Adcore Inc. Announces First Quarter 2024 Financial Results

TORONTO, ON - Adcore Inc., a prominent e-commerce advertising management and automation platform, reported its financial outcomes for Q1 2024, marking significant achievements in its operational and financial metrics. The company noted a 13% year-over-year increase in gross profit, totaling CAD$3.1 million, with a gross margin rise from 40% to 45%. Adjusted EBITDA also grew remarkably by 196%, indicating effective operational strategies.

Revenue saw a modest increase of 1%, reaching CAD$6.9 million. Geographically, North America showed robust growth with a 30% increase in revenue, while EMEA experienced an 18% decrease. The APAC region’s revenue increased by 8%. Furthermore, the company improved its operating cash flow, turning a previous cash usage into a positive cash flow of CAD$13 thousand. These results reflect strong managerial efforts and strategic expansions.

CEO Omri Brill expressed optimism about the consistent strengthening of global operations and anticipates continued growth throughout the year. Additionally, during this quarter, Adcore increased its global sales staff, aligning with its strategic goals of internal growth and enhanced operational efficiency.