- AcuityAds Holdings (AT) announced its financial results for the three months ended June 30, 2022
- Total revenue for the three months ended June 30, 2022, was $28.3 million, up 18.6 per cent
- illumin second quarter revenue rose 96.1 per cent YoY to $10.2 million or 36 per cent of total revenue
- AcuityAds is a leading advertising technology company
- AcuityAds Holdings Inc. (AT) is up 16.51 per cent, trading at C$3.74 per share at 2:18 pm ET
AcuityAds Holdings (AT) announced its financial results for the three months ended June 30, 2022.
Second quarter highlights:
- Total revenue for the three months ended June 30, 2022, was $28.3 million, up 18.6 per cent. Revenues decreased by 6.6 per cent, YoY
- illumin second quarter revenue rose 96.1 per cent YoY to $10.2 million or 36 per cent of total revenue
- illumin self-serve revenue increased 94 per cent to $1.0 million, while illumin self-serve clients grew 24 per cent
- Q2 2022 gross margin was 51.9 per cent, compared to 52.2 per cent in 2021
- Net revenue or gross profit (revenue less media costs) for the three months ended June 30, 2022 was $14.7 million, compared to $15.8 million for the same period in 2021
- Adjusted EBITDA was $1.5 million for Q2 of 2022, compared to $5.4 million in the prior year
- Q2 2022 net income was $0.9 million, versus $3.4 million in Q2 2021
- During the Q2 of 2022, the company repurchased 2,269,480 of its common shares at an average price of $3.15 per share for total consideration of $7,140,296. As of August 5, 2022, the company has repurchased 3,525,620 of its common shares for total consideration of $11,143,292
- At June 30, 2022, cash and cash equivalents were $92.5 million, compared to $102.2 million as of December 31, 2021, reflecting share repurchases during the quarter
Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds, commented on the results.
“While total company revenue was lower than the prior year due to salesforce transition issues, we continue to see growing adoption of illumin-particularly in self-serve usage. Our strategic initiatives to grow illumin self-serve revenues have already begun to pay off as these revenues grew 94 per cent sequentially, even as illumin self-serve clients grew 24 per cent. This sequential growth supports our belief that illumin’s tremendous ease of use naturally lends itself to self-serve operation and we expect to see continued growth.”
AcuityAds is a leading advertising technology company. Its Journey Advertising platform, illumin, offers media planning, buying and real-time intelligence from a single platform. With proprietary Artificial Intelligence, illumin brings unique programmatic capabilities to connect the consumer journey and help marketers understand a consumer’s true value to their brand.
AcuityAds Holdings Inc. (AT) is up 16.51 per cent, trading at C$3.74 per share at 2:18 pm ET.