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TORONTO, June 29,
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 and nine-month
periods ended April 30, 2022 ("Q3 2022").
"We are excited to see the company continue to make significant
progress against our key metrics. Our focus over the past six
months has been to accelerate progress toward a cash flow positive
business and as the results indicate, we are making significant
strides as our SaaS and Services business lines contribute more
cash to the business against reduced costs," said Steve Taylor, CEO of BlueRush. "Our sales
leverage through partners continues to build and our world-class
customers continue to expand, delivering another quarter of
positive net dollar retention."
BlueRush Highlights for the Three-Month and Nine-month
Periods Ended April 30,
2022:
- Total revenue increased by 61% or $468,794 from $769,125 in Q3 2021 to $1,237,919 in Q3 2022. Year-to-date total revenue
increased by 43% or $1,083,573 from
$2,496,911 in Q3 2021 to $3,580,484 in Q3 2022.
- In the first nine months of fiscal year 2022, the Company
secured new and expansion committed annual recurring revenue
("CARR") of $873,001, reaching an ending CARR of $3,172,084 as at April 30,
2022, as compared to $2,465,450 as at April 30,
2021.
- Total gross profit came in at $906,706 for Q3 2022, an increase of 66% from
$544,949 in Q3 2021. Year-to-date
gross profit increased by 69% or $1,075,725 from $1,554,186 in Q3 2021 to $2,629,911 in Q3 2022.
- BlueRush increased its Subscription and Support (SaaS) revenue
in Q3 2022 by 13% or $67,005 to
$584,883, compared to $517,878 in Q3 2021. For the nine months ended
April 30, 2022, the Company achieved
SaaS revenue of $1,706,846 up 15% or
$219,828 compared to the first nine
months of FY21. The revenue growth is primarily due to new customer
contracts and upselling to existing customers.
- In Q3 2022, services revenue increased by 160% or $401,788 from $251,247 in Q3 2022 to $653,035 in Q3 2022. Year-to-date total services
revenue increased by 86% or $863,745
from $1,009,893 to $1,873,638. The increase was primarily due to the
expansion of services to existing customers.
- Services gross profit came in at $379,656 for Q3 2022, increasing by 224% or
$262,302 from $117,354 in Q3 2021. Year-to-date services gross
profit increased by 221% or $739,836
from $334,319 in Q3 2021 to
$1,074,156 in Q3 2022.
- Subscription and support gross profit continued to increase
reaching 90% in Q3 2022 compared to 83% in Q3 2021, due to greater
deployment efficiencies achieved on the IndiVideo platform.
- On April 5, 2022, the Company
issued, on a non-brokered private placement basis to Canadian
investors, an aggregate of 8,434,375 common share units for gross
proceeds of $539,800.
Launch of New Platform Capability to Support Sales in the
Financial Services Vertical While Maintaining Compliance
Obligations and Brand Standards
BlueRush recently released an extension to its platform
(IndiVideo for Sales) that allows salespeople such as brokers,
wealth managers or agents, to use personalized video as part of
their sales outreach, meeting follow up or regular communications
with stakeholders. Personalized video is proven to deliver better
engagement and conversion rates compared with traditional content
strategies or standard video formats.
IndiVideo boasts a unique platform that offers the selling
advantages of video while allowing customers to manage their
compliance obligations, quality and brand standards.
"IndiVideo for Sales creates an exciting new revenue stream for
BlueRush that provides the Company a significant point of
differentiation. BlueRush customers and prospects want to embrace
video but need the certainty that the IndiVideo platform can
deliver in terms of data-handling, video quality and compliance,"
said Steve Taylor, CEO of
BlueRush.
Private Placement Financing of Convertible Debenture
Units
On June 6, 2022, the Company
announced that it intends to complete a proposed non-brokered
private placement (the "Offering") of up to 5,000
convertible debenture units at a price of US$1,000 per unit, for aggregate gross proceeds
of up to US$5,000,000. Each unit will consist of a US$1,000 principal amount 10.0% unsecured
convertible debenture and 12,500 common share purchase warrants of
the Company. Full details of the Offering can be reviewed in the
Company's June 6, 2022 news
release.
Financial Results for Q3 2022
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 periods
ended April 30, 2022 and 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 periods ended April 30, 2022 and 2021, 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 improved
customer care. IndiVideo enables BlueRush clients to capture
knowledge and data from their customers' video interactions,
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.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities in any
jurisdiction. Neither the convertible debentures nor the warrants
being offered, nor the common shares issuable upon the conversion
or exchange thereof, in the Offering have been or will be
registered under the 1933 Act or state securities laws.
Accordingly, the convertible debenture units may not be offered
or sold to U.S. persons except pursuant to applicable exemptions
from the registration requirements of the 1933 Act and applicable
state securities laws is available.
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, including:
statements with respect to the Offering; and the results of using
BlueRush's products; 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.
SOURCE BlueRush Inc.