BlueRush Reports Fiscal 2020 Year-End Financial Results - Seite 2

Fiscal 2020 Highlights:

• BlueRush continues to successfully transition towards the recurring revenue model, increasing its subscription and support (SaaS) revenue by 157% to $1,306,427, compared to $508,271 for 2019;
• SaaS revenue for the three months ended July 31, 2020 was $395,518, an increase of 84% compared to the same periods in 2019. This increase was due to contracts secured with new customers, as well as expansion of existing customer subscriptions;
• SaaS gross profit significantly advanced in fiscal year 2020 by 338% to $914,473, from $208,923 when compared to fiscal year 2019;
• Gross margins in the SaaS business increased to 70%, compared to 41% in 2019, a result primarily driven by the technological advantage and greater deployment efficiencies of the IndiVideo platform;
• The Company's overall revenues increased by 59% to $3,799,075, compared to $2,387,185 for 2019;
• Services remains a key component of the Company's overall revenue, delivering $2,476,391, compared to $1,853,236 for 2019, delivering a year-over-year increase of 34%;
• BlueRush completed a $2.3M sale and purchase agreement for its DigitalReach and Smart Advisor applications to Broadridge Financial Solutions, enabling the Company to provide greater financial flexibility and for core focus on the IndiVideo solution.
• BlueRush successfully completed a non-brokered private placement financing to raise gross proceeds of $1,450,000 through the issuance of unsecured convertible debentures with support from new and existing investors;
• BlueRush experienced significant growth and continues to expand our international revenues. For fiscal year, 2020, 58% of our continuing revenues were derived from U.S. customers (FY19 – 20%) and we experienced a 121% YoY revenue increase from other international customers.
  

Financial Results for Fiscal 2020
The Audited Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended July 31, 2020, have been posted both to the BlueRush website at www.bluerush.com and on the SEDAR website at www.sedar.com. The financial information included in this news release is qualified in its entirety and should be read together with the audited consolidated financial statements for the fiscal year ended July 31, 2020, including the notes thereto.