Welcome to our dedicated page for Ackroo news (Ticker: AKRFF), a resource for investors and traders seeking the latest updates and insights on Ackroo stock.
Ackroo Inc. (OTC: AKRFF), formerly listed on the TSX Venture Exchange as AKR, generated a consistent stream of corporate news as a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider. Its news flow covered strategic transactions, shareholder approvals, financing arrangements and operating performance, providing context for investors tracking the company’s evolution and eventual sale.
One major theme in Ackroo’s news was its go‑private transaction with Paystone Inc. The company announced the signing of a definitive arrangement agreement with Paystone, followed by updates on shareholder voting, court approvals and the final completion of the statutory plan of arrangement. These releases detailed how Paystone’s subsidiary Atom Growth Inc. acquired all Ackroo shares, assumed its assets and liabilities, and set the stage for delisting and ceasing to be a reporting issuer.
Ackroo’s news archive also includes quarterly financial results, where the company discussed recurring subscription revenue from its cloud-based marketing platform, adjusted EBITDA trends and its focus on earnings generation and operational efficiency. Additional releases describe the restructuring of a loan with BDC Capital and the implementation of a normal course issuer bid to repurchase and cancel common shares.
Visitors to this news page can review historical announcements related to Ackroo’s business performance, capital structure decisions, debt arrangements and the steps leading to its acquisition by Paystone. For anyone researching the AKRFF symbol, these articles provide a detailed record of how Ackroo positioned itself as an industry consolidator in gift card, loyalty marketing, payment and point-of-sale solutions and how that strategy culminated in the completed transaction with Paystone.
Ackroo has announced the renewal of its Normal Course Issuer Bid (NCIB) with the TSX Venture Exchange (TSXV), allowing the company to continue purchasing its common shares. Subject to TSXV approval, Ackroo may buy up to 5.0% of its outstanding shares, or 5,765,248 shares, over a 12-month period starting June 17, 2024. The company believes the market price may not fully reflect its business value and future prospects, hence the decision to enhance shareholder value through share buybacks. Purchases will be made via open market transactions and will be managed by Canaccord Genuity Corp. Shares bought will be canceled. Funding will come from Ackroo's working capital, and no insiders have intentions to sell shares to the company.
Ackroo has released its Q1 2024 financial results, reporting quarterly revenues of $1,547,417 and recurring subscription revenue of $1,425,369. Despite a 15% decline in total revenue and a 12% dip in subscription revenue, primarily due to the divestiture of GGGolf, the company achieved a 12% year-over-year growth in adjusted EBITDA, reaching $505,705. Gross margins rose to 90% from 88% in Q1 2023. The company completed major milestones, including paying off the GiftFly acquisition debt and advancing the Simpliconnect migration. Ackroo also announced a three-month loan extension with BDC Capital, postponing the loan maturity to September 15, 2024.
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) announces 2023 audited financial results with $6,977,597 in total revenue, an 11% YoY increase, and $6,086,981 in annual recurring revenue, a 14% increase. The company achieved $1,722,102 of adjusted EBITDA, a 23% YoY increase, representing 27% of total revenues. Ackroo improved its balance sheet, completed acquisitions, divested non-core assets, paid down debt, bought back shares, and enhanced operations. The company is optimistic about its future. Key financial data includes:
- Total Revenue: $6,977,596
- Recurring Revenue: $6,086,981
- Adjusted EBITDA: $1,722,102
- EPS: $0.007
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