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 41% in the fiscal year ending June 30, 2020. The increase reflects the revenue booked in the year versus the previous year.
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 of 9% 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 41% annual revenue growth rate is nearly triple the industry's projected compound annual growth rate of 14%, according to New Frontier Data. Reports from Arcview Market Research indicates the legal cannabis industry will see growth from $9.2 billion in 2017 to over $47.3 billion by 2027 in North America alone.
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.
Leafbuyer Technologies, Inc.
Andre Leonard, +720-432-5593
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.