Ackroo Inc. (AKR.V) recently released its 2015 annual audited financial statements as well as Q1 2016 financial results. To keep our readers informed about recent developments, here is a short update covering all the key points.
- On April 26, 2016, Ackroo released its 2015 audited financial statements. Ackroo slightly beat our expectations on revenue and gross profits, but missed on EBITDAS by a little more than 3%.
- On May 5, 2016, Ackroo reported its Q1 2016 results, the best quarter in the company’s history.
- On May 11, 2016, Ackroo made a final amendment to the payment terms for Dealer Rewards Canada acquisition: i) $330K by July 1, 2016, and ii) 24 monthly payments of $36,916 beginning in January 2017.
- The private placement at 0.20$ announced on March 18, 2016, will close by the end of May. The debt restructuring has reduced the company’s capital requirements and hence, CEO Steve Levely expects to raise a lesser amount than the previously stated goal of $2M.
- Our investment thesis and 3-year financial model remain unchanged with a price target of 0.51$, a 137% return potential from current share price.
FY 2015 and Q1 2016 Earnings Update: 20160518-Espace-MicroCaps-AKR-FY2015-and-Q12016-Earnings-Update
Our Initiation Report: 20160421 – Espace MicroCaps – AKR – Initiation Report
Disclosure: Philippe and Mathieu own shares of Ackroo Inc. Full disclosure available on page 6 of our update.