Adcore Concludes Fiscal Year 2025 With Strong Q4 Performance

Executive Summary

• Adcore reported Q4 2025 revenue of CAD 12.1 M (up 8% YoY) and full‑year 2025 revenue of CAD 33.3 M (+3% YoY), with operating profit turning positive in Q4 (CAD 28 K).
• Adjusted EBITDA remained positive at CAD 507 K for Q4 and CAD 992 K for the year, while cash flow from operations was CAD 4.17 M in Q4 and CAD 2.2 M for 2025.
• The company ended 2025 with CAD 10.3 M of cash, no debt, and a clean balance sheet, positioning it for accelerated AI‑first product launches in 2026.

Key Details

• Q4 2025 Highlights
• Revenue: CAD 12.1 M vs. CAD 11.2 M YoY (+8%).
• APAC revenue: CAD 7.5 M vs. CAD 5.5 M YoY (+37%).
• Operating cash flow: CAD 4.17 M (+9% YoY).
• Operating profit: CAD 28 K (vs. operating loss of CAD 970 K in FY 2024).

• Adjusted EBITDA: CAD 507 K (down from CAD 1,275 K Q4 2024 but still positive).

• Full‑Year 2025 Highlights

• Revenue: CAD 33.3 M vs. CAD 32.5 M YoY (+3%).
• APAC revenue growth: CAD 18.6 M vs. CAD 13.6 M YoY (+37%).
• Operating cash flow (FY): CAD 2.2 M – third consecutive year of positive cash from operations.
• Cash balance end‑2025: CAD 10.3 M (down slightly from CAD 10.8 M YoY).

• No debt; non‑current liabilities limited to CAD 474 K lease liability.

• Balance Sheet (Dec 31 2025)

• Total assets: CAD 21.586 M (down from CAD 23.431 M).
• Cash & cash equivalents: CAD 10.281 M.
• Trade receivables, net: CAD 5.215 M.
• Current liabilities: CAD 10.832 M; non‑current liabilities: CAD 474 K.

• Shareholders’ equity: CAD 10.280 M (down from CAD 12.040 M).

• Profit & Loss (FY)

• Net loss: CAD 1.353 M (vs. net profit of CAD 521 K FY 2024).

• Basic and diluted loss per share: –$0.022 (vs. +$0.009 EPS FY 2024).

• Operating Expenses

• R&D expense decreased to CAD 1.800 M (down from CAD 2.378 M YoY).

• SG&A increased to CAD 12.174 M (up from CAD 11.814 M YoY).

• Management Commentary

• CEO Omri Brill highlighted the “AI‑first” transformation, faster engineering cycles, new AI agents slated for H1 2026, and expanded strategic partnership with TikTok alongside existing ties to Google, Microsoft, Meta, and Criteo.

• Emphasis on leveraging APAC growth as a primary engine and monetizing newly launched solutions (SEO, affiliate‑driven campaigns, AI Creative Studio).

• Outlook

• Expectation of cost efficiencies and operating leverage from AI integration throughout 2026.
• Planned launch of AI agents to automate marketing workflows in H1 2026.

Notable Quotes

“We closed 2025 with a strong fourth quarter, revenue up 8% year‑over‑year, robust quarterly operating cash flow of $4.2 million, and continued positive Adjusted EBITDA.” – Omri Brill, CEO & Founder

“2026 marks Adcore's transformation into an AI‑first company… we will launch a new line of AI agents designed to automate key marketing workflows, creating additional value for clients and new monetization opportunities.” – Omri Brill, CEO & Founder