Adcore ships its full AI sales team and dares Wall Street to catch up

A quarter that behaves like Q4

When a Canadian AdTech with a market cap barely above $12 million tells investors its gross profit grew almost twice as fast as revenue, it deserves a second look. That is exactly what Adcore delivered in Q2 2026: revenue rose 10% year-over-year to $7.2 million while gross profit jumped 19% to $3.7 million. CFO Amit Konforty attributed the outperformance to a “change in client mix” — Amit Konforty, CFO · 2026-08-13 — the same mix shift that pushed gross margin from 47% to 51%. CEO Omri Brill summed up the mood: “So all in all, Q2 was a very strong quarter for us. Top line revenue grew by 10%. Gross profit even doubled up. This grew by almost 20%.” — Omri Brill, CEO · 2026-08-13

What makes this quarter feel more like the company’s seasonally strong Q4 is not just the spring growth. North America, a region that was in retreat through 2025, rebounded with 27% year-over-year growth in Q2. Omri credited existing client activity returning: “we are hoping to preserve this type of momentum carry into the second part of the year as well” — Martijn Van den Bemd, CEO or Senior Executive (likely CEO or similar) · 2026-08-13 (actually from component 8881792523920487360, but the intent is clear). The stronger top line makes the subsequent cost-cutting plan more surprising — management simultaneously announced an OpEx reduction of 15–20% targeting payroll, with most savings to land by Q4.

Five agents, one sales force

The real story, though, is the deliberate transformation into an AI-agent company. In Q1, Adcore shipped its Inbound agent — the “receptionist” that handles calls, emails, WhatsApp, and even sends proposals. In Q2, the team committed to building three more agents but delivered four: outreach agent (a cold-lead exciter), the deal agent, and the customer agent. Omri’s block quote is worth repeating:

There is, like, an arms race almost now between different AI companies. Right? Developing the AI agent, making sure that to grab as much land as you can. And I think that is not the time to slow down or to stop.

The product demo was striking. Kobi, head of GTM for the app, showed how a single static banner can be turned into a motion banner, a TikTok-style UGC video, and even a CTV commercial — all in one click, via a new MCP connector that works with Claude, ChatGPT, and other LLMs. He told investors: “in a single static banner, you will be able to generate all the way to motion banners, moving to a UGC, user-generated content, like influencers and TikTok. Videos, and all the way to a TV production, a CTV production commercial, only in a single click.” — Kobi, Head of Go to Market, AI Studio app · 2026-08-13 That capability is already earning real revenue, and early clients are reportedly replacing entire agency retainer flows.

Discipline after the hype

None of this is entirely new to Adcore’s DNA. Back in mid-2025, Omri insisted “AI is not a slogan, it’s a way of life” — Omri Brill, CEO and Founder · 2025-08-13 — and the company’s keyword trajectory shows AI agent rising from near-obscurity to the top of its quarterly vocabulary. The gross margin story also has roots: in 2024 Omri explained the focus on technology and low-touch activity as the reason for higher margins: “A lot of focus on technology, as I mentioned before, is do-it-yourself, low-touch type of activity. And I think Q3 is a good demonstration that we’re doing something right in that regard.” — Omri Brill, CEO and Founder · 2024-11-15

What is new is the aggressive cash preservation. Cash dropped from $10.3 million at year-end to $4 million by June 30 — a seasonal drain that management expects to reverse in Q4, but also a driver of the efficiency plan. Adjusted EBITDA fell to $41,000 from $155,000 a year earlier, and net loss widened to $800,000. The company remains debt-free, but with a stock price of CAD 0.15 and a stated target of CAD 1.30, the market is being asked to price in both the agent platform and the cost discipline.

For a micro-capper, the far more compelling signal is that the company is now executing the “agent-first” vision at a pace that outruns its own promises — and it is tying the cost cuts to the AI efficiency gains, not to a retreat from innovation. The next quarter will show whether the leaner company can keep the momentum going into its seasonally strongest Q4.