44% Year Over Year Revenue Growth - Operating Expenses Remain Level
DENVER, CO / ACCESSWIRE / May 20, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology platform, announced today that revenue grew 44% year-over-year in the nine months ending March 31, 2020. The growth reflects the revenue booked in the period versus the same period one year ago. Along with increased revenue growth, the Company announced minimal operation expense increases in the same period.
"With year over year revenue increases and controlled operational expenses, we are in an extremely strong position and on pace to meet our cash flow goal this summer," stated Kurt Rossner, CEO of Leafbuyer. "Our focus on providing our clients with industry-leading texting, loyalty, and online ordering platforms is a major contributor to our success."
Leafbuyer's 44% year-over-year growth rate is more than triple the industry's projected compound annual growth rate of 14%, according to New Frontier Data. Progress is attributed to increased sales and high customer retention.
The Company's management is forecasting significantly less cash burn for the remainder of 2020.
Due to the social distancing requirements of COVID-19, Leafbuyer has experienced increased demand for its order ahead and delivery solutions. Cannabis dispensaries, which are considered essential businesses in most states, are pursuing online ordering and communication tools to maintain relevancy in a competitive environment.
"Our product offering is highly valuable in the current cannabis industry landscape," stated Rossner. "We have intentionally concentrated our technical focus over the past year to ensure that our key platforms lead the industry."
Leafbuyer realizes revenue from the sales of its marketing technology platforms, which drive cannabis consumers to dispensaries and product companies across the country. The Company's primary solutions include a texting and loyalty application, online ordering platforms, and access to millions of cannabis consumers through the Leafbuyer.com website and its network partners.
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 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.
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