Ackroo releases 2016 Audited Financial Results

Ackroo releases 2016 Audited Financial Results

Ackroo Revenues up 22% over 2015

Ackroo Inc. (TSX VENTURE: AKR) (OTC PINK: AKRFF) (“Ackroo” or the “Company”), a gift card, loyalty and rewards technology and services provider, has filed its financial results for the year ended December 31, 2016.

The results for the year ended December 31, 2016 reflect year over year revenue growth of 22% and operating loss reduction of 29% as compared to the previous year.

“2016 was an important year as we continued to further validate and refine our business model,” said Steve Levely, chief executive officer at Ackroo. “We continued our quest to both simplify and consolidate the very fragmented gift card and loyalty landscape with a combination of several strategic product enhancements, 3 acquisitions, further expansion and deepening of our channel partnerships including the addition of First Data Canada, all while improving our general operations. We grew our merchant base by adding over 360 locations and had our smallest rate of attrition of just over 4% further validating both our technology development and operating model. Finally we finished the year closing an important financing that allowed us to add key staff in order to better position us for scale. It was a great year on many fronts and so we are excited to see what lies ahead in 2017.”

The complete financial results for Ackroo are available at www.sedar.com. Highlights include:

  • Revenue of $2,224,165 for the year ended December 31, 2016 as compared to $1,822,224 for the year ended December 31, 2015 (22% growth);
  • Expenses less depreciation, amortization, and stock based compensation was $2,070,954 for the year ended December 31, 2016 as compared to $2,063,347 for the year ended December 31, 2015 (0% change)
  • EBITDA loss from operations excluding stock based compensation was $607,466 for the year ended December 31, 2016, as compared to $853,021 for the year ended December 31, 2015 (29% reduction)