Company Grows Core Revenue While Significantly Reducing Operating Expenses and Achieving Operating Positive Cash Flow
DENVER, CO / ACCESSWIRE / February 17, 2021 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology company, announced today that revenue increased 13% and operating expenses decreased 51% year-over-year in the six months ending December 31st, 2020, compared to the same period in 2019.
"We are very pleased with our results ending December 31, 2020. The year 2020 was very challenging for many businesses. We were able to achieve our goal of operational positive cash flow while significantly reducing expenses and streamlining our business," said Kurt Rossner, CEO of Leafbuyer. "Simply stated, we were able to do more with less. Going forward, we will continue to advance our platform aggressively as we complete our pivot to a higher margin SaaS product line. We hope to have significant organic growth in 2021, while we continue to seek strategic partners to complement our platform," Rossner added.
The company grew revenue by 13% for the six-month period ending December 31, 2020, when not accounting for one-time trade show booth sales in October and November of 2019. While the Company booked a GAAP loss for the period, the Company realized positive operating cash flow in both months of November and December 2020.
Leafbuyer is working closely with some of the largest POS systems in the industry to further the value proposition to their retail partners. Because of Covid and the necessary steps retail cannabis locations have taken, order ahead and delivery products have experienced high demand.
"We feel well positioned going forward as a true "Canna-tech" solution platform for the growing legal cannabis market," Rossner continued. "We feel that many of the measures we have taken to achieve our goals during a global pandemic will benefit us tremendously as the economy opens and most retail businesses get going again."
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 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
Contacts
Leafbuyer Technologies, Inc.
Vida Almich 720-427-3927
[email protected]
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.