Leafbuyer Technologies, Inc., a leading marketing technology platform for the cannabis industry, has released its Form 10-Q report for the second quarter of fiscal year 2024. The report highlights significant financial improvements and operational advancements, reflecting the company’s strategic focus on expanding its market presence and enhancing its technology offerings.
Financial Highlights
Revenue: $1.7 million, increased by 20% compared to the same period in 2023 due to additional text services.
Gross Profit: $754,198, increased by 68% over the same period in 2023 due to inclusion of third-party texting fees in pricing agreements.
Net Income: $74,815, compared to a net loss of $220,010 for the same period in 2023, reflecting improved cost management and increased revenue.
Revenue (Six Months Ended December 31, 2024): $3.3 million, increased by 28% compared to the same period in 2023.
Gross Profit (Six Months Ended December 31, 2024): $1.5 million, increased by 87% compared to the same period in 2023.
Net Income (Six Months Ended December 31, 2024): $86,317, compared to a net loss of $618,608 for the same period in 2023, indicating a significant turnaround in profitability.
Business Highlights
Business Overview: Leafbuyer Technologies Inc. has transitioned from a listing website to a comprehensive marketing technology platform, serving medical and recreational dispensaries in legalized cannabis states. The platform assists in new customer acquisition and provides retention tools such as texting/loyalty and order-ahead technology.
Technology Platform: The Leafbuyer Technology Platform reaches millions of cannabis consumers monthly through its web-based platform, loyalty platform, and smart application technology. It offers a sophisticated vendor dashboard for clients to update menus, deals, and create real-time messages, along with robust reporting features.
Texting/Loyalty Program: The increased popularity of Leafbuyer’s texting/loyalty program allows clients to communicate with consumers via SMS, MMS, and push notifications within a custom-branded application.
Geographical Expansion: The company is aggressively expanding its marketing and sales presence into all legal cannabis states, aiming to increase market share and develop innovative technologies for cannabis dispensaries and product companies.
Future Outlook: Management plans to grow organically through the deployment of sales and marketing resources in legal cannabis states and is considering acquisitions to achieve significant market share. However, there is no assurance of locating and acquiring such opportunities on favorable terms.
Going Concern: The company has a significant accumulated deficit and recurring losses from operations, raising substantial doubt about its ability to continue as a going concern. Management is focused on generating profitable operations and obtaining necessary financing to meet obligations.
SEC Filing: LEAFBUYER TECHNOLOGIES, INC. [ LBUY ] – 10-Q – Feb. 14, 2025