BlueRush Inc has reported a 66% jump in its fiscal 3Q profits driven by a significant increase in its services division due to the expansion of its offering to existing customers.
For the quarter ended April 30, 2022, the personalized video software-as-a-service (SaaS) provider reported a total gross profit of $906,706 compared to $544,949 for the same period in 2021.
The company increased its total revenue by 61% to $769,125 in 3Q, compared to $1,237,919 in the year-ago quarter.
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For the quarter, BlueRush’s services revenue jumped 160%, while its subscription and support (SaaS) revenue increased by 13%, which the company attributed to new contracts and upselling to existing customers.
BlueRush CEO Steve Taylor said the company was excited to continue making significant progress against its key metrics.
"Our focus over the past six months has been to accelerate progress toward a cash flow positive business and as the results indicate, we are making significant strides as our SaaS and services business lines contribute more cash to the business against reduced costs," he said.
"Our sales leverage through partners continues to build and our world-class customers continue to expand, delivering another quarter of positive net dollar retention."
The company also highlighted the recent launch of a new extension to its platform IndiVideo, IndiVideo for Sales, as an exciting new revenue stream.
"BlueRush customers and prospects want to embrace video but need the certainty that the IndiVideo platform can deliver in terms of data-handling, video quality and compliance," Taylor said.
BlueRush develops and markets IndiVideo, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer lifecycle, from increased conversion to more engaging statements and improved customer care.
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