Leafbuyer Technologies, Inc. Announces Record Results: 45% Increase in Quarterly Revenue and First Profitable Quarter as Public Company

Rhea-AI Summary

Leafbuyer Technologies (OTCQB:LBUY) reported strong financial results for Q2, with a net income of $95,397 compared to a net loss of $1,373,858 the previous year. Revenue surged 45%, rising from $923,829 to $1,341,750, while gross profit increased 174% from $261,770 to $716,146. Operating expenses were reduced by 23%, falling from $750,675 to $579,978. CEO Kurt Rossner highlighted that this marks the best quarter in the company's history, achieving profitability amidst industry challenges. Leafbuyer aims for continued growth and product enhancements in 2023.

Positive

• Net income of $95,397 vs. a net loss of $1,373,858 year-over-year.
• Revenue increased by 45% from $923,829 to $1,341,750.
• Gross profit rose 174% from $261,770 to $716,146.
• Operating expenses decreased by 23% from $750,675 to $579,978.

Negative

• None.

Financial Highlights:

• Profitable: Net Income of $95,397 in Q2 from a Net Loss of $1,373,858 in the prior year
• Revenue rose 45% from $923,829 to $1,341,750 in the second quarter of fiscal year 2022
• Gross Profit increased 174% from $261,770 to $716,146 in the same period
• Operating Expenses decreased 23% from $750,675 to $579,978

DENVER, CO / ACCESSWIRE / February 15, 2023 / Leafbuyer Technologies (OTCQB:LBUY) ("Leafbuyer" or "the Company") a leading cannabis technology and marketing platform, announced today that quarterly revenue rose 45% year over year in the quarter ending December 31, 2022. The company also announced that it achieved profitability for the quarter. The financial data reflects the GAAP revenue booked in the quarter versus the same quarter of the previous year.

Kurt Rossner, Chief Executive Officer of Leafbuyer stated, "We achieved the best quarter in the Company's existence, even though we streamlined costs and automated many systems. Our growth was significantly higher than the industry average and we are now one of the few publicly traded cannabis marketing firms, that is profitable."

"Our goal is to continue this growth and increase earnings while we build industry leading products. We look to launch some significant updates and enhancements to our platform in 2023 as we continue to scale nationally," Rossner added.

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 Custom 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 http://www.tech.leafbuyer.com/

Contact:

Leafbuyer Technologies, Inc.
Vida Almich 720.427.3927
vida@leafbuyertech.com

Cautionary Statement Regarding Forward-Looking Information Safe Harbor Statement

This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in the forward-looking statements due to several factors detailed from time to time in our filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings.

SOURCE: Leafbuyer Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/739432/Leafbuyer-Technologies-Inc-Announces-Record-Results-45-Increase-in-Quarterly-Revenue-and-First-Profitable-Quarter-as-Public-Company

FAQ

What were Leafbuyer Technologies' Q2 financial results?

Leafbuyer reported a net income of $95,397, a 45% increase in revenue to $1,341,750, and a 174% rise in gross profit.

How much did Leafbuyer's revenue increase in Q2 2023?

Leafbuyer's revenue increased by 45% from $923,829 to $1,341,750.

What is Leafbuyer's stock symbol?

Leafbuyer's stock symbol is LBUY.

Did Leafbuyer achieve profitability in Q2 2023?

Yes, Leafbuyer achieved profitability with a net income of $95,397.