Adcore Inc. (the "Company" or "Adcore") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ), a global leader in marketing technology empowering businesses to maximize their digital marketing potential with its innovative AI-powered platform ("Marketing Cloud"), is pleased to share a preliminary update on its financial position as of December 31, 2024. Based on the visibility today, the company closed the year with $10.8 million in cash and equivalents, representing a 61% increase from Q3 2024 and a 34% increase year-over-year. In addition, the company is excited to report that the Media Blast app continues to gain strong momentum, achieving a run rate of nearly $2 million in Annual Recurring Revenue (ARR) in December 2024.
The above figures are preliminary and unaudited. The Company remains committed to providing further updates as our financial review progresses.
"We are thrilled to close out 2024 on such a strong note, positioning Adcore for a promising 2025 with a robust cash position to drive our strategic initiatives in technology development and global expansion," said Omri Brill, Adcore CEO & Founder. "While seasonality played a role in our cash growth, the year-over-year increase is primarily a result of our continued progress across core activities, markets, and segments. This momentum is a testament to the strength of our business fundamentals."
Mr. Brill added, "We are especially excited about the performance of our Media Blast app, which achieved an impressive near $2 million ARR in December 2024, just six months after reaching the $1 million milestone. This rapid growth reinforces our confidence in technology and innovation as a key driver of our long-term vision."
Mr. Brill continued, "Looking ahead to 2025, we are highly optimistic. With strong financials and growing demand for our technology-driven solutions, Adcore is well-positioned to capitalize on market opportunities and continue its upward trajectory."
In accordance with the company's commitment to innovation and technology, Adcore will host a webinar January 15th at 10am eastern time to unveil its newest app, Proposaly.io.
REMINDER: Join the Proposaly.io Webinar, January 15th, 10am Eastern Standard Time
Adcore invites you to join their webinar where the Company will showcase its newest sales enablement app, Proposaly.
Proposaly is set to transform the way businesses secure sales and manage client relationships by streamlining the entire sales process into one centralized, automated solution.
Adcore is a leading AI-powered marketing technology company.
By combining extensive industry knowledge and experience with its proprietary artificial intelligence (AI) powered technology, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. Adcore is a certified Google Premier Partner, Elite Tier Microsoft Partner, Facebook Partner, Verified Amazon Partner, and TikTok Partner.
Established in 2006, the Company employs over fifty people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.
For more information about Adcore, please visit https://www.adcore.com/investors/, https://www.adcore.com/blog or follow us on LinkedIn.
FORWARD-LOOKING STATEMENTS
This press release contains or may contain certain forward-looking statements, including statements about the Company, the potential for annual recurring revenue resulting from the MediaBlast app and its potential for the 2025 financial year. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
