"We are extremely pleased with the way the fiscal year has started for
The quarter included a number of significant milestones in terms of new and existing customers.
- New and expansion SaaS
CARR (contracted annual recurring revenue) for the quarter was$367,963 - 111,440 from new logo customers
- 256,523 from expansion of existing customers
- The Company experienced zero gross churn and 100% logo retention in the quarter
- Revenue for the quarter increased 33% over Q1 2021 from
$836,511 to$1,110,078 - Total Gross Profit increased by 69% over Q1 2021 from
$470,053 to$795,711 - SaaS Gross Profit % increased to 90% in the quarter
- New logo signed customers:
- Top 15 North American bank (measured by assets under management)
- Top 5 Canadian bank (measured by assets under management)
- Top 10
North American Insurance provider (measured by premiums written) - Expansion with key customers
- 2 top 15 North American Banks (measured by assets under management)
- Top 5 Global Asset Management firm (measured by assets under management)
- Top 5
North American Insurance provider (measured by premiums written)
Financial Results for Q1 2022
The Unaudited Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations for the three-month period ended October 31, 2021 and 2020, have been posted both to the
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For more information visit http://www.bluerush.com.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; a novel business model; dependence on key suppliers and local partners; competition; the outcome and cost of any litigation; the general impact of COVID-19 pandemic, as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com . Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Discussion on Non-IFRS Measures and Key Metrics
The Company prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS"). However, the Company may refer to a number of measures and metrics which we believe are meaningful in the assessment of the Company's performance including Contracted Annual Recurring Revenue ("CARR").
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