Ackroo Announces 2023 Unaudited Revenue Results

Ackroo achieves 11% YoY recurring revenue growth and 9% YoY total revenue growth

HAMILTON, Ontario, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider, is pleased to report unaudited annual revenues of $6,825,670 for the year ended December 31^st, 2023 including $5,935,055 of annual recurring revenue. This represents a 9% increase in total revenue and an 11% increase in recurring revenue over the same period in 2022. The Company completed its thirteenth acquisition, divested of a non-core point-of-sale product, paid down approximately $524,000 of debt, bought back 6,068,681 shares, finished the year with a strong treasury, and expects to announce their sixth consecutive positive adjusted EBITDA year, once year end audit is complete, delivering growth in this area as well. The Company delivered these results while also continuing to streamline and optimize general operations in order to set the Company up for bigger success in 2024 and beyond.

The complete financial results for the year ended December 31, 2023 will be available under the profile for Ackroo on SEDAR+ at www.sedarplus.com. Highlights include:

2023 (unaudited) vs. 2022 (audited) annual results:

	Year ended Dec 31, 2023	Year ended Dec 31, 2022	YoY growth
Total Revenue	$6,825,670	$6,264,107	+ 9%
Subscription Rev	$5,935,055	$5,350,098	+ 11%
Gross Margins	$6,047,509 (89%)	$5,685,210 (91%)	+ 6% (-2%)

2023 quarterly results (unaudited):

	Q1 - March 31, 2023	Q2 - June 30, 2023	Q3 - September 30, 2023	Q4 – December 31, 2023	2023 TOTALS
Total Revenue	$1,825,486	$1,610,841	$1,624,001	$1,765,342	$6,825,670
Subscription Rev	$1,613,199	$1,408,666	$1,396,732	$1,516,458	$5,935,055
Gross Margins	$1,607,583 (88%)	$1,387,805 (86%)	$1,477,437 (91%)	$1,574,685