BlueRush Announces Strong Results for QTR1, Fiscal 2023
SaaS and SaaS Gross Margins continue to grow as company continues new direction down-market to achieve faster sales cycles and accelerate new customer acquisition
TORONTO, Dec. 30, 2022 (GLOBE NEWSWIRE) — BlueRush Inc. (“BlueRush” or the “Company”) (TSXV: BTV) (OTCQB: BTVRF), a leading personalized video Software as a Service (“SaaS”) company, today announced the release of their results for the first quarter of fiscal 2023.
“The first quarter was successful in terms of continuing to grow our business,” said Steve Taylor, CEO of BlueRush. “Equally importantly, we continued to aggressively work to exploit the larger down-market opportunity now available to us through our IndiVideo for Sales platform extension. The funnel is growing rapidly and we have already begun to see deals closing with much shorter sales cycles.”
Financial highlights for 3 months ending October 31, 2022 or QTR 1, 2023 include 91.4% SaaS gross margin. Other noteworthy financials results:
- SaaS revenues grew 40.3% climbing to $756,024 in QTR 1, 2022 versus $538,722 in QTR 1, 2022
- Gross Profit increased by 6% with $844,241 in QTR 1, 2023 versus $795,711 in QTR 1, 2022
- Overall revenue grew 10% to $1,218,627 in QTR 1, 2023 compared to $1,110,078 in QTR 1, 2022
- Committed ARR grew 20.5% to $3,191,841 in QTR 1, 2023 from $2,649,492 in QTR 1, 2022
- SaaS Gross Margins increased to 94%
The company continued to execute on the product, sales and marketing roadmap to capture the significant down-market opportunity for personalized video, most notably to enhance sales and marketing performance. Interactive and personalized video has proven to help companies of virtually any size improve lead generation and conversion, leading to improved sales results. “IndiVideo has been productized to the point where it is no longer affordable only to large enterprises, but also much smaller corporations who want to use video to improve their sales results. We are securing new customers and filling the funnel with opportunities that include companies with as few as five salespeople, which opens a massive and untapped opportunity for BlueRush and our shareholders. At the same time, we continue to delight our large enterprise customers and they will continue to be a source of growth for us through 2023,” said Steve Taylor, CEO of BlueRush.
IndiVideo for Sales, an extension of the existing IndiVideo platform, allows marketers and salespeople to quickly and easily create high quality personalized video to enhance marketing sequences or send directly from the sales desktop. “Our template-based approach creates tremendous efficiencies for sales and marketing team while also allowing for personalization to happen at scale through integration with the CRM,” said Chief Technology Officer Richard Pineault. “Our unique approach also gives our customers the ability to ‘lock down’ elements of the videos to ensure brand, quality and compliance standards are met.”
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 https://www.bluerush.com.
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Contact:
Kendra Borutski
