After recording its lowest quarterly operating costs ever, Ackroo says it’s in a strong position to scale following its third consecutive quarter of rising revenues.
This week, the Ottawa-based loyalty and rewards services provider announced revenues of $622,867 for the quarter ending Sept. 30, an increase of 11 per cent from the same period a year ago.
Contributing to the growth was a 26-per-cent increase in subscription and services revenue. Recurring revenues now stand at more than $400,000 per quarter.
A federal boost for Ottawa’s hard-hit tourism industry could bring some sophisticated visitors to Ottawa
Ottawa’s tourism industry took a bit hit during the pandemic, but the federal government is helping some businesses and organizations get back on their feet
Meet the team bringing talent and jobs to Eastern Ontario
The OEEDC has been supporting economic development in Eastern Ontario by putting the region on the map.
The firm cut its net loss to $167,756, an improvement from $488,645 a year ago. Operating losses were reduced by 87 per cent this quarter, and monthly burn is now less than $5,000 per month.
According to the firm’s MD&A report, cuts came in the form of job losses and reduced costs of goods and services such as license fees.
“The company now has a solid operational model and revenue run rate to maintain its operations and begin scaling in a material way. An exciting time for the company and for shareholders,” the report reads.
It was also a milestone quarter for Ackroo as the firm surpassed its 500th restaurant location. The company develops cloud-based rewards programs for retail and hospitality merchants.