Adcore Inc (TSE:ADCO)
TSX:ADCO
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Adcore
(TSX:ADCO)
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Rating:54Neutral
Price Target:
C$0.15
▲(9.29% Upside)
Action:ReiteratedDate:03/31/26
The score is primarily supported by improving fundamentals—particularly low leverage and a return to positive operating/free cash flow—offset by continued losses and negative profitability. Technicals are neutral with short-term stabilization but a weaker longer-term trend. Valuation is constrained by a negative P/E and no dividend yield data.
Positive Factors
Conservative balance sheet / low leverage
Very low TTM debt-to-equity (~0.07) indicates limited solvency risk and financial flexibility. This durable strength allows management to fund operations, invest in product and sales initiatives, or absorb shocks without reliance on costly external financing, supporting longer-term stability.
Negative Factors
Continued negative operating profit and net margin
Persisting negative operating profit and a slightly negative net margin indicate the business has not yet converted top-line growth into sustainable earnings. Over months to quarters this limits retained earnings, constrains reinvestment capacity, and delays durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Very low TTM debt-to-equity (~0.07) indicates limited solvency risk and financial flexibility. This durable strength allows management to fund operations, invest in product and sales initiatives, or absorb shocks without reliance on costly external financing, supporting longer-term stability.
Read all positive factors
Adcore (ADCO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.43M
Dividend YieldN/A
Average Volume (3M)24.58K
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth7.41%
EPS Growth55.10%
CountryCA
Employees54
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding60,865,990
10 Day Avg. Volume20,975
30 Day Avg. Volume24,580
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)0.83
Price to Sales (P/S)0.26
P/FCF Ratio3.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Adcore Business Overview & Revenue Model
Company Description
Adcore Inc. operates as an e-commerce advertising management and automation platform in the Asia-Pacific, Europe, the Middle East, Africa, and North America. The company offers smart algorithm powered automation tools for digital advertisers to en...
How the Company Makes Money
Adcore primarily makes money by providing digital marketing services to clients and charging fees tied to managing and optimizing paid advertising campaigns. Revenue is typically generated through (a) managed services, where Adcore plans, runs, an...
Adcore Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive trends in profitability and efficiency improvements driven by strong performance in APAC and AI innovations. However, the flat revenue and declines in North America and EMEA present challenges. Despite these issues, the focus on AI and operational improvements suggests an optimistic future.Positive Updates
Strong APAC Revenue Growth
APAC revenue grew by 35% year-over-year, driven by new client acquisition and increased SaaS revenue from Media Blast apps.
Negative Updates
Flat Revenue
Total revenue remained flat at $6.5 million compared to $6.6 million in the previous year, indicating no top-line growth.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong APAC Revenue Growth
APAC revenue grew by 35% year-over-year, driven by new client acquisition and increased SaaS revenue from Media Blast apps.
Read all positive updates
Company Guidance
In the Q2 2025 earnings call, Adcore presented a variety of promising financial metrics and strategic advancements. The company reported a gross profit increase of 6% year-on-year, rising from $2.9 million in Q2 2024 to $3.1 million in Q2 2025, and an improvement in gross margin from 44% to 47%. The cash position also strengthened by 23% to $9 million compared to the previous year. Notably, APAC revenue surged by 35%, attributable to new client acquisitions and SaaS revenue growth, particularly from their Media Blast apps. Adcore achieved a positive adjusted EBITDA of CAD 156,000, a significant turnaround from a loss of CAD 173,000 in the previous year. The company continues to focus on AI-driven innovation, highlighting new features in their Proposaly app, which aim to streamline sales processes. Despite a slight decrease in total revenue to $6.5 million from $6.6 million, Adcore remains optimistic about achieving its annual revenue target of $40 million, emphasizing the potential of AI to enhance operational efficiency and client engagement.Adcore Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.25M | 23.70M | 23.13M | 19.69M | 27.97M |
| Gross Profit | 8.31M | 9.88M | 9.44M | 8.49M | 8.45M |
| EBITDA | 450.75K | 654.00K | 360.00K | 394.00K | 846.00K |
| Net Income | -984.95K | -541.00K | -944.00K | -2.23M | -277.00K |
Balance Sheet | |||||
| Total Assets | 15.71M | 16.27M | 14.43M | 14.54M | 17.28M |
| Cash, Cash Equivalents and Short-Term Investments | 7.48M | 7.50M | 6.11M | 6.53M | 11.06M |
| Total Debt | 497.09K | 604.00K | 0.00 | 188.00K | 434.00K |
| Total Liabilities | 8.23M | 7.91M | 5.55M | 4.81M | 5.09M |
| Stockholders Equity | 7.48M | 8.36M | 8.87M | 9.73M | 12.20M |
Cash Flow | |||||
| Free Cash Flow | 1.59M | 1.45M | -146.00K | -3.78M | -2.41M |
| Operating Cash Flow | 1.62M | 2.43M | 849.00K | -2.55M | -1.44M |
| Investing Cash Flow | -1.50M | -983.00K | -995.00K | -1.21M | -931.00K |
| Financing Cash Flow | -104.46K | -61.00K | -282.00K | -853.00K | 4.67M |
Adcore Technical Analysis
Positive
0.14
Price Trends
0.14
Positive
0.15
Positive
0.20
Negative
Market Momentum
<0.01
Negative
61.91
Neutral
66.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ADCO, the sentiment is Positive. The current price of 0.14 is above the 20-day moving average (MA) of 0.14, below the 50-day MA of 0.14, and below the 200-day MA of 0.20, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.91 is Neutral, neither overbought nor oversold. The STOCH value of 66.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ADCO.
Adcore Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | C$9.43M | -7.68 | -4.82% | ― | 7.41% | 55.10% | |
47 Neutral | C$2.39M | -3.22 | ― | ― | 155678.40% | -1772.63% | |
46 Neutral | C$25.26M | -6.96 | 83.70% | ― | -59.22% | 83.08% | |
| ― | C$9.73M | -0.61 | 1281.62% | ― | ― | ― | |
47 Neutral | C$10.99M | -4.39 | -27.39% | ― | -31.03% | -67.36% |
* Technology Sector Average
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Adcore Corporate Events
Business Operations and StrategyFinancial Disclosures
Adcore Ends 2025 With Strong Q4 and APAC-Led Growth as It Accelerates AI Shift
Positive
Mar 26, 2026
Adcore reported a strong finish to fiscal 2025, with fourth-quarter revenue rising 8% year over year to CAD$12.1 million, robust operating cash flow of CAD$4.17 million, and a return to positive operating profit, underpinned by a 37% surge in APAC...
Financial Disclosures
Adcore Sets March 26 Date to Release Q4 and 2025 Year-End Results
Neutral
Mar 19, 2026
Adcore Inc., a global marketing technology firm specializing in AI-driven digital advertising automation and optimization for e-commerce clients, is headquartered in Tel Aviv with additional offices in Toronto, Melbourne, Hong Kong and Shanghai. T...
Business Operations and StrategyFinancial Disclosures
Adcore Australia Posts Record January as New Services Drive 101% Revenue Surge
Positive
Mar 2, 2026
Adcore Australia, the wholly owned Australian subsidiary of Adcore Inc., reported a record performance in January 2026, with preliminary unaudited net revenue nearing AUD $500,000, up 101% year-over-year and 28% month-over-month despite the typica...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.