Leafbuyer Technologies, Inc. Announces Results: Continued Strong Sales with a 33% increase in Quarterly Revenue
Leafbuyer Technologies, Inc. (OTCQB:LBUY) reported a significant increase in quarterly revenue, rising to $1,128,665, up 32.5% year-over-year. The company's gross profit also saw a notable increase, climbing to $476,145, reflecting a 115% year-on-year growth. Operating expenses decreased from $809,639 to $635,136, showcasing improved efficiency. CEO Kurt Rossner highlighted strong demand for higher-margin products amidst a challenging overall cannabis market. Leafbuyer continues to expand into new markets, contributing to their positive growth trajectory.
- Revenue increased to $1,128,665, a 32.5% rise from the previous year.
- Gross Profit rose to $476,145, marking a 115% year-on-year growth.
- Operating Expenses decreased from $809,639 to $635,136, indicating improved cost management.
- Selling Expenses reduced by 30%, enhancing overall margins.
- None.
Financial Highlights:
- Revenue rose to
$1,128,665 from$851,693 in the current quarter, compared to a year ago - Gross Profit increased to
$476,145 from$221,157 in the same period - Operating Expenses decreased from
$809,639 t o$635,136 - Revenue Increased
33% while Selling Expenses decreased30% , based on expanding margins - Gross Profit Increased
115% year to year
DENVER, CO / ACCESSWIRE / November 15, 2022 / Leafbuyer Technologies, Inc. (OTCQB:LBUY) ("Leafbuyer" or "the Company") a leading cannabis technology and marketing platform, announced today that quarterly revenue rose
Kurt Rossner, Chief Executive Officer of Leafbuyer, stated, "We saw nice growth in the quarter, but we think the biggest highlight was the increased demand for our higher margin products. As the overall cannabis market continues to struggle, we are seeing the best demand in our history. We continue to execute on our plan to expand into new markets throughout the country and have been encouraged by the continued success that we have had in these markets."
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 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.
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