TORONTO, Nov. 29, 2021 /CNW/ - BlueRush Inc.
("BlueRush" or the "Company") (TSXV: BTV) (OTCQB:
BTVRF), a leading personalized video Software as a Service
("SaaS") company, is pleased to announce its financial
results for the fiscal year ended July 31,
2021 ("Fiscal 2021").
"2021 was a breakthrough year on a number of fronts. We
continued to see healthy growth in revenue from our SaaS business
increasing by 55%, overall gross profit growing by 83%, and our
gross retention rate remaining above 90%," said Steve Taylor,
CEO of BlueRush.
Mr. Taylor continued, "Probably the most compelling part of the
business has been the growth in our key accounts. While we continue
to secure new logo customers, we believe the growth in our existing
customers is the best indicator of the value our IndiVideo
technology delivers for our customers. There is no more
engaging medium than video and when you add personalization, the
engagement and conversion metrics become unbeatable. Our customers'
success becomes our success."
Momentum continued into Fiscal 2022, pushing
CARR (contracted annual
recurring revenue) past $3
million:
Since the end of Fiscal 2021, BlueRush has seen increased sales
traction in both new and expansion subscription revenue.
New and expansion CARR booked
since Fiscal 2021 of $619,500 is
comprised of:
- Addition of two of the largest banks in North America
- Addition of one top five Insurance provider
- Addition of one of the largest energy companies in North America
- Upselling of additional videos to several existing key
customers
Given our proven track record in growing these large accounts,
these new logo wins position BlueRush well and the Company looks
forward to working with these new customers.
BlueRush Highlights for the Fiscal Year 2021:
- BlueRush continues to successfully transition towards its
recurring revenue model, increasing its subscription and support
revenue in 2021 by 55% to $2,018,934,
compared to $1,306,427 in 2020;
- The Company secured new CARR
(contracted annual recurring revenue) of $812,465 in 2021 reaching an ending CARR of $2,675,556 as at July 31,
2021. Gross churn remained low at 7% with logo retention of
82.8% for the year.
- Subscription and support revenue for the three months ended
July 31, 2021 was $531,917, an increase of 34% compared to the same
period in 2020. This increase was due to contracts secured with new
customers, as well as the upselling of additional videos to
existing customers;
- Subscription and support gross profit significantly advanced in
fiscal year 2021 by 83% to $1,671,090, from $914,473, when compared to fiscal year 2020;
- Gross margins in the SaaS business increased to 83%, compared
to 70% in 2020, a result primarily driven by the technological
advantage and greater deployment efficiencies of the IndiVideo
platform;
- BlueRush successfully completed a $5
million non-brokered private placement financing through the
issuance of common share units and share purchase warrants. As part
of the private placement, $2.7
million of convertible debentures was converted into common
shares.
|
|
|
July 31,
2021
|
|
July 31,
2020
|
Revenues
|
|
|
|
|
Subscriptions and
support
|
$
|
2,018,934
|
$
|
1,306,427
|
Services
|
|
1,656,174
|
|
2,476,391
|
|
|
3,675,108
|
|
3,782,818
|
Cost of
Sales
|
|
|
|
|
Subscriptions and
support
|
|
347,845
|
|
391,954
|
Services
|
|
1,098,891
|
|
1,497,711
|
|
|
1,446,736
|
|
1,889,665
|
Gross
profit
|
|
2,228,372
|
|
1,893,153
|
Net loss from
continuing operations
|
$
|
(4,128,571)
|
$
|
(3,350,093)
|
per share – basic and
diluted
|
$
|
(0.03)
|
$
|
(0.04)
|
Financial Results for Fiscal 2021
The Audited Consolidated Financial Statements and Management's
Discussion and Analysis of Financial Condition and Results of
Operations for Fiscal 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 Audited Consolidated Financial Statements,
including the notes thereto, and Management's Discussion and
Analysis of Financial Condition and Results of Operations for the
Fiscal 2021.
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.
Non-GAAP Measures
This press release refers to "bookings" which is a non-GAAP
and non-IFRS financial measure that does not have a standardized
meaning prescribed by GAAP or IFRS. The Company's presentation of
this financial measure may not be comparable to similarly titled
measures used by other companies. This financial measure is
intended to provide additional information to investors concerning
the Company's performance. Bookings is defined as the dollar value
of signed contracts in the period in Canadian dollars.
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content:https://www.prnewswire.com/news-releases/2021-year-end-bluerush-pleased-to-report-55-growth-in-saas-revenue-83-growth-in-saas-gross-profit-and-continued-sales-momentum-subsequent-to-year-end-301433291.html
SOURCE BlueRush Inc.