TORONTO, June 28, 2021 /CNW/ - BlueRush Inc.
("BlueRush" or the "Company") (TSXV: BTV), an
emerging personalized video Software as a Service ("SaaS")
company, is pleased to announce its financial results for the
three- and nine-month periods ended April
30, 2021 ("Q3 2021").
"We are happy to report continued progress on the key metrics
that are driving our success and increasing value for our
shareholders. SaaS revenue continues to grow with a 63% increase
year to date, gross margins now exceed 80% and our renewal rate
remains at an impressive 95%," said Steve
Taylor, CEO of BlueRush.
Mr. Taylor continued, "Our ability to deliver personalization at
scale, create meaningful touchpoints in the digital channels and
drive measurable ROI sets us apart. We work with an increasing
number of leading brands committed to delivering a high value,
engaging and personalized experience to their customers which have
embraced IndiVideo to fulfill this promise. We note for first nine
months our SaaS revenue is up 63% and service revenue down by 51%
as our strategic transformation from a services- focused digital
agency into a subscription revenue focused product company
continues to propel our growth."
BlueRush Inc. is also pleased to announce its common shares have
commenced trading on the OTC-QB Market under the ticker symbol
"BTVRF". "In Q3-21 we closed a $5
million private placement equity financing to fuel growth
and working capital needs. And with this OTC-QB
cross-listing, the company anticipates the benefits of
increased US ownership and liquidity enhancement, ultimately
leading to share value creation in both home and international
markets," commented Ankur Gupta, CFO
of BlueRush.
BlueRush Highlights for the Three- and Nine-Month Periods
Ended April 30, 2021:
- 44% year over year growth in Subscription and Support (SaaS)
revenue in Q3 2021: Over 60% of YTD 2021 revenue (YTD 2020:
31%) is recurring from annual SaaS agreements and SaaS revenue
continues to grow at a healthy pace with Q3 2021, up 44% to
$517,878, compared to $359,652 for Q3 2020. Achieved YTD SaaS revenue
of $1,487,018 up by 63% or
$576,109 compared to YTD 2020 at
$910,909. The revenue growth is
primarily due to new customers, expansion of existing customers and
increasing traction with our growing partner network.
- Significant improvement to balance sheet and cash
position: BlueRush successfully concluded a private placement
for gross proceeds of $5M through the
issuance of 47,619,046 units of the Company at $0.105 per unit. Net proceeds are to be used to
fund sales, marketing, and R&D.
- Gross Margins grew year over year to 82%: Year to date,
SaaS gross margins grew from 68% to 82% compared to same time last
year. Strong gross margins are driven by our dynamic rendering
capability which is due to extremely efficient use of cloud
resources.
- Contract renewal rate remains above 95%: BlueRush
continues to report very low churn with our customers, a
significant health indicator for any SaaS business. This contract
durability is driven by the results the IndiVideo platform
generates for our clients and the excellent work of our Customer
Success team.
The Company is pleased to report its results for the third
quarter of 2021.
SELECTED QUARTERLY INFORMATION (Unaudited)
SELECTED
QUARTERLY
INFORMATION
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Three months ended
April 30,
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Nine months ended
April 30,
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2021
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2020
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2021
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2020
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Revenue:
Subscription and Support (SaaS)
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$
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517,878
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$
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359,652
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$
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1,487,018
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$
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910,909
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% Increase over
prior year
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44%
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173%
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63%
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211%
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Cost of
Sales
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$
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93,443
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$
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99,872
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$
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274,062
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$
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287,980
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COS as % of
Subscription revenue
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18%
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28%
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18%
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32%
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SaaS Revenue, net
of Cost of Sales
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$
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424,435
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$
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259,780
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$
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1,212,956
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$
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622,929
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as a % of SaaS
Revenue
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82%
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72%
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82%
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68%
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Revenue:
Service
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$
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251,247
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$
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697,411
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$
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1,009,893
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$
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2,065,188
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% Increase over
prior year
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-64%
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62%
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-51%
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43%
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Cost of
Sales
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$
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143,571
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$
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352,614
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$
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720,317
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$
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1,141,625
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COS as % of
Services revenue
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57%
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51%
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71%
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55%
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Services Revenue,
net of Cost of Sales
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$
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107,676
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$
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344,797
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$
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289,576
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$
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923,562
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as a % of
Services Revenue
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43%
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49%
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29%
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45%
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Operating
Expenses2
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$
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1,683,931
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$
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1,355,716
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$
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4,925,650
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$
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4,578,448
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% (Decrease)
Increase over prior year
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24%
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16%
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8%
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19%
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Loss from Continuing
Operations before taxes
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$
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(1,049,363)
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$
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(540,981)
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$
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(3,040,872)
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$
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(2,807,966)
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% (Decrease)
Increase over prior year
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94%
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-38%
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8%
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-8%
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Loss Per Share-
Continuing Operations- Basic and Diluted
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$
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(0.01)
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$
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(0.01)
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$
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(0.03)
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$
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(0.04)
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At April 30,
2021
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At January 31,
2021
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At October 31,
2020
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At July 31,
2020
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Committed Annual
Recurring Revenue (CARR)1- Closing balance
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$
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2,465,450
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$
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2,537,494
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$
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2,383,183
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$
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2,010,534
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% Increase
(decrease) over prior quarter
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-3%
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6%
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19%
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0%
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Contract
Liabilities
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$
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1,276,425
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$
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1,189,292
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$
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1,122,752
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$
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1,066,461
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% Increase
(decrease) over prior quarter
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7%
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6%
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5%
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-9%
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Total
Assets
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$
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4,522,457
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$
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5,506,954
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$
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2,230,021
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$
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2,558,785
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Shareholders'
(Deficit) Equity
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$
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689,512
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$
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678,360
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$
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(4,380,429)
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$
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(3,837,138)
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1.
Committed Annual Recurring Revenue (CARR) is a measure that
provides the annualized value of recurring revenue and future
billings from commercial customers as of the reporting date. CARR
represents the sum of the annual recurring revenue from existing
customer contracts or commitments of future revenue as of the
reporting period end date. CARR will increase (or decrease) in a
period through retention (or attrition) and expansion (or
contraction) of 'Subscription and Support' contracts from existing
commercial customer, and through the acquisition of new commercial
customers. Please refer to the "Definitions and Discussion on
Non-IFRS Measures and Key Metrics" section of this MD&A for
further discussion on this non-IFRS measures.
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2.
Operating Expenses include Sales & Marketing, Research &
Development, General & Administrative, Share Based payments,
financing charges and amortization & depreciation
expenses.
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Financial Results for Q3 2021
The Unaudited Interim
Consolidated Financial Statements and Management's Discussion and
Analysis of Financial Condition and Results of Operations for the
three- and nine-month period ended April 30,
2021, have been posted both to the BlueRush website at
www.bluerush.com and on the SEDAR website at www.sedar.com.
The financial information included in this news release is
qualified in its entirety and should be read together with the
unaudited consolidated financial statements and management's
discussion and analysis for the three and nine-month period ended
April 30, 2021, including the notes
thereto.
About BlueRush
Interactive Personalized Video (IPV) positions BlueRush very
well to continue supporting our customers during the COVID crisis
and beyond. BlueRush develops and markets IndiVideo™, a disruptive,
award-winning IPV 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 http://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.
Forward-Looking Statements
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, 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 the 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.
SOURCE BlueRush Inc.