Ackroo third-quarter revenue up, aims for business break even in 2015

Ottawa-based Ackroo released its third-quarter report Friday, and its CEO said the loyalty and rewards technology and services provider is aiming to be business break-even in the next year.

Ackroo (TSXV: AKR) posted revenue of $321,972 for the three months ended Sept. 30, up 13 per cent from the previous quarter but down from the same quarter last year.

Gross profit for the quarter was at $244,323, up from the third quarter last year despite lower revenue, due to a 35 per cent reduction in operating expenses.

CEO Steve Levely said the company is very focused on continuing to implement cost efficiencies while continuing to expand the reach and depth of its product.

“We also signed our first white label re-seller partner, which we believe is a key milestone in our go-to-market strategy," Mr. Levely said in a statement. “Overall, we believe that we made substantial progress during this period which we plan to continue into Q4 and beyond."

Ackroo also announced Dan Liu has been appointed chief financial officer, replacing John Chapman. Mr. Chapman will stay on as a company director and chair of the audit committee.