Urbanimmersive Reports Financial Results for Its Second Quarter of 2023
26 Mayo 2023 - 8:00AM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”)
(TSV-V UI) (OTCQB: UBMRF) today reported financial results and
presents business highlights for its second quarter ended March 31,
2023. The interim condensed financial statements and related
management’s discussion and analysis (“MD&A”) can be viewed on
SEDAR at https://www.sedar.com/.
|
Three-month period
endedMarch 31, 2023 |
Three-month period
endedMarch 31, 2022 |
Six-month period
endedMarch 31, 2023 |
Six-month period
endedMarch 31, 2022 |
|
In thousands $ |
In thousands $ |
In thousands $ |
In thousands $ |
Revenues |
2,727 |
2,182 |
5,555 ** |
3,177 |
COGS and direct charges |
1,491 |
990 |
3,214 |
1,429 |
Gross margin (before amortization) |
1,236 |
1,192 |
2,341 |
1,748 |
Amortization |
525 |
319 |
1,032 |
568 |
Operating expenses |
2,181 |
1,508 |
4,221 |
2,376 |
EBITDA* |
(646) |
(68) |
(966) |
(272) |
Other expenses |
18 |
349 |
21 |
384 |
Net income (loss) |
(1,485) |
(981) |
(2,929) |
(1,578) |
|
|
|
|
|
Basic net income (loss) per share |
(0.03) |
(0.02) |
(0.06) |
(0.02) |
* Q2-23 EBITDA has
been adjusted (+$299k) for non-cash items related to share and
share-based payments ($218k) and non-recurring transition costs
(+$58k) and acquisition costs (+$23k). Q2-22 EBITDA has been
adjusted (+$248k) for non-cash items related to share and
share-based payments (+$228k) and business acquisition costs
(+$20k). EBITDA for the first semester of 2023 has been adjusted
(+$914k) for non-cash items related to share and share-based
payments ($315k) and non-recurring items such as transition costs
(+531k$) and business acquisition costs (+68k$). EBITDA for the
first semester of 2022 has been adjusted (+$356k) for non-cash
items with respect to share and share-based payments (+$275k) and
non-recurring items such as business acquisitions (+$53k),
restructuring costs (+$60k) and wage subsidies (-$32k).** Q1-23
revenues have been revised down by $350k following an adjustment
reported on November 2022 revenues during the transition
period.
“During the most
recent quarter, following the finalization of the integration of
all the photography agencies acquired, we carried out a strategic
review of our organizational structure, which resulted in the
implementation of certain measures to rationalize our expenses,
particularly in terms of workforce. Those important measures should
enable us to further increase our competitive advantage in the
market as well as improve our financial performance and be better
positioned in the event of a possible recovery in the real estate
market.
In addition, we
continued our development projects, in particular having progressed
rapidly with the integration plan with CoreLogic starting with MLS
connections, the integration of ChatGPT into our flagship product,
UiMeet3D, the onboarding of affiliate photographers (franchises) to
our technological platform and the preparation of the deployment of
the printing service offered by HomeVisit for all of the Group's
photography agencies”, said Ghislain Lemire, President and CEO of
Urbanimmersive.
HIGHLIGHTS
- For its second quarter ending March 31, 2023 (Q2-23), the
Company generated revenues of $2,727k compared to $2,182k for
Q2-22, an increase of +$545k or +25%;
- For its first half of 2023, the Company generated revenues of
$5,555k compared to $3,177k for its first half of 2022, an increase
of +$2,378k or +75%;
- Following the completion of the integration of all acquired
photography agencies and in response to difficult real estate
market conditions, the Company was able to reduce its expenses on
an annualized basis by more than $1.5m in during the second quarter
of 2023, particularly by the layoff of more than 20 employees;
- Following the acquisition of HomeVisit and its partnership with
CoreLogic, Urbanimmersive quickly expanded its MLS connection
partner program from 1 to more than 25 connected MLSs;
- During this second quarter, the Company integrated ChatGPT, a
state-of-the-art artificial intelligence (AI) technology, into its
UiMeet3D Avatar Greeting Bot product, now available in all of its
3D tour subscription offers.
The Company has
granted 1,650,000 share purchase options to officers and employees
according to the terms of its share option plan. These options are
exercisable at $0.05 per share and expire on May 25, 2028. The
Company has also issued 2,209,842 shares at a price of $0.05 to
Management and employees as part of their compensation.
TSX Venture Exchange has not reviewed this press
release and has neither approved nor disapproved the contents of
this press release.
Investor Video Conference
Call
Urbanimmersive will be
hosting a video conference to discuss its 2023 second quarter
results and answer questions at 1 p.m. (ET) on Monday, May 29,
2023. To participate to the video conference, please use the
following link: https://urbanimmersive.zoom.us/j/89027691725.
About Urbanimmersive
Urbanimmersive develops and commercializes real
estate photography technologies and services focused on redefining
industry visual content standards. The Company all-in-one
platform enables high-volume photography businesses to increase
operational productivity delivering feature-rich 3D tours and floor
plans, leading-edge property websites and high-resolution
AI-indexed images. The Company operating segments include
software (SaaS), 3D photography equipment and, in a growing number
of North American cities, technology-powered real estate
photography service business units leading the industry
photo-shoots standards transformation. Learn more at
urbanimmersive.com.
Caution of Forward-Looking Statements
Certain statements in this news release, other
than statements of historical fact, are forward-looking information
that involves various risks and uncertainties. Such statements
relating to, among other things, the prospects for the company to
enhance operating results, are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from
information contained herein. There can be no assurance that such
statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. These and all subsequent written and oral
forward-looking statements are based on the estimates and opinions
of the management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management estimates or opinions change.
For more information, please contact:
UrbanimmersiveGhislain LemirePresident & CEO514-394-7820
X 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA,
CFA, MBAChief Financial Officer514-394-7820
X 224simonbedard@urbanimmersive.com
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