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Advantex Announces Fiscal 2024 Financial Results

TORONTO, Oct. 28, 2024 /CNW/ - Advantex Marketing International Inc. (CSE:ADX) ("Advantex" or the "Company") today announced its financial results for the fiscal year ended June 30, 2024. All results are reported under International Financial Reporting Standards ("IFRS") and in Canadian dollars, unless otherwise specified.

Key Financial Highlights:

Total Revenue for Fiscal 2024 was $3.18 million, an increase of 51% from $2.11 million in Fiscal 2023. The growth was primarily driven by strong performance in both the Merchant Cash Advance (MCA) program and increased marketing activities from the Aeroplan program.

Gross margins from the MCA program decreased from 91% to 82% mainly due to the business experiencing higher than expected delinquent accounts in March 2024 to the tune of $0.4 million. Despite the delinquencies, the Company successfully expanded its customer base, which underscores its strategic positioning. Gross margin for the Aeroplan program remained consistent with the previous year at approximately 30%.

Net Loss for Fiscal 2024 was $2.7 million, compared to $2.53 million in Fiscal 2023. The loss was largely due to interest costs on debentures and other financing charges.

EBITDA (earnings before interest, taxes, depreciation, and amortization) improved significantly to $0.51 million, from a loss of $0.10 million in Fiscal 2023. The positive EBITDA highlights the Company's ability to navigate the current ...