BlueRush Inc (CVE:BTV) reported its 2Q results on Monday, showing a strong balance sheet and a 26% growth in committed annual recurring revenue (CARR) over the last six months thanks to new customer acquisitions and expansion efforts.
Over the three-month period ending January 31, 2021, the Software-as-a-Service (SaaS) firm topped C$2.5 million in current and future billings and initiated a C$5 million capital raise, giving it the power to invest in integration and development efforts.
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In a statement, the Toronto-based company improved its balance sheet through a combination of a capital raise and the conversion of $2.7 million of its outstanding convertible debentures. It also signed partners and customers in existing and new markets, made significant strides on its R&D roadmap and pivoted marketing and sales strategies effectively in response to the coronavirus (COVID-19) pandemic, the firm told shareholders.
The group’s flagship product is IndiVideo, an interactive personalized video platform that enables clients to capture knowledge and data from their customers' video interaction.
"IndiVideo's time has come. We recognized early in 2020 that an increasingly virtualized world meant that borders and geography are not barriers but opportunity for companies at our stage and we are seeing the resulting traction in the form of new customers and partners," said Steve Taylor, CEO of BlueRush.
BlueRush said that its recognized subscription and support (SaaS) revenue continues to grow at a “healthy pace”, with 2Q up 72% to $488,303, compared to $284,092 for 2Q 2020.
Total unaudited 2Q revenue came in at $891,343 from subscriptions, services and interest. The group reported a net loss of $1.4 million, or $0.02 a share.
Personalized, scalable technology
"Companies are looking for the scale and reach of digital, but they do not want to lose the human touch,” added Larry Lubin, the chairman and president of BlueRush.
“Customers demand relevant and engaging content. Our highly scalable and highly personal technology is able to bridge this gap, and this, along with the excellent results we deliver for our customers, has been a significant driver of our success.”
BlueRush ended the period with around $4.2 million in cash.
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