33% Revenue Growth and a 51% Decrease in Operating Expenses. The Company Expects to be Cash Flow Positive by the End of 2020.
DENVER, CO / ACCESSWIRE / November 17, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology company, announced today that revenue grew 33% and operating expenses decreased 51% year-over-year in the quarter ending September 30, 2020.
Leafbuyer's 33% year-over-year revenue growth rate is more than double the industry's projected compound annual growth rate of 14%, according to New Frontier Data. Increased sales of the Company's loyalty, texting, online ordering, and web application solutions account for the continued success.
"Over the past year, we have made major strides in reducing expenses while growing recurring revenue," said Kurt Rossner, CEO of Leafbuyer. "Most of our revenue growth is coming from Leafbuyer Loyalty, our industry-leading texting and loyalty platform. Dispensaries and delivery companies across the country are recognizing the value of our technologies and becoming reliable, recurring customers. We achieved a significant 51% reduction in operating expenses by completing our major technology initiatives and taking a hard look at expenses that did not directly drive growth."
Leafbuyer continues to advance its national footprint to include new and established legal cannabis markets. Due to the social distancing requirements of COVID-19, Leafbuyer has experienced increased demand for its order ahead and delivery solutions. Dispensaries, which are considered essential businesses in most states, are pursuing communication and ordering tools to operate successfully in these unstable times.
"This steady growth has been encouraging, and we expect greater growth over the next year as we sell our new Smart Technology line of products," continued Rossner. "With this unique set of marketing technologies, we are positioned to expand our client base and become a cash flow positive by the end of 2020."
Leafbuyer realizes revenue from the sale of its sophisticated marketing technology platforms, which drive cannabis consumers to dispensaries and product companies across the country. The solutions include loyalty programs, mobile application-based order ahead, 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 marketing technology providers in the cannabis industry. Hundreds of cannabis businesses use the Leafbuyer texting and loyalty platform and the Smart 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 Tech.Leafbuyer.com
Leafbuyer Technologies, Inc.
Andre Leonard, +720-432-5593
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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.