$3.8 Million in Revenue, a 43% Increase Over Prior Year
$955,695 in Net Profit for the period ended June 30, 2022
DENVER, CO / ACCESSWIRE / September 29, 2022 / Leafbuyer Technologies, Inc (OTCQB:LBUY) ("Leafbuyer" or "the Company") a leading cannabis technology and marketing platform, announced today that annual revenue rose 43% year over year in the period ending June 30, 2022. The increase reflects the GAAP revenue booked in the year versus the same period of the previous year.
Kurt Rossner, Chief Executive Officer of Leafbuyer stated, "We are very pleased with the significant growth over the last twelve months. Our growth was nearly three times the industry average. We continue to drive innovation with our product development and continue to grow into the expanding market nationally."
Mark Breen, COO explained, "Over the last year, we have become a more efficient company. From an operations standpoint, we have restructured and consolidated departments. As a result, we have reduced expenses, created a faster workflow, and improved the overall customer experience." Breen went on to say, "Earlier this year we became cash flow positive, reducing our dependency on outside investment. This opens all kinds of possibilities in the next fiscal year."
Year to Date Financial Highlights
- Revenues rose to $3,807,053 from $2,666,829 a 43% increase
- Total Operating Expenses decreased from $3,054,637 to $2,698,313, a 12% overall decline.
- Interest expense on loans decreased from $478,388 to $205,815
Company Milestone YTD
- Launch of white label custom branded application
- Built out technology platform to include data segmentation
- Double digit growth year over year
- Expanded profit margins despite double digit inflation in wages and provider costs
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 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
Company Contact
Vida Almich
Email: vida@leafbuyertech.com
Phone: (720) 427-3927
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's business strategy, product development and industry trends. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Use of Non-GAAP Financial Measures
The Company discloses and uses the above-mentioned non-GAAP financial measures internally as a supplement to GAAP financial information to evaluate its operating performance, for financial planning purposes, to establish operational goals, for compensation plans, to measure debt service capability, for capital expenditure planning and to determine working capital needs and believes that these are useful financial measures also used by investors. Non-GAAP adjusted EBITDA is defined as GAAP net income or net loss before interest, taxes, depreciation, and amortization (EBITDA) adjusted for the non-cash stock compensation and stock option expense, acquisition, integration & restructuring expenses, charges and gains or losses from extinguishment of debt and other non-cash items. Non-GAAP EBITDA and non-GAAP adjusted EBITDA are not terms defined by GAAP and, as a result, the Company's measure of non-GAAP EBITDA and non-GAAP adjusted EBITDA might not be comparable to similarly titled measures used by other companies. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flow that either excludes or includes amounts that are not normally included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measures discussed above, however, should be considered in addition to, and not as a substitute for, or superior to net income or net loss as reported for GAAP on the Consolidated Statements of Operations, cash and cash flows on the Consolidated Statement of Cash Flows or other measures of financial performance prepared in accordance with GAAP, and as reflected on the Company's financial statements prepared in accordance with GAAP. These non-GAAP financial measures are not a substitute for or presented in lieu of financial measures provided by GAAP and all measures and disclosures of financial information pursuant to GAAP should be read to obtain a comprehensive and thorough understanding of the Company's financial results.
SOURCE: Leafbuyer Technologies, Inc.
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