Urbanimmersive Announces Its 2022 Audited Annual Results
30 Janeiro 2023 - 11:15AM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”)
(TSV-V UI) (OTCQB: UBMRF) today announced select audited financial
results and presents business highlights for its fourth quarter and
fiscal year ended September 30, 2022. The audited consolidated
financial statements and related management’s discussion and
analysis (“MD&A”) can be viewed on SEDAR
at https://www.sedar.com/.
HIGHLIGHTS
- For Q4-2022, the Company generated
revenues of $2,310k compared to $1,090k for Q4-21, an increase of
+$1,220k or +112%;
- For 2022, the Company generated
revenues of $8,337k compared to $4,069k for 2021, an increase of
+$4,268k or +105%;
- During the year, the Company
continued its accelerated growth plan by completing the acquisition
of 6 businesses in North America, including 6offering real estate
photography services (Immophoto, Tours Virtuales, Virtual Access
Tours, Imoto and Agento Marketing) as well as an online marketplace
platform (RocketPhoto). Those acquisitions represent a total
purchase price of $8.0m and were financed by a term loan of $2.0m,
the issuance of shares ($4.2m), the Company's liquid assets ($0.6m)
and a balance of purchase of $0.2m;
- In September 2022, the Company
launched a franchise program for its 3D photography solutions in
North America;
- In October 2022, the Company
completed the strategic acquisition of HomeVisit from CoreLogic,
LLC, for a purchase price of $9.0m, subject to some
adjustments.
SELECTED
FINANCIAL INFORMATION
|
Three-month period
endedSept. 30, 2022 |
Three-month period
endedSept. 30, 2021 |
Twelve-month period
endedSept. 30, 2022 |
Twelve-month period
endedSept. 30, 2021 |
|
In thousands $ |
In thousands $ |
In thousands $ |
In thousands $ |
Revenues |
2,310 |
1,090 |
8,337 |
4,069 |
COGS and direct charges |
1,295 |
423 |
4,070 |
1,440 |
Gross margin (before amortization) |
1,015 |
667 |
4,176 |
2,629 |
Amortization |
362 |
258 |
1,266 |
730 |
Operating expenses |
1,412 |
671 |
5,066 |
2,622 |
EBITDA* |
(103) |
(74) |
(74) |
98 |
Other expenses (revenues) |
(951) |
1,569 |
(477) |
3,238 |
Net income (loss) |
273 |
(1,577) |
(1,590) |
(3,709) |
Basic net income (loss) per share |
0.01 |
(0.04) |
(0.04) |
(0.15) |
* Q4-22 EBITDA has
been adjusted (+$294k) for non-cash items related to share and
share-based payments (+$217k) and non-recurring items such as
business acquisition (+$62k) and franchising costs (+$15k). Q4-21
EBITDA has been adjusted (-$71k) for non-cash items related to
share and share-based payments (-$24k) and non-recurring items such
as CEWS wage subsidies (-$70k), restructuring charges (+$19k) and
creation of subsidiaries (+$4k).
2022 EBITDA has been
adjusted (+$810k) for non-cash items related to share and
share-based payments (+$652k) and non-recurring items such as
business acquisition costs (+$115k), restructuring costs (+$60k),
CEWS wage subsidies (-$32k) and franchising costs (+$15k). 2021
EBITDA has been adjusted (+$91k) for non-cash items with respect to
share and share-based payments (+$338k) and non-recurring items
such as CEWS wage subsidies (-303k$), expenses for the creation of
subsidiaries (+$21k), restructuring costs (+$19k) and business
acquisition costs (+$16k).
ACHIEVEMENTS
“In 2022, we devoted a
lot of effort in pursuing our accelerated growth strategic plan put
in place last year, having had to use creativity to deal with
hostile real estate and stock markets. We are more than satisfied
with the results obtained so far, having been able to complete many
important strategic acquisitions throughout the year as well as
HomeVisit in October 2022. Those results are reflected particularly
by significant sales growth, the optimization/harmonization of our
activities, which should result in a significant improvement in our
operating margins, greater expertise and an improved and
unparalleled range of products and services. Today, we have a
unique and diverse portfolio of marketing technology solutions, a
comprehensive photography agency management system, and a team of
qualified and dedicated real estate photographers in North America
that allow us to be able to offer our services a everywhere in
North America, to optimize the management of our activities, to
differentiate ourselves from the competition and to encourage other
businesses to join our Group, whether as a franchisee or an
acquisition. We also have a new partner, CoreLogic, ready to help
and support us in achieving our growth objectives,” said Ghislain
Lemire, President and CEO of Urbanimmersive.
Options grant
and shares issuance
The Company has
granted 1,050,000 share purchase options to employees and
consultants according to the terms of its share option plan. These
options are exercisable at $0.25 per share and expire on January
29, 2028. The Company has also issued 284,220 shares at a price of
$0.25 to Management as part of their variable compensation
plan.
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 its 2022 annual results and answer
questions at 1p.m. (ET) on Monday, January 30, 2023. To participate
to the video conference, please use the following link:
https://urbanimmersive.zoom.us/j/89448314750.
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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