Urbanimmersive Announces Its 2022 Third Quarter Financial Results
25 August 2022 - 10:00PM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”)
(TSV-V UI) (OTCQB: UBMRF) today announced select financial results
and presents business highlights for its third quarter ended June
30, 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 third quarter ended on June
30, 2022 (Q3-22), the Company's revenues totaled $2,850k compared
to $1,102k for Q3-21, an increase of +$1,748k or 159%;
- For Q3-22, the Company sold 6,270
immersive 3D tours compared to 1,551 tours in Q3-21, an increase of
4,719 tours (304%);
- For Q3-22, EBITDA totalled $296k
compared to $103k for Q3-21, an increase of $193k;
- For Q3-22,
operating activities generated cash flows of +$365k compared to
generated cashflows of $11k for Q3-21, an increase of +$354k.
Liquidities have increased by $100k over the quarter to reach
$1,317k by June 30, 2022.
SELECTED
FINANCIAL INFORMATION
|
Three-month period
endedJune 30, 2022 |
Three-month period
endedJune 30, 2021 |
Nine-month period
endedJune 30, 2022 |
Nine-month period
endedJune 30, 2021 |
|
In thousands $ |
In thousands $ |
In thousands $ |
In thousands $ |
Revenues |
2,850 |
1,102 |
6,027 |
2,981 |
COGS and direct charges |
1,437 |
369 |
2,866 |
1,017 |
Gross margin (before amortization) |
1,414 |
733 |
3,161 |
1,964 |
Amortization |
336 |
140 |
904 |
472 |
Operating expenses |
1,278 |
830 |
3,654 |
1,952 |
EBITDA* |
296 |
103 |
57 |
191 |
Other expenses |
85 |
12 |
469 |
1,671 |
Net income (loss) |
(285) |
(249) |
(1,863) |
(2,132) |
Basic net income (loss) per share |
(0.01) |
(0.01) |
(0.05) |
(0.02) |
* For Q3-22, EBITDA
has been adjusted for non-cash items with respect to share and
share-based payments ($160k). For the first 9 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 ($436k). For Q3-21, EBITDA has been
adjusted for costs incurred for a private placement ($144k),
subsidiary incorporation costs ($17k) and non-cash items with
respect to share and share-based payments ($104k). For the first 9
months of 2021, EBITDA has been adjusted for costs incurred for a
private placement ($144k), 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
($282k).
ACHIEVEMENTS
“During the last quarter, we devoted a lot of
energy to complete the integration of the real estate photography
service businesses acquired at the beginning of this fiscal year,
while taking advantage of our overall service offer by improving
and adding some value-added products and services. The integration
of those businesses is already a great success for us, it validates
our strategic plan for accelerated growth and sets the stage for
the next steps. Although the real estate market is still weak with
a number of real estate transactions in decline, we have
nevertheless managed to grow our new photography service business
while generating attractive margins that should improve over time",
said Ghislain Lemire, President and CEO of Urbanimmersive.
The Company has also issued 331,241 shares at a
price of $0.31 to some Officers and employees as variable
compensation covering the most recent quarter.
Exceptionally for this quarter, no investor
video conference call will be held.
TSX Venture Exchange has not reviewed this press
release and has neither approved nor disapproved the contents of
this press release.
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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