Urbanimmersive Blog

URBANIMMERSIVE ANNOUNCES ITS 2020 AUDITED FINANCIAL RESULTS

Date Online: 2021-01-14

Saint-Hubert, Quebec, January 14, 2021 - Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) today announced select audited consolidated financial results and presents business highlights for the fourth quarter and year ended September 30, 2020. The consolidated financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at https://www.sedar.com/.

 

Highlights

  • In February 2020, the Company completed the acquisition of Immersolution, a reseller of 3D photography equipment;
  • For 2020, the Company generated a gross merchant volume (‘GMV’) of $ 9,776k compared to $9 463k in 2019, a 3% increase;
  • For 2020, the Company generated revenues of $4,594k compared to $4,454k for 2019, a year-over-year increase of $140k or 3.1%. While adjusting for comparison purposes 2019 revenues to reflect the change in billing method for Urbanimmersive in March 2019, 2019 adjusted revenues total $3,569k, an annual increase of $1,025k or 28.7%;
  • For 2020, the Company generated a gross margin (before amortization) of $3,146k (68.5%) compared to $3,378k (75.8%) for 2019, a decrease of $232k (-6.9%) or 7.3 points;
  • For 2020, EBITDA totaled $1,050k compared to $713k for 2019, an improvement of $337k;
  • For 2020, operating activities generated cash flows of $989k compared to $464k for 2019, an improvement of $525k;
  • As of September 30, 2020, cash totaled $885k with unused lines of credit of $274k for liquidities totaling $1,159k and working capital totaling +$602k (excluding short-term portion of the long-term debt and non-cash items payable in shares); 
  • In 2020, the Company launched many new innovative products, including its 3D Pocket WebsiteTM (February), its immersive 3D tours and floor plans services (September) and its automatic photo edition (HDR) services.
  • In November 2020, the Company opened a new subsidiary in Mexico and also signed a distribution agreement for the territories of Indonesia and Australia;
  • In November 2020, the Corporation issued 11.4M shares as a result of the conversion of convertible debentures of a nominal value of $1.425M at a conversion price of $0.125;

 

Selected consolidated financial information 

 

 

Three-month 

period ended

Sept. 30, 2020

Three-month 

period ended

Sept. 30, 2019

Year ended

Sept. 30, 2020

Year ended

Sept. 30, 2019

 

In thousands $

In thousands $

In thousands $

In thousands $

Gross Merchant Volume (GMV) *

3,350

2,577

9,776

9,463

 

 

 

 

 

Revenues**

1,441

864

4,594

4,454

COGS and direct charges

507

48

1,449

1,076

Gross margin **

 (before amortization)

933

810

3,146

3,378

Amortization

144

132

564

494

Operating expenses

328

363

2,096

2,666

EBITDA

605

453

1,050

713

Other expenses (revenues)

263

51

871

(1,313)

Current and deferred income taxes (recovered)

-

(481)

4

(481)

Net income (loss)

182

836

(413)

2,114

Basic net income (loss) per share

0.00

0.01

(0.01)

0.03

* GMV represents the value of all transactions performed by merchants using Urbanimmersive’s business solutions for invoicing and/or collecting payments for their services

** Change from gross to net billing method for merchants in March 2019 for Urbanimmersive

 

Achievements

“Despite a particularly difficult economic context, 2020 was for Urbanimmersive an exceptional year for many reasons. The timely launch of our new innovative 3D immersive solutions combined with the accelerating demand for virtual tours and their democratization has, among other things, enabled the Company to consolidate its leader position in the 3D immersive solutions and solidify its financial situation. In 2020, we continued to innovate while bringing our product portfolio to another level with the additions of innovative solutions such as 3D Pocket WebsiteTM, 3D tours and floor plans, which the Company now offering a full set of high-quality solutions to our customers. We are very excited about the year to come considering where we are today with our products”, says Ghislain Lemire, President and CEO of Urbanimmersive.

 

Options grant and shares issuance

The Company also announces that 1,750,000 share purchase options have been granted to employees, consultants, management and members of the Board of directors pursuant to the terms of its share option plan (the “Plan”). These options are exercisable at $0.17 per share and expire on January 13, 2026. The Company has also issued 275,291 shares at a price of $0.17 to some Officers and employees as variable compensation covering the most recent quarter and which is subject to a 4-month hold period from the date of issuance.

 

TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.

 

 

Investor Conference Call

UI will be hosting a conference call to discuss those financial results and answer questions at 1p.m. (ET) on January 14, 2021. To participate to the conference call, please dial toll free number (877) 620-1735 or international number (470) 414-9786 five to 10 minutes before the call is scheduled to begin. A replay will be available for 7 days from January 14, 2021 to January 21, 2021. The numbers to hear the conference replay are (855) 859-2056 or (404) 537-3406. Conference ID for the conference call and the replay is 9763327.

 

About Urbanimmersive

Urbanimmersive is a SaaS business management solution that provides mission-critical solutions to visual content providers serving the real estate residential, commercial, construction, and local business markets. Urbanimmersive’ platform helps customers to increase operational productivity and delivering the full potential of visual content creations through leading-edge website builder tools, AI-backed image indexing, robust file transfer systems, and interactive visual technology solutions. The firm's core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline alternatives to traditional 3D engines for the creation of immersive digital environments. Learn more at www.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 Inc.

Ghislain Lemire President & CEO

514-394-7820 X 202

ghislainlemire@urbanimmersive.com 

 

Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224

simonbedard@urbanimmersive.com 

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