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acuity AcuityAds Reports Third Quarter 2021 Financial Results Generated $ 27.5 million in Revenue and $ 4.4 million in Adjusted EBITDA illumin Revenue Up 42 % Sequentially to $ 7.4 million Strong Cash Flow Generation Leads to Record Cash Balance of Over $ 100 Million - - TORONTO and NEW YORK November 3 , 2021 AcuityAds Holdings Inc. ( TSX : AT , Nasdaq : ATY ) ( " AcuityAds " or " Company " ) , the technology leader in consumer journey based advertising automation , today reported financial results for the three and nine months ended September 30 , 2021. Unless otherwise specified , all amounts are in Canadian dollars . Third Quarter 2021 Highlights • Third quarter 2021 total revenue was $ 27.5 million , a 5.4 % increase year - over - year , and an 11.3 % increase on a constant currency basis . This revenue growth was achieved largely due to strong sequential revenue growth from illumin , which more than offset lower advertising spend partly related to supply chain disruptions from some of our legacy customers . Revenue growth was also aided by newer emerging verticals such as pharmaceutical , technology , automotive and direct - to- consumer brands . • illumin third quarter 2021 revenue was up over 42 % sequentially to $ 7.4 million , or 27 % of total revenues in the quarter . On a trailing twelve - month basis , as of September 30 , 2021 , revenue from illumin totalled $ 17.3 million . • Total Connected TV segment revenue for the third quarter of 2021 grew over 220 % compared to the third quarter of 2020 . • Gross margin for the three months ended September 30 , 2021 was 51.9 % , in line with the same period in 2020 . • • • • • Net revenue or gross profit ( revenue less media costs ) for the three months ended September 30 , 2021 was $ 14.3 million , a 5.4 % increase compared to $ 13.5 million for the third quarter of 2020 . Adjusted EBITDA was $ 4.4 million for the three months ended September 30 , 2021 , compared to $ 4.0 million during the comparable prior year period , an increase of 9.5 % . Adjusted EBITDA margin as a percentage of total and net revenue was 16.1 % and 31 % , respectively . Adjusted EBITDA for the trailing 12 - month period totaled $ 22.2 million , a 58.8 % increase from the comparable period last year . Net Income was $ 3.4 million for the three months ended September 30 , 2021 , a 265 % increase compared to net income of $ 0.9 million for the same period in 2020 . Operating cash flow for the third quarter of 2021 was $ 9.5 million , an increase of 41.8 % compared to operating cash flow of $ 6.7 million for the same period in 2020 , driven by strong collections during the period . At September 30 , 2021 , the Company had cash and cash equivalents of $ 100.3 million , compared to $ 22.6 million as of December 31 , 2020 . " We are very pleased to report another quarter of strong sequential illumin revenue growth , as this revenue stream continues to become a more significant percentage of our total revenue . I am incredibly proud that since the launch of illumin only one year ago , the Company has already seen cumulative revenue of $ 17.3 million from this innovative software offering . We also saw further signs of recovery this quarter in COVID - affected industries such as travel , leisure and entertainment . In addition , the Company generated very strong operating cash flow , which further strengthened our balance sheet . I want to once again thank all of our team members for their hard work and dedication without which this performance