Adcore Reports Second Quarter 2024 Financial Results

Adcore Inc., a leader in e-commerce advertising management, announced its financial results for Q2 2024. The company saw a 22% year-over-year revenue growth in North America, maintaining robust gross margins. Despite a slowdown in the EMEA market, gross margins remained at 44%, aligning with Adcore's strategic revenue initiatives.

CEO Omri Brill highlighted the success of the Media Blast app, achieving an ARR of CAD$1 million within a year of launch. This showcases the company’s innovative approach and dedication.

The second quarter results included revenue of CAD$6.6 million, a slight decrease from CAD$6.9 million in Q2 2023. Gross profit was CAD$2.9 million, down by 1%. Adjusted EBITDA stood at a negative CAD$173,000, compared to CAD$112,000 in the same period last year. Notably, North American revenue increased to CAD$2 million while EMEA revenue decreased by 27%.

Adcore's working capital decreased to CAD$6.4 million. Despite these metrics, the company is positioned well to execute its long-term growth strategy.