Urbanimmersive Announces Its 2022 Second Quarter Financial Results
26 Mai 2022 - 3:00PM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”)
(TSV-V UI) (OTCQB: UBMRF) today announced select financial results
and presents business highlights for its second quarter ended March
31, 2022. The financial statements and related management’s
discussion and analysis (“MD&A”) can be viewed on SEDAR
at https://www.sedar.com/.
HIGHLIGHTS
- For its second quarter of 2022 (Q2-22), the Company generated
total revenues of $2,182k compared to $982k for Q2-21, an increase
of $1,200k or 122%;
- For Q2-22, the Company sold 3,806 immersive 3D tours compared
to 1,122 tours in Q2-21, an increase of 2,684 tours or 239%;
- In an unfavorable real estate market, in particular with
historical-low inventories and number of transactions down 20% over
last year combined with high sales turnover, the Company managed to
maintain its transactional photography service revenues at last
year's level while continuing to migrate its customers to a monthly
subscription model;
- Following the end of the low season as of March 31, 2022, the
Company had liquidities totaling $1.2m, a similar level to December
31, 2021 ($1.3m);
- During Q2-22, the Company has integrated the newly acquired
real estate photography agencies into its business solution
platform for photographers while developing and launching an
innovative online ordering system along with a route optimization
tool, an in-house photo editing service based in France and a
centralized and automated payroll system for all its pay-per-job
employees/freelancers.
SELECTED
FINANCIAL INFORMATION
|
Three-month period
endedMarch 31,2022 |
Three-month period
endedMarch 31,2021 |
Six-month period
endedMarch 31,2022 |
Six-month period
endedMarch 31,2021 |
|
In thousands $ |
In thousands $ |
In thousands $ |
In thousands $ |
Revenues |
2,182 |
982 |
3,177 |
1,880 |
COGS and direct charges |
943 |
318 |
1,382 |
648 |
Gross margin (before amortization) |
1,192 |
664 |
1,748 |
1,232 |
Amortization |
312 |
158 |
561 |
332 |
Operating expenses |
1,508 |
595 |
2,376 |
1,121 |
EBITDA* |
(68) |
153 |
(240) |
262 |
Other expenses |
128 |
461 |
163 |
1,660 |
Net income (loss) |
(981) |
(551) |
(1,578) |
(1,883) |
Basic net income (loss) per share |
(0.02) |
(0.03) |
(0.04) |
(0.10) |
* For Q2-22, EBITDA
has been adjusted for business acquisition costs ($20k) and
non-cash items with respect to share and share-based payments
($228k). For the first 6 months of 2022, EBITDA has been adjusted
for business acquisition costs ($53k), restructuring costs ($60k)
and non-cash items with respect to share and share-based payments
($275k). For Q2-21, EBITDA has been adjusted for non-cash items
with respect to share and share-based payments ($84k). For the
first 6 months of 2021, EBITDA has been adjusted for subsidiary
incorporation costs ($17k), legal fees incurred for listing on the
OTCQB market ($17k) and non-cash items relates to share and
share-based payments ($152k).
ACHIEVEMENTS
“During the quarter, we put a lot of effort into
integrating all the photography service businesses acquired over
the past few months. This integration process notably includes the
development and the launch of an online ordering system including a
route optimization tool, an internal photo editing service in
France and a retribution system for our pay-per-job employees and
freelancers (photographers, 3D modelers and photo editors), all
this in order to increase our productivity, allow the Company to
track performance in real time and increase profitability generated
for every single order. We also continued to improve our monthly
subscription package including UiMeet3D and the migration of our
photography service businesses into our integrated business
solution for real estate photographers. We also continued to add
some artificial intelligence into the production of our 3D tours
and floor plans.
All these significant improvements now allow
Urbanimmersive Group to offer a very unique business solution for
real estate photographers both in term of all its functionalities
or its efficiency (productivity gains) and this, 100% managed
in-house. The strong demand for our 3D tours and the success to
date in the sale of our monthly subscription packages to real
estate brokers further confirm our good strategic positioning and
our unique competitive advantage. However, although we are still
navigating in a seller's real estate market combined with a number
of listings and transactions near historical lows throughout North
America and which directly impacts Urbanimmersive's revenues, those
recent significant progress give us full confidence on the
promising future of the Group," said Ghislain Lemire, President and
CEO of Urbanimmersive.
The Company has also issued 113,829 shares at a
price of $0.235 to some Officers and employees as variable
compensation covering the most recent quarter.
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
UI will be hosting a
video conference to discuss those second quarter financial results
and answer questions at 1p.m. (ET) on Thursday, May 26, 2022. To
participate to the video conference, please use the following link:
https://urbanimmersive.zoom.us/j/82214077104
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:
Urbanimmersive GhislainLemire President & CEO514-394-7820
X 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA,
CFA, MBAChief Financial Officer514 394-7820
X 224simonbedard@urbanimmersive.com
Urbanimmersive (TSXV:UI)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Urbanimmersive (TSXV:UI)
Historical Stock Chart
Von Dez 2023 bis Dez 2024