HAMILTON, Ontario, April 28, 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 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 Levely
Chief Executive Officer | Ackroo
Tel: 416-360-5619 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.
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.
