IC Group Holdings Reports Fiscal 2024 Results for Its Business, Operating Through Its Subsidiary 11197894 Canada Ltd.: Revenue Up 47% Year-over-Year as Strategic Acquisitions and Recurring Revenue Drive Growth
April 30, 2025 8:00 AM EDT | Source: IC Group Inc.
Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - IC Group Holdings Inc. (TSXV: ICGH) ("IC Group" or the "Company"), a technology-enabled consumer engagement company that helps Fortune 500 brands simplify and amplify connections with consumers both nationally and internationally, is pleased to announce the filing of audited financial results of its business, operated through its wholly-owned subsidiary, 11197894 Canada Ltd., for the year ended December 31, 2024. All figures are reported in Canadian dollars unless otherwise stated.
"2024 was a transformational year for IC Group," said Duncan McCready, CEO of IC Group. "We're at an inflection point. We've accelerated our top-line growth, enhanced our recurring revenue profile, and laid the foundation for scalable engagement across digital and live event channels. With Fannex now part of the family, we are poised to offer an unmatched platform for brands to connect with consumers in live spaces while building a resilient and diversified revenue base. With our proven operational track record and significant insider ownership, IC Group is a business that is deeply aligned with shareholder value and well positioned for scalable growth."
FY2024 Highlights:
Revenue for the year ended December 31, 2024, was $17.9 million, up 47% from $12.2 million in 2023. For the 3-month period ending December 31, 2024, revenue rose 52% to $5.4 million, compared to $3.6 million in the same period last year.
Gross margin was $9.6 million (54% of revenue), an increase of 28% from 2023.
Recurring revenue from mobile transactions accounted for 38% of revenue in 2024 vs. 8% in 2023.
Mobile Messaging revenue grew 575% to $6.7 million following a full year of integration.
Net loss was $5.5 million, attributed to one-time costs associated with acquisitions, financing, mobile technology integration, stock-based compensation, corporate valuation, and growth initiatives.
Adjusted EBITDA was $824,747, a decrease of 24% compared to $1,085,214 in 2023 attributed to higher corporate costs incurred to expand the senior management team to accelerate the integration of recently acquired businesses and to support future growth as a public company.
2024 and Subsequent Corporate Highlights:
Public Listing Completed: IC Group commenced trading on the TSX Venture Exchange under the symbol ICGH in February 2024, following a reverse takeover transaction. This milestone provided enhanced access to capital markets and expanded investor visibility.
Fannex Acquisition Finalized: Acquired 100% of Emotion Media Inc. (Fannex), whose SaaS platform has been active in over 10,000 live events across major sports leagues, including the NHL, NFL, MLB, NBA, LIGA, CHL, and NCAA. Currently, Fannex is contracted by approximately 85 professional and semi-professional teams across various sports leagues in North America and Europe.
PickAw Acquisition: Acquired France-based PickAw S.A.S., enabling brands to scale promotions across social media platforms like TikTok, Instagram, Facebook, Instagram and YouTube instantly, expanding IC Group's product innovation and footprint across the European MarTech landscape.
ISO27001 Recertification: Recertified in August 2024, reinforcing the Company's commitment to security, performance, and brand stewardship.
Canada-Only Messaging Gateway Launched: IC Group is one of only three Tier-One aggregators in Canada and the only 100% Canadian-owned provider. This solidifies IC Group's position as the only "Canada only Aggregator" solution ensuring full data localization in Canada ready to serve highly regulated industries concerned about data privacy in Canada.
Segment Highlights for 11197894 Canada Ltd:
IC Digital Promotion Solutions
Revenue: $9.6 million in 2024, compared to $9.8 million in 2023, a slight decrease of 1.8%
Gross Margin: 66% in 2024, compared to 63% in 2023, a 5% improvement
Operating Income: $1.5 million in 2024, compared to $1.9 million in 2023, a decrease of 19.3%
IC Mobile Messaging Solutions
Revenue: $6.7 million in 2024, compared to $1.0 million in 2023, an increase of 574.9%
Gross Margin: 34% in 2024, compared to 40% in 2023, a decrease of 6 percentage points
Operating Loss: $1.3 million in 2024, compared to $0.4 million in 2023, an increase of 258.2%, primarily due to integration and amortization costs
IC Insurance Solutions
Revenue: $1.6 million in 2024, compared to $1.4 million in 2023, an increase of 10.9%
Gross Margin: 64% in 2024, compared to 67% in 2023, a decrease of 3 percentage points
Operating Loss: $0.5 million in 2024, compared to $0.6 million in 2023, a reduction of 16.8%
Management sees significant opportunity ahead, driven by anticipated growth in all three business units, integration synergies from recent acquisitions, the reduction of one-time expenses incurred in 2024, and having the team, technology and execution strategy to capture it.
The audited consolidated financial statements and management's discussion and analysis (MD&A) for the year ended December 31, 2024 for 11197894 Canada Ltd. are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the IC Group website at www.icgroupinc.com/investor-relations.
About IC Group Holdings Inc.
IC Group (TSXV: ICGH) is transforming how brands engage with audiences across live events. It uses digital and social platforms to drive sales, capture valuable first-party data to fuel ongoing marketing initiatives and build customer loyalty. The Company does this by simplifying and managing the technology, regulatory, data security, and financial risks of engaging with consumer audiences on a global basis. Its solutions span digital engagement, mobile messaging, and specialty insurance for Fortune 500 brands and their agency partners in international jurisdictions.
For more information regarding IC Group, please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Non-IFRS Measures
There are measures included in this news release that do not have a standardized meaning under international financial reporting standards (IFRS) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures because it believes certain investors use them as a means of assessing financial performance. Adjusted EBITDA is a financial measure that does not have a standardized meaning under IFRS. Adjusted EBITDA refers to earnings before interest, taxes, depreciation, amortization, stock-based compensation, one-time transaction expenses and financing costs.
We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with IFRS. We also disclose and discuss certain non-GAAP (Generally Accepted Accounting Principles) financial information used to evaluate our performance in this and other earnings releases and investor conference calls as a complement to results provided in accordance with IFRS. We believe that current shareholders and potential investors in the Company use non-GAAP financial measures, such as adjusted EBITDA, in making investment decisions about the Company and measuring its operational results.
Management believes that investors and financial analysts measure our business on the same basis, and we are providing the adjusted EBITDA as financial metrics to assist in this evaluation and to provide a higher level of transparency into how we measure our own business.
Adjusted EBITDA is more fully defined and discussed, and reconciliation to IFRS financial measures is provided, in the Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 of 11197894 Canada Ltd.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business of IC Group, the Company's ability to offer platforms for brands to connect with consumers, the Company's ability to diversify the Company's revenue base, and the Company's ability to grow IC Digital Promotion Solutions, IC Mobile Messaging Solutions and IC Insurance Solutions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. IC Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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