BlueRush Announces Strong Q2 2022 Results With Increase in Both Revenue and Profitability: Total CARR Now at $3.1M

By PRNewswire On Mar 25, 2022

BlueRush Inc., a leading personalized video Software as a Service (“SaaS“) company, today announced its financial results for the three and six-month periods ended January 31, 2022 (“Q2 2022“).

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“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. 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,” said Steve Taylor, CEO of BlueRush.

The quarter included a number of significant growth and progress in every important metric:

Year-to-date total revenue increased by 36% or $614,779 from $1,727,786 in Q2 2021 to $2,342,565 in Q2 2022.
Committed ARR (CARR) of $3,072,614 as at January 31, 2022, as compared to $2,357,494 as at January 31, 2021.
Year-to-date gross profit increased by 71% or $713,968 from $1,009,237 in Q2 2021 to $1,723,205 in Q2 2022.
The Company achieved SaaS revenue for the six months ended January 31, 2022 of $1,121,962 up 16% or $152,822 compared to the first six months of FY21 of $969,140.
Services revenue increased by 61% in both the three and six-month periods ended January 31, 2022 to $649,247 and $1,220,603, respectively, compared to the same periods in the prior year.
Services gross profit came in at $403,920 for Q2 2022, increasing by 198% or $268,225 from $135,695 in Q2 2021. Year-to-date services gross profit increased by 228% or $495,553 from $216,965 in Q2 2021 to $712,518 in Q2 2022.
Subscription and support gross profit % continued to increase reaching 90% in Q2 2022 compared to 82% in Q2 2021.
The Company achieved positive Net Dollar Retention (NDR) in Q2 2022:
- NDR is a significant sign of health in the business and is an indicator that the Company is growing before the addition of new customers.
- Management attributes the continued success in growing the Company’s customer base to the Company’s investment in a dedicated customer experience management team and the excellent results they have achieved.

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Subsequent to Q2 2022, the Company made a couple of important announcements:

The Company announced it is working towards a brokered financing of up to US$5,000,000 (not including the agent’s over-allotment option):
- units offered at US$0.05 per unit
- each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant exercisable at US$0.075
- for US investors, the financing is being led by a US-based broker dealer
- included as part of the maximum raise, BlueRush is accepting subscriptions by Canadian investors at $0.064 per unit with whole warrants exercisable at $0.096
The Company announced inclusion into the Brightcove marketplace – the Brightcove partnership creates a significant sales opportunity for BlueRush. 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.

“We continue 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,” continued Steve Taylor. “I could not be prouder of the team or more grateful to our wonderful partners who are becoming a more and more important part of our success.”

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