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TORONTO, Dec. 29, 2023 (GLOBE NEWSWIRE) — BlueRush Inc. (“BlueRush” or the “Firm“) (TSXV:BTV; OTCQB:BTVRF), a pioneering personalised video Software program as a Service (“SaaS“) firm, in its latest monetary quarter ending October 31, 2023, reported a difficult quarter in comparison with the identical interval within the earlier yr. This press launch supplies an outline of the Firm’s efficiency, underlying components, strategic responses, and outlook for the long run.
Monetary Highlights
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- SaaS Revenues (outlined under): Decreased by 15% to $644,914 in Q1 2024, in comparison with $756,024 in Q1 2023.
- Gross Revenue: Witnessed a 40% lower, amounting to $482,682 in Q1 2024 versus $844,587 in Q1 2023.
- Whole Working Bills: Decreased by 20% or $284,446, totaling $1,169,983 in Q1 2024 in comparison with $1,454,384 in Q1 2023.
The latest fiscal quarter noticed BlueRush expertise a decline in its complete revenues (each SaaS Revenues and BlueRush’s different revenues). This decline was primarily attributed to the loss of a big buyer, pushed by their have to undertake vital cost-cutting measures, regardless of their satisfaction with BlueRush’s technological options.
The previous yr has offered challenges, largely influenced by exterior financial circumstances and pressures inside the monetary providers sector. Nonetheless, BlueRush stays dedicated to its core power of delivering distinctive worth and is taking proactive steps to adapt and thrive on this evolving market panorama.
In response to those challenges, BlueRush has applied a number of key methods:
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- Diversification of Shopper Portfolio: Objective of broadening its shopper base throughout completely different sectors to mitigate dangers related to shopper focus.
- Enhancement of Know-how: Persevering with to put money into expertise, notably within the area of synthetic intelligence, to supply more cost effective and progressive options.
- Give attention to progress areas inside the Monetary Providers vertical: Sure areas together with wealth administration and insurance coverage proceed to indicate power.
Market Outlook – Regardless of the challenges of the previous months, BlueRush stays cautiously optimistic in regards to the restoration and progress alternatives inside the monetary providers and different sectors. Latest new clients present a springboard for progress and the Firm is strategically positioning itself to capitalize on rising alternatives, particularly within the wealth administration, banking, and insurance coverage sectors.
Sector-Particular Successes
- Insurance coverage Vertical: BlueRush has seen appreciable success within the insurance coverage sector, particularly with progressive options in pet insurance coverage, flood insurance coverage, and assist for insurance coverage brokers by way of personalised video expertise.
- 401K Market: BlueRush options within the 401K market have proven promising progress, with new buyer acquisitions and efficient assist in matched funding applications.
- Important New Enterprise Buyer: In direction of the tip of Q1 2024, BlueRush secured a big US$80,000 subscription cope with a big enterprise buyer. This deal, though not mirrored within the quarter’s financials resulting from being signed on the finish of the quarter, has the potential to generate future income streams.
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Administration stays assured that the strategic selections and initiatives undertaken are guiding the Firm in the direction of sustained progress and stability in Annual Recurring Income. BlueRush is constantly exploring progressive options and market alternatives to make sure long-term success.
About BlueRush
BlueRush develops and markets IndiVideo™, a disruptive, award-winning interactive personalised video platform that drives return on funding all through the client lifecycle, from elevated conversions to extra participating statements and buyer care. IndiVideo permits BlueRush shoppers to seize information and knowledge from their clients’ video interplay, creating new and compelling knowledge pushed buyer insights.
For extra details about IndiVideo and BlueRush go to
