Adcore Concludes Fiscal Year 2025 With Strong Q4 Performance

International Growth Momentum Positions Adcore for Scalable Expansion in 2026

(All figures in CAD unless otherwise stated)

March 26, 2026 / Adcore Inc. (the “Company” or “Adcore”) (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ), a global leader in marketing technology empowering businesses to maximize their digital marketing potential with its innovative AI-powered platform (“Marketing Cloud”), today announced its financial results for the three and twelve months ended December 31, 2025.

Omri Brill, Adcore CEO & Founder, commented, “We closed 2025 with a strong fourth quarter, revenue up 8% year-over-year, robust quarterly operating cash flow of $4.2 million, and continued positive Adjusted EBITDA. APAC delivered 37% growth in Q4, reinforcing the scalability of our platform across international markets. For the full year, revenue reached $33.3 million.”

“Throughout 2025, we significantly expanded our offering with new marketing solutions, including SEO, upper-funnel and affiliate-driven campaigns, alongside our AI Creative Studio. These solutions are already opening new revenue streams that did not exist a year ago.”

“The momentum from Q4 has carried into 2026 and is accelerating. In Australia, more than 40% of the new revenue generated in January 2026 came from solutions that did not exist at the beginning of 2025, a powerful validation of our ability to innovate and monetize quickly.”

Mr. Brill continued,”2026 marks Adcore’s transformation into an AI-first company. We have embedded AI across our operations, and the impact is already clear; our engineering teams are developing three times faster, with leaner teams, accelerating product releases and improving our ability to scale efficiently. In the first half of 2026, we will launch a new line of AI agents designed to automate key marketing workflows, creating additional value for clients and new monetization opportunities for Adcore. We expect this shift to drive meaningful cost efficiencies and operating leverage throughout the year and beyond.”

“We are also strengthening our partnership model, with an expanded strategic relationship with TikTok adding to our existing partnerships with Google, Microsoft, Meta, and Criteo positioning Adcore as a true multi-platform growth partner for advertisers worldwide.”

Mr. Brill concluded, “With a surge in demand for our solutions, an accelerating AI transformation, and over $10 million in cash on a clean balance sheet – we believe Adcore is entering 2026 as a fundamentally stronger company. We encourage investors to take a fresh look and re-evaluate their position. The momentum is real, and we intend to capitalize on it.”

Fourth Quarter Highlights

1. Q4 Revenue up 8% YoY – Q4 revenue came in at CAD$12.1M vs. CAD$11.2M a year ago. This was the strongest quarter of the year by a wide margin and shows the company finished 2025 with real momentum.
2. APAC Exploded – up 37% YoY in Q4 – APAC revenue hit CAD$7.5M in Q4 vs. CAD$5.5M in Q4 2024. This region is now clearly the growth engine and demonstrates the scalability of Adcore’s platform internationally.
3. Robust Q4 Operating Cash Flow – CAD$4.17M (+9% YoY) – Cash generated from operations in Q4 alone was CAD$4,172K, up from CAD$3,816K in Q4 2024. The business demonstrated excellent cash conversion by delivering its second-highest quarterly operating cash flow on record.
4. Q4 Operating Profit Turned Positive – The company posted an operating profit of CAD$28K in Q4 vs. an operating loss of CAD$970K for the full year. This shift highlights Adcore’s increased operational efficiency and its success in concluding the year with significant momentum.
5. Positive Adjusted EBITDA Maintained – Adjusted EBITDA was CAD$507K in Q4, marking the continuation of positive adjusted EBITDA through 2025. While down from the exceptional CAD$1,275K in Q4 2024, it demonstrates the business is operationally self-sustaining.

Full-Year Highlights

1. Revenue Grew to CAD$33.3M (+3% YoY) – Full-year revenue rose from CAD$32.5M to CAD$33.3M despite a challenging geopolitical backdrop and North American market softness.
2. Continued Strong Momentum in APAC – Revenue Surged ~37% YoY – Revenue in the APAC region grew from $13.6 million to $18.6 million, demonstrating the region’s ability to rapidly adapt and monetize new marketing services and solutions.
3. Operating Cash Flow Remained Strongly Positive – CAD$2.2M – The Company has generated positive cash flow from operating activities for the third consecutive year, with $2.2 million in 2025, demonstrating that the business model generates cash even while reporting accounting losses.
4. Cash Position Preserved at CAD$10.3M – Despite investing heavily in development and absorbing a net loss, the company held onto most of its cash (CAD$10.3M vs CAD$10.8M YoY). No debt was taken on, and the balance sheet remains clean with non-current liabilities of just CAD$474K.

CONFERENCE CALL AND WEBCAST INFORMATION

Adcore will host a webcast and conference call to discuss those results on Thursday, March 26, 2026, at 10:00 a.m. ET.

To register for the conference call please click here or visit: https://investors.adcore.com/YE2025.

The conference call will include a brief statement by management and will focus on answering questions about Adcore’s results. Questions regarding results can be sent in advance to [email protected].

USE OF NON-IFRS MEASURES

Management uses Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) as a key financial metric to evaluate Adcore’s operating performance and for planning and forecasting future business operations. Adjusted EBITDA excludes significant items that are non-operating in nature in order to evaluate Adcore’s core operating performance against prior periods. Adjusted EBITDA is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for net earnings, overall change in cash or liquidity of the business as a whole. Management believes the use of Adjusted EBITDA allows investors and analysts to understand the results of the continuing operations of the Company. The following table reconciles the non-IFRS measure to the most comparable IFRS measure for the three and twelve months ended December 31, 2023.  This measure does not have any standardized meaning under IFRS and is not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies.

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ADJUSTED EBITDA

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
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