Three-month period ended | Three-month period ended | Six-month period ended | Six-month period ended | |
In thousands $ | In thousands $ | In thousands $ | In thousands $ | |
Revenues | 2,727 | 2,182 | 5,555 ** | 3,177 |
COGS and direct charges | 1,491 | 990 | 3,214 | 1,429 |
Gross margin (before amortization) | 1,236 | 1,192 | 2,341 | 1,748 |
Amortization | 525 | 319 | 1,032 | 568 |
Operating expenses | 2,181 | 1,508 | 4,221 | 2,376 |
EBITDA* | (646) | (68) | (966) | (272) |
Other expenses | 18 | 349 | 21 | 384 |
Net income (loss) | (1,485) | (981) | (2,929) | (1,578) |
Basic net income (loss) per share | (0.03) | (0.02) | (0.06) | (0.02) |
* Q2-23 EBITDA has been adjusted (
** Q1-23 revenues have been revised down by
“During the most recent quarter, following the finalization of the integration of all the photography agencies acquired, we carried out a strategic review of our organizational structure, which resulted in the implementation of certain measures to rationalize our expenses, particularly in terms of workforce. Those important measures should enable us to further increase our competitive advantage in the market as well as improve our financial performance and be better positioned in the event of a possible recovery in the real estate market.
In addition, we continued our development projects, in particular having progressed rapidly with the integration plan with CoreLogic starting with MLS connections, the integration of ChatGPT into our flagship product, UiMeet3D, the onboarding of affiliate photographers (franchises) to our technological platform and the preparation of the deployment of the printing service offered by HomeVisit for all of the Group's photography agencies”, said
HIGHLIGHTS
- For its second quarter ending
March 31, 2023 (Q2-23), the Company generated revenues of$2,727k compared to$2,182k for Q2-22, an increase of+$545k or +25%; - For its first half of 2023, the Company generated revenues of
$5,555k compared to$3,177k for its first half of 2022, an increase of+$2,378k or +75%; - Following the completion of the integration of all acquired photography agencies and in response to difficult real estate market conditions, the Company was able to reduce its expenses on an annualized basis by more than
$1.5m in during the second quarter of 2023, particularly by the layoff of more than 20 employees; - Following the acquisition of HomeVisit and its partnership with CoreLogic,
Urbanimmersive quickly expanded its MLS connection partner program from 1 to more than 25 connected MLSs; - During this second quarter, the Company integrated ChatGPT, a state-of-the-art artificial intelligence (AI) technology, into its UiMeet3D Avatar Greeting Bot product, now available in all of its 3D tour subscription offers.
The Company has granted 1,650,000 share purchase options to officers and employees according to the terms of its share option plan. These options are exercisable at
Investor Video Conference Call
About
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:
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
Source:
2023 GlobeNewswire, Inc., source