Leafbuyer Technologies LBUY released its second quarter financial results, revealing revenue of $1.3 million, a 45% increase compared to $923,829 in the Q2 FY 2021. The company also announced that it achieved profitability for the quarter.
Q2 FY 2022 Financial Highlights
Net income of $95,397 in Q2 from a net loss of $1.4 million in the prior year.
Gross profit increased 174% from $261,770 to $716,146 in the same period.
Gross margin increased from 27% to 48% do to a reduction in provider costs and the increase in higher margin products such as the custom native apps that have been deployed.
Operating expenses decreased 23% from $750,675 to $579,978.
At December 31, 2022 the company had $298,243 in cash and cash equivalents.
Kurt Rossner, CEO of Leafbuyer stated, "We achieved the best quarter in the company's existence, even though we streamlined costs and automated many systems. Our growth was significantly higher than the industry average and we are now one of the few publicly traded cannabis marketing firms, that is profitable. Our goal is to continue this growth and increase earnings while we build industry leading products. We look to launch some significant updates and enhancements to our platform in 2023 as we continue to scale nationally."
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