TORONTO, Dec. 01, 2022 (GLOBE NEWSWIRE) -- BlueRush Inc. ("BlueRush" or the "Company") (TSXV:BTV; OTCQB:BTVRF), a leading personalized video Software as a Service ("SaaS") company, today announced its financial results for the three months and year ended July 31, 2022, which were marked by strong growth and impressive margins. The Company's financial statements and full Management's Discussion and Analysis for the three months and year ended July 31, 2022 is available under the Company's profile on SEDAR (www.sedar.com),
“In 2022 we saw growth in every area of the business, against a backdrop of cost reductions in the latter part of the year which we expect to carry over into 2023. Fiscal 2022 was also a transitional year for BlueRush, as we developed an extension to our SaaS IndiVideo platform. This allows us to expand our target market to include smaller companies and we anticipate will help shorten our sales cycles,” said Steve Taylor, CEO of BlueRush.
Financial highlights for year ended July 31, 2022 as compared to the same period in 2021 include 91.4% SaaS gross margin. Other noteworthy financials results:
- 29.8% increase in overall revenue, with $4,769,242 in 2022, up from $3,675,108 in 2021
- 58.6% increase in gross profit, with $3,534,366 in 2022 up from $2,228,372 in 2021
- 15.4% growth of SaaS revenue, with $2,330,737 in 2022, up from $2,018,934 in 2021
- 13.1% increase in Committed Annual Recurring Revenues (CARR) of $3,011,841 in 2022, up from $2,675,556 in 2021
R&D investments were focused primarily on completing the “IndiVideo for Sales” product, which provides sales and marketing teams the ability to integrate personalized videos into their sales and marketing sequences. “We expect to see the full impact of IndiVideo for Sales in 2023, most likely in the 2nd quarter as we really just began taking it to market in Q1 2023. This product extension allows us to sell out of the box without the need to develop videos, which leads to a much faster sales cycle and opens up a significantly larger market for us. This is an exciting period of transition for BlueRush and IndiVideo,” continued Steve Taylor.
Radek Costa-Sarnicki, CFO of BlueRush, stated “I am very happy to join the BlueRush team and I look forward to being a valuable partner and participant in this exciting journey. The financing obtained in first quarter of 2023 gives us the working capital necessary to grow the business and to work toward our goal to achieve breakeven cash flow in as short a timeframe as possible.”
Subsequent to the year ended July 31, 2022, the Company completed a substantial capital raise totaling gross proceeds of US$3,023,995, despite challenging market conditions, along with a loan from BDC of CAD$2,000,000. These financings will facilitate ongoing innovation and growth of the Company.
BlueRush develops and markets IndiVideo™, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer lifecycle, from increased conversions to more engaging statements and customer care. IndiVideo enables BlueRush clients to capture knowledge and data from their customers' video interaction, creating new and compelling data driven customer insights. For more information visit https://www.bluerush.com.
Neither 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.
Certain statements contained in this press release may constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including: the Company expecting growth and cost reductions to carry over into 2023; and the Company expecting to see the full impact of IndiVideo for Sales in 2023, most likely in the Q2 2023; are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; a novel business model; dependence on key suppliers and local partners; competition; the outcome and cost of any litigation; the general impact of COVID-19 pandemic, as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com . Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
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