Leafbuyer Technologies, Inc. Announces Profitability and Significant Revenue Growth

Rhea-AI Summary

Leafbuyer Technologies (OTCQB:LBUY) reported a robust financial performance for the quarter ending March 31, 2021, with revenues increasing by 17% year-over-year. The company also significantly reduced operating expenses by 43%, achieving its first profitable quarter as a public entity with over $100,000 in profits compared to a loss exceeding $1 million in the prior year. The shift towards a SaaS model has enhanced efficiency and recurring revenue streams, fueling further growth and innovation in its product offerings.

Positive

• Revenue increased by 17% year-over-year.
• Operating expenses decreased by 43%.
• Achieved first profitable quarter with over $100,000 in profit.

Negative

• None.

DENVER, CO / ACCESSWIRE / May 18, 2021 / Leafbuyer Technologies, Inc. "Leafbuyer" or "the Company") (OTCQB:LBUY), a leading CannaTech company, announced today that revenue grew 17% while operating expenses decreased 43% year-over-year, in the quarter ending March 31, 2021. The company achieved its first profitable quarter as a public company, making $100,000+ versus a loss of over $1M in the same period a year ago. The company reported strong revenue growth while also reducing operating expenses by 43%.

"Our latest results prove we continue to move in the right direction. The shift to a SaaS based model is paying off with increased efficiency and more reliable monthly recurring revenue," said Kurt Rossner, CEO of Leafbuyer. "The focus for 2021-22 will be continued growth and a focus on strategic partnerships. The macro-level outlook is as good as we have seen it since we started the business."

"Our SMART TECH group of products is being well received by the market," continued Rossner. "As new markets open, our continued innovation will fuel growth and opportunity for additional revenue streams."

Leafbuyer realizes revenue from the sale of its sophisticated technology platforms, which drive cannabis consumers to dispensaries and product companies across the country. The solutions include loyalty programs, smart app technology, and mobile application-based ordering along with the company's website, Leafbuyer.com.

About Leafbuyer Technologies, Inc.

Leafbuyer Technologies is one of the most comprehensive marketing technology providers in the cannabis industry. Hundreds of cannabis businesses use the Leafbuyer texting and loyalty platform and the Smart App solution to engage with current and potential customers. Leafbuyer.com is a robust online resource for cannabis consumers, and the company's partnerships with other websites have created a national network of cannabis deals and information that reaches millions of consumers every month.

Learn more at tech.leafbuyer.com

Contact:
Leafbuyer Technologies, Inc.
Vida Almich (720) 427-3927
vida@leafbuyer.com

SOURCE: Leafbuyer Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/647914/Leafbuyer-Technologies-Inc-Announces-Profitability-and-Significant-Revenue-Growth

FAQ

What were Leafbuyer Technologies' revenue results for Q1 2021?

Leafbuyer Technologies reported a 17% increase in revenue for Q1 2021.

How much did Leafbuyer Technologies reduce its operating expenses?

Leafbuyer Technologies reduced its operating expenses by 43% year-over-year.

Did Leafbuyer Technologies achieve profitability in Q1 2021?

Yes, Leafbuyer Technologies achieved its first profitable quarter with over $100,000 in profit.

What is the stock symbol for Leafbuyer Technologies?

The stock symbol for Leafbuyer Technologies is LBUY.

What is the business model of Leafbuyer Technologies?

Leafbuyer Technologies is transitioning to a SaaS-based model to increase efficiency and monthly recurring revenue.