Corporate News

Urbanimmersive Announces Its 2022 Second Quarter Financial Results

Date Online: 2022-05-26

SAINT-HUBERT, Quebec, May 26, 2022 (GLOBE NEWSWIRE) -- 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 athttps://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 ended
March 31,
2022
Three-month
period ended
March 31,
2021
Six-month
period ended
March 31,
2022
Six-month
period ended
March 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 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

Newsletter - URBANIMMERSIVE

Subscribe to our newsletter. Simply enter your email below and click "Subscribe". You can unsubscribe at any time.