BlueRush Inc Fiscal 2023 Year End Results: Increased Revenues and Reduced Costs With Continued Focus on Monetizing AI Capabilities
TORONTO, Nov. 29, 2023 (GLOBE NEWSWIRE) — BlueRush Inc. (“BlueRush” or the “Company“) (TSXV:BTV; OTCQB:BTVRF), a pioneering personalized video Software as a Service (“SaaS“) company, is excited to announce strong year end results and continued focus on platform innovation. The company’s innovative Software-as-a-Service (SaaS) platform, fueled by its personalized video technology, continues to drive growth, delivering superior customer engagement for businesses of all sizes.
The Company’s financial statements and management’s discussion and analysis for the three months and year ended July 31, 2023 is available under the Company’s profile on SEDAR+ (www.sedarplus.ca).
Financial Achievement Highlights:
- SaaS revenues increased 28%, growing to $2,977,795 from $2,330,737 for the year ended July 31, 2022.
- EBITDA improved substantially, with the loss reduced by $1,722,337 to ($940,936) from ($2,663,313) in Fiscal 2022.
- For the year ended July 31, 2023, sales & marketing expenses and research & development expenses cumulatively decreased by $937,499 or 27% compared to the year ended July 31, 2022.
- For the year ended July 31, 2023, there was a revaluation gain on convertible debentures of $1,611,067 compared to $nil in the year ended July 31, 2022.
Solving the Customer Engagement Problem – Personalized Videos engage customers and keep them engaged long enough to explain a product or service, and ultimately drive a desired action. The IndiVideo platform boasts a broad set of capabilities, supporting sales, marketing and customer communication teams.
“By creating meaningful and personalized engagements, our world class and growing list of customers continue to enjoy significant gains in conversion metrics leading to improved sales results that generate a measurable and significant ROI. Ultimately this is what drives BlueRush’s business. Personalized Videos are a powerful tool that should be an arrow in the quiver of every sales and marketing team,” said Steve Taylor, CEO of BlueRush.
Innovating with Artificial Intelligence – The IndiVideo platform is set to take a significant leap forward as BlueRush’s new AI extension transitions from beta to full production in early 2024. This innovative capability, designed to simplify video production, integrates Large Language Model (LLM) technologies with specialized prompts that assist in scriptwriting, visual selection, and template customization. These capabilities are particularly appealing to marketing teams who seek to produce high-quality videos more quickly and in a cost effective manner.
Expanding Enterprise Customer Base – BlueRush continues to focus on a land and expand strategy. Growth in key accounts is a pillar of the strategy in 2024.
Recent IndiVideo Deployments:
- 401Ks: Assisting a major financial institution in promoting 401K contributions through personalized video messaging.
- Credit Card Onboarding: Enhancing customer onboarding for a large credit card issuer.
- Flood Insurance: Educating on flood insurance benefits for a major U.S. insurer.
Integrated Services Offering – In addition to video creation services, BlueRush has a proud 20-year history of delivering custom solutions and professional services to its clients. As the IndiVideo opportunity has evolved, it has opened the door for renewed growth in the Company’s services business and this will be a focus for 2024.
While remaining frugal and looking for every opportunity to create efficiencies in the business, BlueRush will continue efforts to leverage AI to create value for customers, help drive improved revenue growth for the Company and value for its shareholders. In 2024, BlueRush will also continue its land and expand approach with enterprise customers while continuously improving its go-to-market capabilities.
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.
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: the Company’s expectations for the timing and impact of its new AI extensions on the IndiVideo platform; 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 “EBITDA” and “SaaS revenues”, which are non-GAAP and non-IFRS financial measures that do not have standardized meanings prescribed by GAAP or IFRS. The Company’s presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning the Company’s performance. EBITDA is defined as net income (loss), and adding back interest expense, net, depreciation and amortization, and provision (benefit) for income taxes. SaaS revenues is defined as that portion of the Company’s revenues that is attributable to SaaS services.
For further information please contact:
Chief Executive Officer
Director of Marketing