Business
Leafbuyer Technologies, Inc. Posts 41% Year Over Year Revenue Growth
Leafbuyer Technologies, Inc. Posts 41% Year Over Year Revenue Growth.
About this update from Leafbuyer Technologies, Inc.
[{"type":"text","content":"Company's Growth Nearly Triple Cannabis Industry AverageDENVER, CO / ACCESSWIRE / September 28, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology company, announced today that annual revenue rose 41% in the fiscal year ending June 30, 2020. The increase reflects the revenue booked in the year versus the previous year.Leafbuyer Fiscal Year HighlightsAnnual revenue rose 41% year over yearGross profit increased 52% year over yearExpenses from operations decreased 18% year over yearNew customers utilizing texting platform increased 116% July to JuneTexting credit usage on the Leafbuyer platform increased 179% July to June2020 revenue growth represents a 124% increase over fiscal year 2018Average annual revenue growth rate is 50% for last two yearsCash collected from monthly recurring revenue increased 48% with an average monthly growth rate of 9% in the last 6 months of the yearLeafbuyer's increase in revenue and decrease of operating expenses bring operational profitability milestone within reach."Our average annual growth rate for the last two years reflects the momentum we've built," stated Kurt Rossner, CEO of Leafbuyer. "We expect this growth to continue and even accelerate as we deploy new technologies that our team has developed over the past few months."Leafbuyer's year-over-year success is attributed to expansion into new legal markets, development of new technologies, sales and marketing initiatives, and increases in monthly recurring revenue."Our investment in software development has created the ability to scale our product offerings, create higher customer retention, and increase recurring revenue," continued Rossner. "Together, these efforts are having a significant positive result for our bottom-line and making operational profitability attainable in the near future."The Company's 41% annual revenue growth rate is nearly triple the industry's projected compound annual growth rate of 14%, according to New Frontier Data. Reports from Arcview Market Research indicates the legal cannabis industry will see growth from $9.2 billion in 2017 to over $47.3 billion by 2027 in North America alone.To learn more about Leafbuyer, visit Tech.Leafbuyer.com.About Leafbuyer Technologies, Inc.L...