Earnings season rolled on in Canada on Wednesday, and Toronto-based BlueRush Inc. (TSX-Venture:BTV), an emerging Software as a Service ("SaaS") company, announced its financial results for the three-month period ended January 31, 2019.
The company which caters to the financial services industry, announced SaaS revenue increased 22% to $313,025, from $256,320 in the prior-year quarter.
SaaS gross profit increased by 56% to $168,619, from $108,073 in Q2 2018; and gross margins in the SaaS business increased to 54%, up from 42% in Q2 2018.
BlueRush CEO Steve Taylor commented, "By the end of April, we expect our monthly recurring revenue from our flagship product, IndiVideo, to reach approximately $45,000, roughly the equivalent to what we recognized in all of Q2 2019.
“Our technological competitive advantage is being recognized in the market and has propelled our transformation from a one-time services company to a true SaaS enterprise."
Shares gained half a cent, or 5.3%, midday Wednesday, to 10 cents, on volume of 217,000
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