Adcore Inc. (ADCO:TSX.V) announced in a news release its audited financial results for full-year 2019 and Q4/19, noting it achieved record revenue and adjusted EBITDA.
"Achieving these feats is even more impressive when taking into consideration that for the first half of the year the corporation's main focus was completing its public listing," CEO Omri Brill said in the release. "The corporation's performance exceeded our original expectations, as we continued to see very strong momentum in our business as well as higher gross margins."
As for full-year 2019's numbers, Adcore generated $15 million in revenue, 35% higher than 2018 revenue of $11 million. Gross margin was 65% versus 56% a year earlier. Adjusted 2019 EBITDA was $5.6 million compared to $3.8 million in 2018, reflecting a 49% increase.
At year-end, or Dec. 31, 2019, the machine learning-powered advertising tech firm had $4.9 million in cash and cash equivalents. Working capital stood at $5.5 million whereas a year earlier it was in the negative, at ($166,000).
Subsequently, the Israel-based company was chosen by Donville Kent Asset Management in Toronto, a North American equity fund, as one of 12 stocks to own in the next decade.
Regarding financial highlights from Q4/19, revenue was $4.2 million, up 31% over Q4/18 revenue of $3.2 million. Gross margin was 71% versus 64% the prior year. Q4/19 adjusted EBITDA was $1.7 million, up 21% over Q4/18's $1.4 million.
During Q4/19, Adcore continued to invest in its technology and its global sales and marketing team, for example, debuting an "artificial intelligence product clustering for data feeds," the release noted.
Looking forward, Brill added that "even under the coronavirus outbreak, our outlook for 2020 remains bullish and we expect to make several exciting announcements over the coming months to drive shareholder value."
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