TORONTO, Jan. 4, 2022 /CNW/ - 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-month period ended October 31, 2021 ("Q1
2022").
"We are extremely pleased with the way the fiscal year has
started for BlueRush as we continue to see acceleration in terms of
new signed customers, expansion from our existing customers and
contribution from our growing partner network," said Steve Taylor, CEO of BlueRush. "Marketers and
sales teams are rapidly adopting personalized video in order to
drive increased conversion metrics and provide more precise and
relevant communications to their customers and
prospects."
The quarter included a number of significant milestones in terms
of new and existing customers.
- New and expansion SaaS CARR
(contracted annual recurring revenue) for the quarter was
$367,963
-
- 111,440 from new logo customers
- 256,523 from expansion of existing customers
- The Company experienced zero gross churn and 100% logo
retention in the quarter
- Revenue for the quarter increased 33% over Q1 2021 from
$836,511 to $1,110,078
- Total Gross Profit increased by 69% over Q1 2021 from
$470,053 to $795,711
- SaaS Gross Profit % increased to 90% in the quarter
- New logo signed customers:
-
- Top 15 North American bank (measured by assets under
management)
- Top 5 Canadian bank (measured by assets under management)
- Top 10 North American Insurance provider (measured by premiums
written)
- Expansion with key customers
-
- 2 top 15 North American Banks (measured by assets under
management)
- Top 5 Global Asset Management firm (measured by assets under
management)
- Top 5 North American Insurance provider (measured by premiums
written)
BlueRush has demonstrated the ability to secure, retain and grow
these significant relationships which creates a strong foundation
for the business going forward.
Financial Results for Q1 2022
The Unaudited
Consolidated Financial Statements and Management's Discussion and
Analysis of Financial Condition and Results of Operations for the
three-month period ended October 31, 2021 and 2020, 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-month period
ended October 31, 2021 and 2020, including the notes
thereto.
About BlueRush
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 http://www.bluerush.com.
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 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.
Discussion on Non-IFRS Measures and Key
Metrics
The Company prepares its financial statements in accordance
with International Financial Reporting Standards ("IFRS"). However,
the Company may refer to a number of measures and metrics which we
believe are meaningful in the assessment of the Company's
performance including Contracted Annual Recurring Revenue
("CARR"). CARR is the
subscription revenue of a given period calculated as an annual run
rate for all contracts including those that were signed in the same
period. Many of these measures and metrics are non-standard
measures under IFRS, do not have any standardized meaning under
IFRS, and are unlikely to be comparable to similarly titled
measures reported by other companies. These measures, which it
believes are widely used by investors, security analysts and other
interested parties to evaluate its performance and may not be
comparable to similarly titled measures presented by other publicly
traded companies, nor should they be construed as an alternative to
financial measures determined in accordance with IFRS. Readers are
cautioned that the disclosure of these items is meant to add to,
and not replace, the discussion of financial results or cash flows
from operations as determined in accordance with
IFRS. The purpose of these non-IFRS measures and key
metrics is to provide supplemental information that may prove
useful to readers who wish to consider the impact of certain
non-cash or uncontrollable items on the Company's operating
performance. Management uses both IFRS and non-IFRS measures when
planning, monitoring and evaluating the Company's
performance.
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.
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SOURCE BlueRush Inc.