Urbanimmersive Reports Financial Results for the First Quarter of Fiscal 2023

Urbanimmersive benefits from HomeVisit acquisition and partnership with CoreLogic

SAINT-HUBERT, Quebec, Feb. 24, 2023 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSV-V UI) (OTCQB: UBMRF) today reported financial results and presents business highlights for the first quarter ended December 31, 2022. The interim condensed financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at https://www.sedar.com/.

  Three-month period ended
Dec. 31, 2022
Three-month period ended
Dec. 31, 2021
  In thousands $ In thousands $
Revenues 3,177 995
COGS and direct charges 1,722 439
Gross margin
(before amortization)
1,454 556
Amortization 506 249
Operating expenses 2,040 868
Adj. EBITDA* 31 (204)
Other expenses 3 36
Net income (loss) (1,094) (597)
Basic net income (loss) per share (0.02) (0.02)

* Q1-23 adjusted EBITDA includes $617,000 for non-cash items related to share and share-based payments $99,000 and non-recurring items such as transition costs ($473,000) and business acquisition costs ($45,000). Q1-22 adjusted EBITDA includes $108,000 for non-cash items related to share and share-based payments ($47,000) and non-recurring items such as CEWS wage subsidies (-$3,000), restructuring charges ($60,000) and business acquisition costs ($33,000).

“During the most recent quarter, we have successfully integrated HomeVisit, the largest acquisition in Urbanimmersive’s history. This strategic acquisition brings technology, revenues, large U.S. customer base and opportunities to upsell Urbanimmersive’s solutions. This transaction positions Urbanimmersive to address the $US 1.5 billion addressable market for the photography of residential real estate. Concurrently to the acquisition, CoreLogic the largest real estate technology provider in North America, became a shareholder of Urbanimmersive and has signed a strategic partnership. This partnership, which is the result of several months of technology due diligence, allows Urbanimmersive to onboard MLS agencies and real estate brokers to its marketplace and benefit from our fully integrated and proprietary solutions. This deal fits perfectly with our U.S. expansion strategy,” said Ghislain Lemire, President and CEO of Urbanimmersive.

“Although we are still navigating in a difficult real estate market environment, the rapid integration of HomeVisit’s activities into our state-of-the-art management system (‘ERP’) and our enhanced global product and service offering, including 3D visits, marketplace and metaverse experience, allows us to consider the future with optimism in terms of growth and financial performance,” added Mr. Lemire.

HIGHLIGHTS

  • For its first quarter ending December 31, 2022 (Q1-23), the Company generated revenues of $3.2 million compared to $1.0 million for Q1-22, an increase of $2.2 million or 219%;
  • For Q1-23, the Company generated adjusted EBITDA of $31,000 compared to adjusted EBITDA loss of $204,000 for Q1-22, an increase of $235,000;
  • In October 2022, the Company completed the strategic acquisition of HomeVisit, LLC, a major photography service agency in the United States owned by CoreLogic, LLC, for a purchase price of $8.2 million, financed by the issuance of Company’ shares ($2.7 million) and a 5-year guaranteed debenture worth $5.5 million. As part of this acquisition, the Company acquired a working capital of US$ 1.2 million.
  • The Company’s liquidities totaled $1.5 million as of December 31, 2022.

The Company has issued 121,740 shares at a price of $0.27 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

Urbanimmersive will be hosting a video conference to discuss its 2023 first quarter results and answer questions at 1p.m. (ET) on Friday, February 24, 2023. To participate to the video conference, please use the following link: https://urbanimmersive.zoom.us/j/82083359092.

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
[email protected]

Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514-394-7820 X 224
[email protected] 

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