Business Warrior Announces Strong Q1 2023 Financial Results, with Over 220% Growth in Revenue, and Sales Momentum in Promoting Innovative Solutions
PHOENIX, March 13, 2023 (GLOBE NEWSWIRE) -- Business Warrior Corporation (OTC: BZWR), the cloud-based lending platform for success and long-term business growth, announces its financial results for the quarter ending November 30, 2022, showing significant growth and progress in its cloud-based lending platform. Revenue for the period surged to $1,455,742, a remarkable increase of over 220% from the previous year. This marks the first quarter of financial results since the successful acquisition of two companies last year and the integration of these entities fully completed.
The Company has reported a net loss of $971,944, which can be attributed mainly to an increase in the Cost of Sales incurred while serving clients within the new business model. The Company's acquisition of new businesses resulted in an increase in the Cost of Sales for the period to $1,008,390, compared to the same period the previous year.
The Company's latest business model prioritizes long-term profitability over short-term revenue spikes, ensuring sustainable growth. As of November 30, 2022, the Company's cash balance was reported at $175,261, and they have secured a new Line of Credit with an available draw of up to $5,000,000. The Company's principal balance on this LOC stands at $2.1 million, with the remaining funds allocated towards operational expenses, marketing, sales growth, and achieving profitability.
“The quarter’s financial results reflect the base of our new business model after two acquisitions last year. We have more sustainable revenue streams, we’re on a path to consistent growth, and our team is built for long-term success. In light of the economy and the turmoil in banking, access to capital and turning it into profits is essential, and it’s how businesses survive. Our end-to-end solution for lenders and businesses solves a real problem that the world is seeing right now, and PayPlan does it more cost-efficiently than ever before,” commented CEO of Business Warrior, Rhett Doolittle.
Business Warrior just launched its new flagship solution, PayPlan, and has announced signing its first significat clients in February. The team is focusing on implementing the solution for their clients while continuing to add new clients to the queue. New clients are forecasted to add to the Company's current portfolio of customers, representing a significant step forward in their growth strategy.
During the period that ended November 30, 2022, the Company focused on building its new flagship product, which represented a higher amount of expenses, but an unusually lower amount on advertising. Since the end of the period, the Company has reduced salaries and wages and General and Administrative expenses. The Company entered the marketing and promotion phase of PayPlan and the Helix division’s solutions at the beginning of the new year and is expecting an increase in advertising going forward. This has already resulted in new sales growth in February and March. The combination of marketing services and lending has resulted in early signs of success of cross-selling opportunities between the company's different divisions.
Business Warrior posted a strong quarter while signaling some early success in their new strategy formed by the experience of the newly formed team, technology, and the assets from the recent acquisitions.
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