Leafbuyer Technologies, Inc. Posts 41% Year Over Year Revenue Growth
Leafbuyer Technologies (OTCQB:LBUY) reported a 41% increase in annual revenue for the fiscal year ending June 30, 2020, significantly outperforming the cannabis industry average of 14%. Gross profit rose 52%, while operational expenses decreased 18%. The company enjoyed a 116% rise in new customers on its texting platform and a 179% increase in texting credit usage. Their average annual revenue growth rate over the last two years stands at 50%. Leafbuyer anticipates continued growth through new technologies and market expansion.
- 41% annual revenue increase year over year
- 52% increase in gross profit year over year
- 18% reduction in operating expenses year over year
- 116% growth in new customers using texting platform
- 179% rise in texting credit usage on the platform
- 124% revenue growth compared to fiscal year 2018
- Average annual growth rate of 50% over the last two years
- 48% increase in cash collected from monthly recurring revenue
- None.
Company's Growth Nearly Triple Cannabis Industry Average
DENVER, CO / ACCESSWIRE / September 28, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology company, announced today that annual revenue rose
Leafbuyer Fiscal Year Highlights
- Annual revenue rose
41% year over year - Gross profit increased
52% year over year - Expenses from operations decreased
18% year over year - New customers utilizing texting platform increased
116% July to June - Texting credit usage on the Leafbuyer platform increased
179% July to June - 2020 revenue growth represents a
124% increase over fiscal year 2018 - Average annual revenue growth rate is
50% for last two years - Cash collected from monthly recurring revenue increased
48% with an average monthly growth rate of9% in the last 6 months of the year
Leafbuyer's increase in revenue and decrease of operating expenses bring operational profitability milestone within reach.
"Our average annual growth rate for the last two years reflects the momentum we've built," stated Kurt Rossner, CEO of Leafbuyer. "We expect this growth to continue and even accelerate as we deploy new technologies that our team has developed over the past few months."
Leafbuyer's year-over-year success is attributed to expansion into new legal markets, development of new technologies, sales and marketing initiatives, and increases in monthly recurring revenue.
"Our investment in software development has created the ability to scale our product offerings, create higher customer retention, and increase recurring revenue," continued Rossner. "Together, these efforts are having a significant positive result for our bottom-line and making operational profitability attainable in the near future."
The Company's
To learn more about Leafbuyer, visit Tech.Leafbuyer.com.
About Leafbuyer Technologies, Inc.
Leafbuyer Technologies is one of the most comprehensive technology and communication software providers for the cannabis industry. Leafbuyer.com is an all-inclusive online resource for cannabis deals and information. Leafbuyer works alongside businesses to showcase their unique products and build a network of loyal patrons. Leafbuyer's national network of cannabis deals and information reaches millions of consumers every month. Leafbuyer is the official cannabis deals platform of Dope Media, Sensi Magazine, and Voice Media Group. Learn more at Tech.Leafbuyer.com.
Contacts
Leafbuyer Technologies, Inc.
Andre Leonard, +720-432-5593
aleonard@leafbuyer.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/608011/Leafbuyer-Technologies-Inc-Posts-41-Year-Over-Year-Revenue-Growth
FAQ
What is Leafbuyer Technologies' annual revenue growth for 2020?
How does Leafbuyer Technologies' revenue growth compare to the cannabis industry average?
What were the highlights from Leafbuyer Technologies' fiscal year 2020 results?
What is the symbol for Leafbuyer Technologies?