strong close to the year and an even bigger 2019.”
The complete financial results for Ackroo are available at www.sedar.com. Highlights include:
· Sales of $1,083,046 for the three month period ended September 30th, 2018 as compared to $622,867 for the three month period ended September 30th, 2017 (74% growth);
· Sales of $3,299,633 for the nine month period ended September 30th, 2018 as compared to $1,923,709 for the nine month period ended September 30th, 2017 (72% growth);
· Subscription revenue of $803,843 for the three month period ended September 30th, 2018 as compared to $437,868 for the three month ended September 30th, 2017 (84% growth);
· Positive EBITDA from operations excluding stock based compensation was $161,958 for the three month period ended September 30th, 2018 as compared to $91,082 of positive EBITDA from the three month period ended June 30th, 2018 (78% growth);
· Gross margin of 87% for the three month period ended September 30th, 2018 as compared to 75% for the period ended September 30th, 2017 (12% increase);
About Ackroo
Ackroo provides automotive, petroleum, hospitality and retail merchants of all sizes a robust, cloud based multi-currency marketing platform to help attract, engage and grow their customers while increasing their revenues and margins. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card, loyalty and promotional transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
For information, please contact:
Steve Levely
Chief Executive Officer | Ackroo
Tel: 613-599-2396 x730
Email: 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.
