TORONTO, Dec. 29, 2023 (GLOBE NEWSWIRE) -- 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 Taylor
Chief Executive Officer
BlueRush Inc.
Tel: 416-457-9391
Email: steve.taylor@bluerush.com
Kendra Borutski
Director of Marketing
BlueRush Inc.
Email: kendra.borutski@bluerush.com
