Adcore Reports Third Quarter 2025 Results

Continued Global Momentum Across APAC & EMEA Markets

(All figures in CAD unless otherwise stated)

TORONTO, ONTARIO – November 13, 2025 – 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”), oday announced its financial results for the three and nine months ended September 30, 2025.

Omri Brill, CEO and Founder of Adcore, commented, “While our third-quarter topline results reflect a period of transition, I’m encouraged by the underlying strength of our operations and the solid progress we’ve made this year across our key regions and initiatives.”

Mr. Brill continued, “Our EMEA business grew 25% year-over-year and APAC revenue increased 7% in the quarter and 37% year-to-date, confirming the positive momentum of our international footprint. At the same time, our disciplined cost structure drove meaningful efficiency gains, with R&D expenses down 10% year-over-year and SG&A down 12% in the quarter, contributing to a 56% increase in Adjusted EBITDA year-to-date.

We also strengthened our balance sheet, growing cash and cash equivalents by 8% year-over-year, which provides the financial flexibility to keep investing in innovation and profitable growth.

On the product side, we made substantial progress with Proposaly.io, advancing its automation and client-portal capabilities to position it as a leading AI-driven proposal platform. We also launched the new marketing website, which delivers clearer messaging, improved conversion funnels, and a more unified brand experience.

These actions together with our focus on recurring revenue, efficiency, and smart product execution are setting the foundation for a stronger, more scalable company. As we head into 2026, our priorities remain clear: driving growth in our core markets, accelerating the commercialization of Proposaly, and deepening relationships with our clients worldwide.

I want to thank our teams across regions for their focus and resilience, and our shareholders for their continued trust as we execute on our long-term vision.”

Third Quarter Highlights:

Revenue for the three months ended September 30, 2025, was CAD$7.6 million compared to CAD$7.8 million for the three months ended September 30, 2024, a 2% decrease.

Gross profit for the three months ended September 30, 2025, was CAD$3.1 million compared to CAD$3.7 million for the three months ended September 30, 2024, a 16% decrease.

Gross margin for the three months ended September 30, 2025, was 40% compared to 47% for the three months ended September 30, 2024.

Adjusted EBITDA for the three months ended September 30, 2025, was CAD$122,000 compared to CAD$282,000 for the three months ended September 30, 2024.

North America revenue for the three months ended September 30, 2025, was CAD$1.1 million compared to $2.1 million for the three months ended September 30, 2024, a 50% decrease.

EMEA revenue for the three months ended September 30, 2025, was CAD$3.0 million compared to CAD$2.4 million for the three months ended September 30, 2024, a 25% increase.

APAC revenue for the three months ended September 30, 2025, was CAD$3.5 million compared to $3.3 million for the three months ended September 30, 2024, a 7% increase.

Working Capital for the three months ended September 30, 2025, was CAD$5.85 million compared to CAD$7.3 million as of December 31, 2024.

CONFERENCE CALL AND WEBCAST INFORMATION
Adcore will host a webcast and conference call to discuss those results on Wednesday August 13, 2025, at 10:00 a.m. ET.

To register for the conference call/webcast please visit: https://investors.adcore.com/Q325.

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.

ADCORE INC.
ADJUSTED EBITDA
(Express in CAD Thousands)

	Three Months Ended
	September 30, 2025		September 30, 2024
Operating (loss) profit		(278)		(122)
Depreciation and amortization		361		388
Share-based payments		20		14
Other non-recurring items		19		2
Total Adjustments		400		404
Adjusted EBITDA		122		282

ADCORE INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in CAD Thousands)

	Three Months Ended
	September 30, 2025		September 30, 2024
Revenue		7,648		7,844
Cost of revenues		4,579		4,189
Gross profit		3,069		3,655
Research and development, net		491		545
Selling, general and administrative expenses		2,856		3,232
Operating loss		(278)		(122)
Finance expense		184		81
Finance income		(47)		(29)
Taxes expense (income)		33		(2)
Net loss		(448)		(172)


Basic loss per share attributable to shareholders		(0.007)		(0.003)
Diluted loss per share attributable to shareholders		(0.007)		(0.003)

ADCORE INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in CAD Thousands)

	September 30, 2025		December 31, 2024
CURRENT ASSETS:
Cash and cash equivalents		7,260		10,803
Trade accounts receivable, net		5,578		6,561
Other accounts receivable		402		624

Total current assets		13,240		17,988

NON-CURRENT ASSETS:
Property, plant and equipment, net		1,127		1,306
Intangible assets, net		4,218		4,137
Total non-current assets		5,345		5,443

Total assets		18,585		23,431

CURRENT LIABILITIES:
Trade accounts payable		5,253		8,156
Other accounts payable		1,923		2,355
Lease liability		213		200
Total current liabilities		7,389		10,711

NON-CURRENT LIABILITIES:
Accrued severance pay, net		10		10
Deferred tax liability, net		–		–
Lease liability		521		670
Total non-current liabilities		531		680

SHAREHOLDERS’ EQUITY:
Share capital		11,377		11,760
Additional paid in capital		3,972		4,018
Treasury stocks		(1,065)		(1,043)
Actuarial reserve		(104)		(102)
Retained earnings		(3,515)		(2,593)
Total Equity		10,665		12,040

TOTAL LIABILITIES AND EQUITY		18,585		23,431

ABOUT ADCORE

Adcore is a leading AI-powered marketing technology company.

By combining extensive industry knowledge and experience with its proprietary artificial intelligence (AI) powered technology, Adcore offers a unique digital marketing solution that empowers entrepreneurs and advertisers by managing and automating their e-commerce store advertising and monitoring and analyzing the performance of their advertising budget to ensure maximum Return on Investment. Adcore is a certified Google Premier Partner, Elite Tier Microsoft Partner, Facebook Partner, Verified Amazon Partner, and TikTok Partner.

Established in 2006, the Company employs over fifty people in its headquarters in Tel Aviv, Israel and satellite offices in Toronto, Canada, Melbourne, Australia, Hong Kong and Shanghai, China.

For more information about Adcore, please visit https://www.adcore.com/investors/, https://www.adcore.com/blog or follow us on LinkedIn.

FORWARD-LOOKING STATEMENTS

This press release contains or may contain certain forward-looking statements, including statements about the Company. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

For further information please contact:

ADCORE INC.

https://www.adcore.com/investors/

Investor Relations
Nick Campbell, CFA

Telephone: 905-630-0148
Email: [email protected]

Chief Partnership Officer
Martijn van den Bemd

Telephone: 647-497-5337
Email: [email protected]