Adcore (ADCO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 8% year-over-year to CAD 12.1 million, marking the strongest quarter and strong momentum into 2026.

• Full-year 2025 revenue reached CAD 33.3 million, up 3% year-over-year despite market challenges.

• APAC region led growth with a 37-40% year-over-year increase in Q4 and full-year APAC revenue rising from $13.6M to $18.6M.

• Transition to an AI-first model accelerated product development, operational efficiency, and cost savings.

• Strategic partnerships expanded, including a new agreement with TikTok in Q1 2026, covering 85-90% of the digital marketing landscape.

Financial highlights

• Q4 2025 gross profit was CAD 3.8 million, with a gross margin of approximately 31%.

• Q4 operating cash flow reached CAD 4.2 million, up 9% year-over-year, the second strongest quarter in company history.

• Adjusted EBITDA for Q4 2025 was CAD 0.5 million, down from CAD 1.3 million in Q4 2024.

• Net loss for Q4 2025 was CAD 0.3 million, compared to net profit of CAD 0.5 million in Q4 2024; basic and diluted loss per share for Q4 was -0.005.

• Cash position at year-end was CAD 10.3 million, with no new debt and minimal non-current liabilities.

Outlook and guidance

• 2026 is positioned as a breakthrough year, with acceleration expected across all departments due to AI integration.

• New AI agents launching in H1 2026 are expected to automate marketing workflows and create new monetization opportunities.

• APAC and Australia expected to continue leading growth, with new services expanding to other regions.

• North America anticipated to stabilize and return to growth in the second half of 2026.

• No formal quarterly guidance provided, but management signals strong momentum and innovation pipeline.