Ackroo (Ackroo Stock Quote, Chart, News: TSXV:AKR) this morning reported its Q1, 2013 numbers. The Ottawa-based company’s nearly doubled its revenue, but still posted a loss as it rolls out its loyalty platform aimed at small and medium-sized businesses.
Ackroo lost $1.55-million on revenue of $230,992. The company’s topline was up from $122,915 in the same period a year prior.
After the shakeup that led to his recent appointment as CEO, Eamonn Garry said the company is tracking in the right direction.
“The results for this quarter show we are gaining traction with 26-per-cent growth over our previous quarter,” he said. “With our major restructuring behind us and a newly expanded direct sales force coupled with deepening channel partner integration, we are set up for continued growth in 2013. The following few quarters will see Ackroo’s expansion into new verticals as well as marked innovation in our software platform with leading-edge Web and payment terminal technologies. These advances show the strength of our operating plan and our commitment to delivering a compelling experience for our customers.”
Ottawa-based Ackroo began with a rethinking of the digital electronic payment interchange platform, where Garry and co-founder Tyler Nelson, veterans of Canadian tech companies such as RIM, Nortel and Bridgewater Systems, looked to apply their considerable knowledge of the telecom sector’s changes to a space they felt would undergo a similar evolution. The result is a solution that allows small and medium sized business to implement loyalty programs that can compete with national and international firms without breaking the bank.
Shares of Ackroo closed today even at $.175.
Disclosure: Ackroo is an annual sponsor of Cantech Letter.