Leafbuyer Technologies, Inc. reported its financial results for the three and nine months ended March 31, 2024, showing notable changes in revenue, profitability, and operational expenses compared to the previous fiscal period.

For the three months ended March 31, 2024, Leafbuyer generated revenue of $1,496,714, marking a 16% increase from $1,286,132 in the same period of 2023. Gross profit for this quarter was $563,051, up 9% from $516,431 year-over-year. However, total operating expenses rose to $702,483, an 8% increase from $651,521, leading to a loss from operations of $(139,432), slightly higher than the $(135,090) loss reported in the prior year. The net loss for the quarter was $(171,649), compared to $(170,458) in the same quarter of 2023.

For the nine months ended March 31, 2024, revenue increased by 9% to $4,100,467 from $3,763,207 in the same period of 2023. However, gross profit decreased significantly to $1,367,994, down from $1,703,882, attributed to increased provider costs. The net loss for the nine-month period was $(790,260), a substantial increase of 90% from $(416,320) in the previous year. Total operating expenses also rose to $2,065,517, up from $1,993,081, driven by higher commissions, recruiting fees, and increased computer and internet costs.

The company reported cash and cash equivalents of $155,942 as of March 31, 2024, with a working capital deficit of $2,011,802. The accumulated deficit reached $25,225,958, reflecting ongoing financial challenges. Interest expenses decreased to $92,785 for the nine months ended March 31, 2024, down from $130,544 in the prior year, due to a reduction in notes payable.

In terms of strategic developments, Leafbuyer has focused on expanding its marketing technology platform for cannabis dispensaries and product companies. The company is actively pursuing organic growth through enhanced sales and marketing efforts and may consider acquisitions to increase market share. Additionally, the company extended its Denver headquarters lease for another year, with a monthly expense of approximately $41,000.

Despite these efforts, the company faces substantial doubt regarding its ability to continue as a going concern within the next year, emphasizing the need for profitable operations and necessary financing to meet obligations.