BlueRush Inc. Releases Fiscal Q1 2024 Results
December 29 2023 - 5:00PM
BlueRush Inc. ("
BlueRush" or the
"
Company") (TSXV:BTV; OTCQB:BTVRF), a
pioneering personalized video Software as a Service
("
SaaS") company, in its recent financial quarter
ending October 31, 2023, reported a challenging quarter compared to
the same period in the previous year. This press release provides
an overview of the Company’s performance, underlying factors,
strategic responses, and outlook for the future.
Financial Highlights
- SaaS Revenues (defined below):
Decreased by 15% to $644,914 in Q1 2024, compared to $756,024 in Q1
2023.
- Gross Profit: Witnessed a 40%
decrease, amounting to $482,682 in Q1 2024 versus $844,587 in Q1
2023.
- Total Operating Expenses: Decreased
by 20% or $284,446, totaling $1,169,983 in Q1 2024 compared to
$1,454,384 in Q1 2023.
The recent fiscal quarter saw BlueRush
experience a decline in its total revenues (both SaaS Revenues and
BlueRush’s other revenues). This decline was primarily attributed
to the loss of a large customer, driven by their need to undertake
significant cost-cutting measures, despite their satisfaction with
BlueRush's technological solutions.
The past year has presented challenges, largely
influenced by external economic conditions and pressures within the
financial services sector. However, BlueRush remains committed to
its core strength of delivering exceptional value and is taking
proactive steps to adapt and thrive in this evolving market
landscape.
In response to these challenges, BlueRush has
implemented several key strategies:
- Diversification of Client
Portfolio: Goal of broadening its client base across different
sectors to mitigate risks associated with client
concentration.
- Enhancement of Technology:
Continuing to invest in technology, particularly in the domain of
artificial intelligence, to offer more cost-effective and
innovative solutions.
- Focus on growth areas within the
Financial Services vertical: Certain areas including wealth
management and insurance continue to show strength.
Market Outlook - Despite the challenges of the
past months, BlueRush remains cautiously optimistic about the
recovery and growth opportunities within the financial services and
other sectors. Recent new customers provide a springboard for
growth and the Company is strategically positioning itself to
capitalize on emerging opportunities, especially in the wealth
management, banking, and insurance sectors.
Sector-Specific Successes
- Insurance Vertical: BlueRush has
seen considerable success in the insurance sector, especially with
innovative solutions in pet insurance, flood insurance, and support
for insurance brokers through personalized video technology.
- 401K Market: BlueRush solutions in
the 401K market have shown promising growth, with new customer
acquisitions and effective support in matched funding
programs.
- Significant New Enterprise
Customer: Towards the end of Q1 2024, BlueRush secured a large
US$80,000 subscription deal with a large enterprise customer. This
deal, although not reflected in the quarter’s financials due to
being signed at the end of the quarter, has the potential to
generate future revenue streams.
Management remains confident that the strategic
decisions and initiatives undertaken are guiding the Company
towards sustained growth and stability in Annual Recurring Revenue.
BlueRush is continuously exploring innovative solutions and market
opportunities to ensure long-term success.
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 about IndiVideo and
BlueRush 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.
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.
Non-GAAP Financial Measures
This press release refers to “SaaS Revenues”
which is a non-GAAP and non-IFRS financial measure that does not
have standardized meanings 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.
SaaS Revenues is defined as that portion of the Company’s revenues
that is attributable to SaaS services.
For further information please contact:
Steve TaylorChief Executive OfficerBlueRush
Inc.Tel: 416-457-9391Email: steve.taylor@bluerush.com
Kendra BorutskiDirector of MarketingBlueRush
Inc.Email: kendra.borutski@bluerush.com
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