Business Warrior Announces 2022 Financial Results
Projects Steady Growth in 2023 from New and Existing Customers
- Twelve-month pro forma revenues for all three entities were $6.5 million for the fiscal year ending August 31, 2022
- Total revenue was $3,710,370 for the fiscal year ending August 31, 2022
- Net loss was $7,591,250 inclusive of a $4 million non-cash goodwill impairment charge associated with the Helix and Alchemy Technologies acquisitions
PHOENIX, Feb. 15, 2023 (GLOBE NEWSWIRE) — Business Warrior Corporation (OTCQB: BZWR), the cloud-based lending platform for success and long-term growth for businesses, announced today it has completed its audited financials for the fiscal year ending August 31, 2022. The company’s total revenue was $3,710,370 for the fiscal year ending August 31, 2022. The twelve-month pro forma revenues for all three entities were $6.5 million for the fiscal year ending August 31, 2022. Net loss was $7.5 million inclusive of a $4 million non-cash goodwill impairment charge associated with the Helix and Alchemy Technologies acquisitions. Business Warrior is seeking a reduction in the purchase price for Alchemy.
The company leveraged its fiscal 2020 financial growth to improve long-term stability by making two strategic acquisitions, Helix, a marketing services company, and Alchemy Technologies, a lending software company. The Company’s focus was to create products and services that drive net new revenue that is monthly recurring and produces long-term profits. This focus to establish a more predictable monthly recurring model resulted in a short-term revenue decline year-over-year. The company remains confident that its investments in operations and personnel have resulted in streamlined operations, reduced expenses, and a more efficient team moving forward. The integration work is complete, and the combined organization has developed its new flagship product, PayPlan.
PayPlan, a next-generation lending platform, combines over 50 solutions the company has built for other organizations, with features the market has been demanding. The product can be up and running for a new client in 30 days, at a fraction of the cost compared to the competition, and is being implemented for new clients.
Business Warrior has reworked contracts with existing clients, leading to the profitable growth of the Alchemy division. The Helix House division is stable and projects steady growth in 2023. Business Warrior Corporation expects to see consistent sales growth over the next two years, with a larger ramp in volume in the latter half of 2023. The focus for Business Warrior will be on advertising and promotion leading up to a ramp in sales.
As the company enters a phase of promotion and sales, it secured a Revolving Line of Credit of up to five million dollars in October of 2022. This provides Business Warrior the capitalization and the means to advertise PayPlan and follow through on the plan to reach profitability.
“Despite a challenging environment and some major curve balls thrown our way over the past twelve months, we have a powerful team, an amazing new product, more efficient processes, and the capital available to promote the company to generate new monthly recurring revenue growth,” said CEO of Business Warrior, Rhett Doolittle. Mr. Doolittle continued, “Business Warrior Corporation is poised for success and is well-positioned to meet the challenges of the future.”
In conclusion, Business Warrior Corporation’s efforts to build, acquire, and integrate have set the stage for long-term profitability. The company is excited to continue this growth plan in the coming months and years.
About Business Warrior
Business Warrior Corp. is a software-as-a-service (SaaS) company offering turnkey lending solutions to high-growth companies. We are a full-service provider with an end-to-end lending technology platform 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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