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."
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.