BlueRush is Pleased to Provide Preliminary 2nd Quarter Business Update Including Significant Growth in Subscription Bookings and Expansion to New Verticals

BlueRush Inc. (“BlueRush” or the “Company”), an emerging personalized video Software as a Service (SaaS) company, is pleased to announce preliminary financial results for the second quarter of 2022, ending January 31, 2022, including significant recent growth in subscription and service bookings.

“We are pleased to report to shareholders that this was an exciting and fruitful quarter full of milestones. Net growth in recurring revenue bookings was $314,000, we secured a number of exciting new customers in the financial services category and sold our first deals in the Telco and Utilities verticals,” said Steve Taylor, CEO.

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The Company also previously announced a significant professional services contract with an alternative lender in the quarter.

Snapshot of achievements during Q2, Fiscal 2022:

• Net New CARR bookings of $314,000
  • Anticipated Gross Margins to exceed 90%
• Total CARR now exceed $3.1 Million
• Professional Services bookings of $956,000
  • Gross Margins on services expected to exceed 40%
• New CARR of $219,000 from a number of international customers
  • Two new major North American Insurance customers
  • One new financial services customer
  • Addition of BlueRush’s first North American energy customer
  • Addition of BlueRush’s first telco customer
• Net Expansion CARR of $95,000 came from several existing customers
  • Major European bank
  • South American bank
  • North American Insurance provider
• The Company achieved positive Net Dollar Retention (NDR) in the Quarter
  • NDR is a significant sign of health in the business and means the company is growing before the addition of new customers
  • Management attributes our continued success in growing our customers base to the excellent results achieved and investment in a dedicated Customer Experience Management team

BlueRush is also pleased to report new CARR into two important new verticals that represent significant opportunity – Telco and Utilities.

“Our IndiVideo platform is very well suited to add value in these new verticals,” continued Steve Taylor. “Our Utilities customers will use IndiVideo to explain changes to statements month over month, make personalized recommendations on how to reduce the energy bill, divert expensive calls from the call centre, and over time, reduce the costs associated with sending printed bills in the mail.”

This project was secured through BlueRush’s partner, Nikia DX.  Nikia has developed a significant footprint creating an opportunity to replicate this first Utilities project into a large number of additional Utilities customers.

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The Telco vertical opportunity also has significant potential and was sold through a South American partner, Percus.  Len Smofsky, Chief Customer Success Officer with BlueRush commented, “with Telcos, the bill or statement is an excellent opportunity to deliver a superior customer experience, reduce customer service and print costs and cross-sell to other products with targeted and personalized offers.”

“Video Sales and Marketing is a fast-growing category, and we have unique capabilities that help our customers sell more of their products and services through the digital channels.  Our partners are delivering revenue and new verticals, our direct team is firing on all cylinders and the market is providing a tailwind for the business,” Steve Taylor went on to say.