Adcore Reports Third Quarter 2025 Results

Executive Summary

• Adcore Inc. reported Q3 2025 revenue of CAD 7.6 M, a 2% decline year‑over‑year, with net loss widening to CAD 448 K.
• Adjusted EBITDA fell sharply to CAD 122 K from CAD 282 K YoY, reflecting weaker North American performance and lower gross margins.
• Despite the overall downturn, EMEA revenue grew 25% YoY and APAC revenue increased 7% QoQ (37% YTD), highlighting continued international momentum.

Key Details

• Revenue: CAD 7,648 K (Q3 2025) vs. CAD 7,844 K (Q3 2024) – 2% decrease.
• Gross Profit: CAD 3,069 K vs. CAD 3,655 K YoY – 16% decline; gross margin fell to 40% from 47%.
• Adjusted EBITDA: CAD 122 K vs. CAD 282 K YoY – 56% drop.
• Net Loss: CAD 448 K vs. CAD 172 K YoY; basic & diluted loss per share ‑0.007 CAD.
• Regional Revenue Breakdown (Q3 2025):
• North America: CAD 1,100 K (‑50% YoY)
• EMEA: CAD 3,000 K (+25% YoY)
• APAC: CAD 3,500 K (+7% YoY)
• Operating Expenses:
• R&D expense down 10% YoY to CAD 491 K.
• SG&A down 12% QoQ to CAD 2,856 K.
• Balance Sheet Highlights (Sept 30 2025 vs. Dec 31 2024):
• Cash & cash equivalents: CAD 7,260 K (‑32%).
• Total assets: CAD 18,585 K (‑19%).
• Total liabilities: CAD 7,920 K (‑26%).
• Shareholders’ equity: CAD 10,665 K (‑11%).
• Working Capital: CAD 5.85 M vs. CAD 7.30 M at end‑2024.
• Conference Call: Hosted on Nov 13 2025, 10:00 a.m. ET; registration link provided.

Notable Quotes

“While our third‑quarter topline results reflect a period of transition, I’m encouraged by the underlying strength of our operations and the solid progress we’ve made this year across our key regions and initiatives.” – Omri Brill, CEO & Founder

“Our disciplined cost structure drove meaningful efficiency gains… contributing to a 56% increase in Adjusted EBITDA year‑to‑date.” – Omri Brill