Urbanimmersive Announces its 2022 First Quarter Financial Results
24 Fevereiro 2022 - 11:00AM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”)
(TSV-V UI) (OTCQB: UBMRF) today announced select financial results
and presents business highlights for its first quarter ended
December 31, 2021. The financial statements and related
management’s discussion and analysis (“MD&A”) can be viewed on
SEDAR at https://www.sedar.com/.
HIGHLIGHTS
- For Q1-22, the Company generated
total revenues of $995k compared to $897k for Q1-21, an increase of
$98k or 10.9%;
- In Q1-22, the Company sold 1,823
immersive 3D tours ($73k) compared to 552 tours ($22k) in Q1-21, an
increase of 1,271 tours (+$51k);
- In Q1-22, the Company launched its
premium monthly subscription program UiMeet3D with more than 25% of
its customers having already adopted it after 3 months;
- During the quarter, the Company
completed the acquisition of 7 businesses in North America,
including 6 businesses offering real estate photography services
(Immophoto, Tours Virtuales, Virtual Access Tours, Imoto and Agento
Marketing) as well as a marketplace platform (RocketPhoto). Those
acquisitions represent a total purchase price of $10.3m and were
financed by a combination of a term loan of $2.0m, the issuance of
5.7m shares at an average price of $0.84 ($4.8m), Company's
liquidities ($0.6m), a balance of purchase of $0.2m as well as
growth driven earn-outs of a total value of $2.7m. Total sales of
those acquired businesses totaled $6.3 million for their last
fiscal year which add up to the 3 businesses acquired in June 2021,
namely EGP, La Clique Mobile and Graphique ID, with last fiscal
year total sales of $1.6m;
- The Company announced several new
partnerships during the quarter that should fuel growth in sales of
immersive 3D tours, notably with Offerpad (NYSE: OPAD),
Alimentation Couche-Tard (TSE: ATD), NAI Terramont, Via Rail,
Tuango and Maisons Bonneville;
- The Company was selected into the
2021 REACH Canada Accelerator Program (developed by Second Century
Ventures, the strategic investment arm of the National Association
of REALTORS®) which completed a $127k private placement.
SELECTED FINANCIAL
INFORMATION
|
Three-month period
endedDec. 31, 2021 |
Three-month period
endedDec. 31, 2020 |
|
In thousands $ |
In thousands $ |
Revenues |
995 |
897 |
Cost of goods sold and direct charges |
430 |
292 |
Amortization |
249 |
175 |
Gross margin (before
amortization) |
556 |
605 |
Operating expenses |
868 |
564 |
EBITDA* |
(219) |
75 |
Other expenses |
36 |
1,198 |
Net income (loss) |
(597) |
(1,332) |
Basic net income (loss) per share |
(0.02) |
(0.07) |
* For Q1-22, EBITDA has been adjusted for
acquisition and restructuring costs ($93k). For Q1-21, EBITDA has
been adjusted for costs of setting up a subsidiary ($17k) and legal
fees incurred for listing on the OTCQB market ($17k)
ACHIEVEMENTS
"During the last quarter, we continued to
execute our accelerated growth plan and succeeded in completing,
with the support of our financial institution, as much as seven
business acquisitions, in addition to the three acquisitions
completed in June 2021. Those strategic acquisitions should allow
us both to offer a complete and unique set of 100% 'in house'
products and services, to benefit from revenue synergies and
efficiency gains, to significantly increase our revenues, improve
our profitability, increase our visibility on the market and
consolidate further our leadership position", said Simon Bédard,
Chief Financial Officer of Urbanimmersive.
"During the most recent quarter, we were able to
show to the market the unique appeal of our innovative 3D solutions
and all of its competitive advantages, whether through our
selection for the REACH Canada program or through the new
partnerships announced with industry leaders. In addition, the
success related to the integration of our recent acquisitions
solidifies the pursuit of our strategic plan and even though we are
still navigating in a particularly challenging real estate market
with historically low inventories and number of transactions, we
could not be better positioned to reap benefits of an eventual
come back to more favorable market conditions and increase our
market share”, said Ghislain Lemire, President and CEO of
Urbanimmersive.
The Company has also issued 36,528 shares
at a price of $0.53 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 first quarter financial results and answer questions at 1p.m.
(ET) on Thursday, February 24, 2022. To participate to the video
conference, please use the following link:
https://urbanimmersive.zoom.us/webinar/register/WN_UD6NiNqyTmOVq3hNJJ-laQ.
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 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA, CFA, MBA Chief Financial
Officer 514 394-7820
X 224simonbedard@urbanimmersive.com
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