Adcore Inc (TSX:ADCO) has reported a triple-digit increase in its second-quarter revenue.
For the quarter ended June 30, 2021, the company said total revenue increased 250% year-over-year to C$7 million.
Adcore also said its gross margin saw a significant increase sequentially to 46% from 23% in the 1Q of 2021.
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The company also said its adjusted EBITDA for the quarter was C$1.5 million compared to C$0.5 million for the same quarter in 2020, an increase of 189%.
As of June 30, 2021, Adcore said its total working capital was C$13.1 million compared to C$7.8 million as of December 31, 2020. It added that its cash and cash equivalents were C$13.9 million, versus C$11.7 million as of December 31, 2020.
Adcore said that it continues to see strong growth in the company's direct channel revenue stream, driven by a high level of e-commerce, digital transformation and international expansion.
During the quarter, the company said it made significant progress growing the Amphy.com platform, the world's most diverse 24/7 live learning marketplace. Adcore formally launched Amphy in July 2021 and has already screened and onboarded 200-plus teachers and is actively offering 800 classes across 70 categories to thousands of students.
Also in the 2Q, Adcore completed a capital raise for gross proceeds of C$4.1 million to support future growth and began trading on the OTCQX Best Market in the US and secured DTC eligibility.
"I couldn't be happier with our second-quarter results, which reflect the strong momentum we're seeing in our business as we leverage our capabilities and innovative technology for e-commerce marketing as the online retail industry continues to grow exponentially," said Adcore CEO Omri Brill in a statement.
"Globally, consumers increasingly shifted their shopping activity to embrace online purchasing during the pandemic and even as the worldwide economy reopens, e-commerce activity remains robust. Adcore's technologies enable our retail partners to efficiently reach their target audiences to drive product interest and sales and Adcore's market recognition as a premier MarTech resource for online retailers, both large and small, continues to increase.”
Brill added: "This is a very exciting time for our company as we pursue opportunities in the complementary e-commerce and e-learning industries. We believe we're uniquely positioned with technology that simplifies the digital marketing efforts of our partners and, more importantly, enhances their ability to reach the right audiences.
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