Ottawa-based Ackroo is reporting higher revenue, but the company continues to lose money, it said Friday.
Ackroo, which runs a web-based loyalty platform for retailers, reported second-quarter revenue of $559,223 during the three-month period that ended on June 30. That’s up 77 per cent from $315,562 during the same period last year.
“The second quarter is traditionally a slower revenue quarter for the company from a seasonality perspective, so to see us deliver one of our best year-over-year growth quarters is an exciting accomplishment,” Ackroo CEO Steve Levely said in a release. “We put great focus on cross-selling products and services to our customer base while also working with our current and new channel partners to add more merchants onto our platform.”
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The higher revenue reduced the company’s losses but was not enough to push it into the black.
Ackroo (TSXV: AKR) (OTC: AKRFF) reported comprehensive losses of $414,295 during the quarter, compared with comprehensive losses of $662,305 during the same period last year.
Losses from operations before depreciation, amortization and stock-based compensation were $84,396 for the quarter, down from $290,246 during the same period last year.
“The significant decrease in loss from operations for the current period is due to the company’s decision to aggressively pursue cost-reduction activities as well as increasing revenues,” the management discussion and analysis filed with securities regulators said.
Ackroo now has an accumulated deficit of more than $14.4 million.
