Adcore三季度毛利率升至64%：毛利370万、经营亏损收窄至26.3万，季末现金430万且无债务
营销科技公司Adcore于11月10日在多伦多公布截至9月30日的2026年第三季度业绩。公司运营人工智能驱动的营销云，在多伦多证券交易所、场外市场与法兰克福上市。公司10月21日宣布的全公司重组于9月启动、10月基本完成，三季度只体现了部分季度的成本收益。公司财务报表以加元计列，下文数字按公司业绩新闻稿口径。
三季度营收577万，去年同期为764.8万。毛利367.8万，同比增20%，毛利率由一年前的40%升至64%，二季度时为51%，升幅来自收入成本同比大降54%、环比降41%。
经营亏损为26.3万，较二季度的57万收窄54%。调整后EBITDA为正11.2万，二季度为4.2万。经营活动现金流为正90万，去年同期为负150万，二季度为负40万。
现金方面，季末现金430万，较6月30日的约400万增加，期间公司已开始支付重组成本。公司无债务。应付账款由年末的840万降至460万。
地区收入方面，北美三季度收入130万，同比增27%，去年同期为100万。前九个月，北美收入420万，同比增15%，亚太收入1170万，同比增6%。前九个月毛利1050万，同比增13%，毛利率49%，去年同期为44%，收入成本由1200万降至1100万，降幅8%。
费用方面，三季度总经营费用环比降7%至390万，其中销售与行政费用降6%、研发费用降15%。首席执行官Omri Brill在发布中表示，三季度经营费用约为每月130万，重组后到年末将降至每月约90万。
净亏损方面，三季度净亏损54.3万，去年同期为44.8万，基本每股亏损0.009。季末总资产1581.8万，年末时为2158.6万，股东权益851.7万。
四季度展望方面，公司预计四季度恢复经营盈利，经营利润目标约为50万至70万，并预计此后保持经营盈利。公司称，重组效应自四季度起更明显，2027年一季度起全面体现。公司同时继续为其人工智能产品组合Proposaly、AI Studio与Total Eclipse检视战略选项，包括产品层面的外部融资、合作与出售，目前尚无已达成交易。
Brill在发布中表示，三季度是首个能看到10月21日所宣布重组效果的季度，毛利率一年内由40%升至64%，经营活动产生现金，在开始支付重组成本的季度里现金不降反升，经营亏损较二季度减半，而这只包含数周的新成本基数。他同时表示，营收下降是公司主动聚焦高毛利收入、放掉低毛利业务的战略决定，收入成本降幅过半，毛利在营收下降时仍上升。
公司定于11月10日上午10时举行三季度业绩网络会议与电话会。
Adcore Third Quarter Gross Margin Rose to 64 Percent, with Gross Profit of $3.7 Million, an Operating Loss Narrowed to $263,000 and Cash of $4.3 Million with No Debt
Adcore announced financial results for the three months ended September 30, 2026, on November 10 in Toronto. The company operates an AI powered Marketing Cloud and is listed in Toronto, on the OTCQX and in Frankfurt. The company wide restructuring announced on October 21 began in September and was substantially complete by October, so the third quarter reflects only a partial quarter benefit. The company's financial statements are expressed in Canadian dollars, and the figures below follow the company's release.
Revenue for the quarter was $5.77 million, compared with $7.648 million a year earlier. Gross profit was $3.678 million, up 20 percent year over year, and gross margin rose to 64 percent, up from 40 percent a year earlier and 51 percent in the second quarter, as cost of revenue fell 54 percent year over year and 41 percent quarter over quarter.
Operating loss narrowed to $263,000, down 54 percent from $570,000 in the second quarter. Adjusted EBITDA was positive at $112,000, up from $42,000 in the second quarter. Cash from operating activities was $0.9 million, compared with cash used of $1.5 million in the third quarter of 2025 and cash used of $0.4 million in the second quarter.
Cash was $4.3 million at September 30, up from approximately $4.0 million at June 30, notwithstanding restructuring costs incurred in the quarter. The company has no debt. Trade payables fell from $8.4 million at year end to $4.6 million.
On regional revenue, North America revenue was $1.3 million in the quarter, up 27 percent from $1.0 million a year earlier. For the nine months, North America revenue was $4.2 million, up 15 percent, and APAC revenue was $11.7 million, up 6 percent. Nine month gross profit was $10.5 million, up 13 percent, at a gross margin of 49 percent, up from 44 percent, with cost of revenue down 8 percent to $11 million from $12 million.
Total operating expenses decreased 7 percent to $3.9 million from the second quarter, with selling, general and administrative expenses down 6 percent and research and development down 15 percent. Chief executive officer Omri Brill said in the release that operating expenses ran at roughly $1.3 million a month in the third quarter, and that the restructuring takes that to roughly $0.9 million by year end.
Net loss for the quarter was $543,000, compared with $448,000 a year earlier, for a basic loss per share of $0.009. Total assets were $15.818 million at quarter end, compared with $21.586 million at year end, and total equity was $8.517 million.
For the fourth quarter, the company expects to return to operating profitability, targeting operating profit of approximately $500,000 to $700,000, and expects to remain profitable on an operating basis thereafter. The restructuring is anticipated to yield a more pronounced effect from the fourth quarter, with the full effect from the first quarter of 2027. The company continues its review of strategic alternatives for its AI product portfolio, Proposaly, AI Studio and Total Eclipse, including external funding, partnerships and divestiture, with no transactions agreed.
Brill said in the release that the third quarter is the first quarter where the effect of the restructuring can be seen, that gross margin went from 40 percent to 64 percent in a year, that the company generated cash from operations and ended the quarter with more cash in a quarter where it started to pay for a restructuring, and that revenue was lower by a strategic decision to focus on higher margin revenue and let lower margin business go, while gross profit rose as revenue fell.
The company hosted a webcast and conference call to discuss the results on November 10 at 10:00 a.m. Eastern time.
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