PHOENIX, July 18, 2023 (GLOBE NEWSWIRE) -- Business Warrior Corporation (OTC: BZWR), the source for cloud-based lending solutions designed to fuel sustainable business growth, has announced its financial results for the quarter ending May 31, 2023. The Company displayed a 3.8% quarter-over-quarter revenue growth, coupled with a substantial reduction in expenses during the same period. Notably, the Company reports a remarkable revenue increase from its recently launched signature product, PayPlan, which generated $121,250 in the quarter, a sharp rise from the $5,000 in the previous quarter. PayPlan is a key focus of growth for the Company.
For the nine months ended May 31, 2023, the Company demonstrated a solid performance with revenue of $3,243,742, marking a significant 33% increase compared to the nine months ended May 31, 2022. Concurrently, operating expenses decreased by 30%. This marks the second consecutive quarter of significant reductions in operating expenses and now alongside revenue growth. The Company forecasts that operating expenses will stabilize in every area except for advertising and promotion, which are intended to grow sales. The decrease in expenses and revenues climbing sets a strong financial road ahead and forms a cornerstone of the Company's plan to gain market share and reach profitability.
The most substantial area of expected growth lies within the Company's PayPlan product, which will be the primary focus of advertising investment moving forward. The quarterly revenue growth demonstrated by PayPlan showcases the promising progress of its strategy.
Positive Trends In The Company’s SaaS Business Model
Business Warrior reported $910,719 in revenue for the quarter, which marked a decrease compared to $1,227,007 in the same period of 2022, but an increase from the previous quarter. This reduction was primarily due to a 12-month contract with a substantial client that expired in December of 2022, which accounted for $704,545 of the revenue in the third quarter of 2022. The new business model adopted by the Company mitigates the risk associated with large one-time projects or over-reliance on a single customer. The Company is proud to highlight that it did not have one client representing over 15% of revenues in the current quarter, a substantial improvement from the previous year.
Key Strategic Milestones
Following the acquisition of two companies last year, the Company has successfully transitioned its business model and unified its strategy to address crucial demands in the lender market. The integration of operations has facilitated expense reductions while enabling the launch of a new product, PayPlan.
The Company's strategic evolution since these acquisitions transitioned the business model from serving small business owners to providing innovative lending software as a service.
The combination of marketing and lending software has been streamlined into a comprehensive solution for the company’s target customers: private lenders, fintech, banks, and credit unions.
This business transformation allows the Company to achieve higher and more predictable revenue per customer, thereby driving consistent revenue growth each quarter.
Capital infusions will be utilized to bolster the continued trajectory of success in marketing and sales efforts.
About Business Warrior
Business Warrior Corporation (BZWR) is a publicly traded company listed on the OTC Pink Sheets. Their signature product, PayPlan, is a software-as-a-service (SaaS) turnkey lending solution built for lenders and high-growth companies. We are a full-service provider with end-to-end lending technology, including custom software development and customer acquisition marketing services. Founded in 2014, Business Warrior is a SaaS marketing company with a virtual workforce and employees worldwide. The company has worked with over 25,000 global businesses ranging from small to enterprise businesses. Business Warrior acquired Helix House and Alchemy Technologies in 2022. For more information, visit https://businesswarrior.com.
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