Financial Highlights:
- Revenue rose 31% from $984,010 to $1,286,132 in the third quarter of fiscal year 2023
- Revenue Increase was more than 9X Industry Growth Rate
- Expanding Profit Margins: Gross Margins increased 35% Year to Year
- Gross Profit increased 76% from $292,682 to $516,431 in the same period
- $250,000 reduction in debt and 12% reduction in total liabilities
DENVER, CO / ACCESSWIRE / May 16, 2023 / Leafbuyer Technologies Inc. (OTCQB:LBUY) ("Leafbuyer" or "the Company") a leading cannabis technology and marketing platform, announced today that quarterly revenue rose 31% year over year in the quarter ending March 31st, 2023. The financial data reflects the GAAP revenue booked in the quarter versus the same quarter of the previous year.
Kurt Rossner, Chief Executive Officer of Leafbuyer stated, "We continue to drive growth in our core product line with quarterly revenue growth nearly nine times the overall cannabis market. We are also working hard to continue our margin expansion across all our product lines. The second half of this year is exciting as we begin to monetize our total network and continue to build out advanced features to our existing platform."
The company also reported a reduction of 12% in its total liabilities and a nearly $250,000 paydown in its overall debt.
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.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 Leafbuyer Technologies
Contact:
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.
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.