Ackroo Announces 2022 Unaudited Results
Ackroo achieves 7% YoY annual recurring revenue growth and 5% YoY total revenue growth
HAMILTON, Ontario, Jan. 24, 2023 (GLOBE NEWSWIRE) — 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 annual revenues of $6,265,332 for the period ended December 31st, 2022 including $5,350,380 of annual recurring revenue. This represents a 5% increase in total revenue and 7% increase in recurring revenue over the same period in 2021. The Company delivered their fifth consecutive positive adjusted EBITDA year with a significant increase over 2021, paid down close to $1,000,000 of debt to get their debt to EBITDA ratio below 3 to 1 and also completed their 12th acquisition to date. All of this material progress has Ackroo setup for strong revenue and EBITDA growth in the years ahead.
The complete financial results for Ackroo are available 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||$6,265,332||$5,977,542||+ 5%|
|Subscription Rev||$5,346,580||$5,001,139||+ 7%|
|Gross Margins||$5,688,036 (91%)||$5,270,334 (88%)||+ 8% (+3%)|
|EBITDA % of Rev||TBD||7%||TBD|
“We are very happy with the earnings growth we generated and the many strategic decisions we made inside and around the business in 2022,” said Steve Levely, CEO of Ackroo. “We spent the year putting a great focus on cash generation and debt reduction while also making sure we simplified and optimized the business for continued growth. We had clear internal goals around EBITDA as a percentage of revenue, EBITDA to debt ratios, gross margin percentage achievement and revenue per employee, all of which we hit by year end. We continued to simplify our business with client migrations from legacy platforms while also introducing several operational and financial changes to minimize complexity. As part of our product parity and migration work we put into beta a new major advancement to our AckrooMKTG product with the release of our marketingHub which adds important communication tools for this client segment. Although one time revenue from items like setup fees, card orders and custom development was down year over year, we did manage to grow our recurring revenue and then finished the year with our 12th acquisition setting the stage for a great growth year ahead in 2023. We learned a lot from both inside and outside the business this year that has us smarter and better positioned then we have ever been to exceed our future goals.”
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 2022 audit in April to confirm revenue figures, along with other financial results.
Ackroo has also granted incentive stock options to purchase 5,000,000 common shares to certain directors and employees of the Company exercisable at a price of $0.065, for a period of 3 years. The option grant remains subject to the approval of the TSX Venture Exchange.
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:
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
Email: [email protected]
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 Statements
This 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.