BlueRush Inc has reported what it called a 'strong' second quarter with increased revenue and profitability, adding that the company continues to lay the foundation for future growth in its fiscal first half to end-January.
The video platform for financial services firm said that its services revenue had increased by 61% in both the three and six-months to January 31 this year to $649,247 and $1,220,603, respectively, while services gross profit came in at $403,920 in the second quarter, up 198% on the year earlier quarter.
The year-to-date total revenue increased by 36% to $2,342,565 in Q2, 2022, compared to $1,727,786 in Q2, 2021.
"We are delighted with the way the first half of the fiscal year has started for BlueRush. We continue to see acceleration in terms of new contracts including our first TELCO and UTILITIES customers," Steve Taylor, the CEO of BlueRush told investors in a statement.
"We had expansion from our existing customers and contribution from our growing partner network. Furthermore, we saw an increase in both services revenue and profitability."
BlueRush joins the Brightcove Marketplace, enabling customers to personalize videos
Taylor added that the company continued to grow and "at the same time lay the foundation for the business going forward".
"We have been able to increase our growth rate while simultaneously lowering costs and increasing gross margins," he noted.
The total contracted annual recurring revenue (CARR) was $3,072,614 as at January 31, 2022, compared to $2,357,494 as at January 31, 2021, while BlueRush achieved software-as-a-service (SaaS) revenue for the first half of $1,121,962, up 16% on the first half of fiscal 2021.
The company also achieved positive net dollar retention (NDR) in Q2 2022, which, it said, was a "significant" sign of health in the business and an indicator that the firm is growing before the addition of new customers.
Post period end, BlueRush highlighted that it had announced it was working towards a brokered financing of up to US$5 million, not including an over-allotment option and its inclusion into the Brightcove marketplace, offering a significant sales opportunity.
"Brightcove has approximately 10,000 enterprise customers who can benefit from the integration which allows Brightcove users to quickly and easily add personalization and calls to action to existing video assets stored on Brightcove's Video CMS," the company said.
BlueRush Inc offers IndiVideo, a Software-as-a-Service (SaaS) based interactive personalized video platform for financial services.
IndiVideo is a highly scalable personalized video platform built to provide AI-driven video content in an easy-to-understand, entertaining, and compelling manner.
Contact the author at giles@proactiveinvestors.com