SAINT-HUBERT, Quebec, Aug. 26, 2021 (GLOBE NEWSWIRE) – Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSV-V UI) (OTCQB: UBMRF) today announced selected financial results and presents business highlights for the third quarter ending June 30, 2021. The annual financial statements and the associated management discussion and analysis (“MD&A”) can be viewed on SEDAR at https://www.sedar.com/.
- The company had revenues of $ 1,102,000 in Q3 21 compared to $ 1,661,000 in Q3 20, a decrease of $ 559,000 or 33.7% year over year. That $ 559,000 decrease is explained by the decrease in one-time sales of 3D photographic equipment ($ -565,000) last year due to the first general Covid-19 bans required for remote viewing of properties for sale were, was strongly fueled.
- In a North American seller market with little or no marketing needs and a historically low number of listings and real estate transactions, the company’s quarterly SaaS revenues were stable, up 1% compared to Q3-20;
- Q3-21 Immersive 3D Tour Sales Up 75% Compared to Q3-20;
- On April 6, 2021, the company completed a $ 3.0 million unbroken private placement. An accelerated growth plan was adopted in June 2021 and $ 1.6 million was used to complete the strategic acquisitions of 3 photo agencies on June 30, 2021, namely EGP Technovirtuel Inc. (‘EGP’), Graphic ID Solutions Inc. (‘Graph ID ‘) and La Clique Mobile. As of June 30, 2021, the company’s liquidity was $ 2.4 million;
- During the quarter, the company began rolling out its dollhouse, which is now incorporated into its immersive 3D tours.
- Urbanimmersive has chosen UiMeet3D as the best innovative technology on the 2021 REALTORS® Legislative Meetings Emerging Business and Technology Forum in May 2021.
SELECTED FINANCIAL INFORMATION
June 30, 2021
June 30, 2020
June 30, 2021
June 30, 2020
|In thousands of dollars||In thousands of dollars||In thousands of dollars||In thousands of dollars|
|Gross dealer volume (GMV) *||3.110||2,631||8,017||6,426|
|COGS and direct fees||369||717||1,017||941|
|Other editions ***||12th||185||1,671||609|
|Net income (loss)||(249||)||42||(2.132||)||(595||)|
|Basic net earnings (loss) per share||(0.01||)||0.00||(0.02||)||(0.01||)|
* GMV represents the value of all transactions made by merchants who use Urbanimmersive’s business solutions to bill and / or collect payments for their services
** EBITDA adjusted for one-time private placement charges ($ 144,000), subsidiary formation costs ($ 17,000), and legal fees for listing the company on the OTCQB ($ 17,000).
*** The increase in other expenses is mainly due to the one-time adjustment of the theoretical interest and fair values of embedded derivatives on convertible bonds when converting into shares for a net adjustment of USD 1,599 thousand for the first 9 months of the current fiscal year.
“Although we had to navigate our way through a particularly difficult real estate market again in the quarter, we are satisfied with the results achieved. The expansion of our immersive 3D tours to include dolls’ houses and the integration of our first three photo agencies enable us to improve our already complete range of solutions, but above all to increase the acceptance of our SaaS solutions such as our immersive 3D tours and UiMeet3D. This important addition to a photo service also diversifies our activities and increases our sales and profits.
In view of the recently observed strong growth in the use of our immersive 3D tours and floor plans, our market positioning, our good financial situation, especially with liquid assets of over 2.0 million expected normalization of real estate activities, gives us the flexibility to our accelerated growth plan pursue and have full confidence in the future of Urbanimmersive, ”said Ghislain Lemire, President and CEO.
The company also issued 556,000 shares priced at $ 0.115 to some executives and employees as variable compensation for the final quarter.
The TSX Venture Exchange has not reviewed this press release, and has neither approved nor disapproved the contents of this press release.
Video conference for investors
UI will host a video conference at 1:00 p.m. to discuss third quarter financial results and answer questions. (ET) on August 26, 2021. To participate in the video conference, please use the following link: https://urbanimmersive.zoom.us/j/96593306813.
Urbanimmersive develops and markets real estate photography technologies and services focused on redefining the standards for visual content in the industry. The company’s all-in-one platform enables high-volume photo businesses to increase operational productivity through feature-rich 3D tours and floor plans, cutting-edge real estate websites, and high-resolution AI-indexed imagery. The company’s business segments include software (SaaS), 3D photographic equipment, and technology-enabled real estate photography businesses in a growing number of North American cities that are leading the transformation of industry standards for photo shoots. Learn more at urbanimmersive.com.
Beware of forward-looking statements
Certain statements in this press release, other than historical facts, are forward-looking information that involves various risks and uncertainties. Such statements, including those relating to the Company’s prospects for improving operating results, are inherently subject to risks and uncertainties, some of which are material in scope and nature. These uncertainties could cause actual results to differ from the information contained herein. There can be no guarantee that such statements will prove to be correct. 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 management at the time of their publication and are expressly restricted in their entirety by this release. The company assumes no obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.
For more information, please contact:
President and CEO
514-394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
514 394-7820 X 224