LAVAL, Quebec, May 22, 2020 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSX VENTURE: UI) (OTC PINK: UBMRF) nowadays introduced make a selection monetary effects and gifts business highlights for the second one quarter ended March 31, 2020. The period in-between consolidated monetary statements and comparable control’s dialogue and research (“MD&A”) may also be considered on SEDAR at https://www.sedar.com/.
- On February threerd, 2020, the Company finished a time period mortgage financing of $1.45 million for use essentially to pay off the steadiness of the United States denominated time period mortgage of $1.07 million;
- On February 11, 2020, the Company introduced a beta model of its new leading edge product, the three-D Pocket WebsiteTM;
- On February 13, 2020, the Company finished the purchase of Immersolution Inc., a reseller of three-D photographic apparatus;
- For its 2d quarter of 2020 (Q2-20), gross merchant quantity (GMV) higher through nine.1% whilst in comparison to Q2-19, with an build up of 17% for the months of February and March 2020;
- For Q2-20, the Company generated revenues of $891okay in comparison to $1,226okay for Q2-19, a year-over-year lower of $335okay. This lower is principally defined through the trade of billing manner for merchants from gross to internet in March 2019 (-$422okay), a lower in revenues from the Tourbuzz platform (-$120okay or -15%) in part defined through the industrial affects associated with COVID-19, that are partly offset through the brand new contribution of Immersolution (+$206okay) following its acquisition on February 13, 2020;
- For Q2-20, the Company recorded a gross margin (sooner than amortization) of 78.2% in comparison to 59.7% for Q2-19, an growth of 18.five issues, principally defined through the trade within the billing manner for merchants from gross to internet in March 2019;
- For Q2-20, the Company lowered its running bills through $92okay or 12.nine% in comparison to Q2-19 whilst the aid is $601okay or 33.eight% for the primary six months of this fiscal 12 months;
- For Q2-20, EBITDA totaled $78okay in comparison to -$21okay for Q2-19, an growth of $57okay in addition to an growth of $312okay for the primary six months of this fiscal 12 months;
- For Q2-20, running actions generated money flows of $96okay in comparison to generated cashflows of $78okay for Q2-19, an growth of $18okay;
- As of March 31, 2020, money totaled $422okay in comparison to $219okay as of December 31, 2019 and $178okay as of March 31, 2019. As of March 31, 2020, liquidities totaled $662okay when together with unused strains of credit score.
OVERVIEW – IMPACT OF COVID-19
During this 2d quarter of 2020, the emergence of a brand new pressure of coronavirus (COVID-19) led to a big world well being disaster which continues to impact the worldwide financial system and the monetary markets. As a end result, the Company has noticed a modern slowdown in the actual property marketplace and modern lower in its revenues that has sped up in opposition to the tip of the quarter, brought about through the bodily distancing restrictions and confinement imposed on its actual property photographers shoppers in North America. The Company has reacted unexpectedly to the placement through taking some focused measures, will proceed to evaluate the placement regularly and take additional movements, when important, to reduce the affect at the business.
When taking into account measures taken unexpectedly to relieve the results related to COVID-19, its encouraging fresh monetary effects, present liquidities and sound monetary state of affairs, the Company is assured to be able to pursue as deliberate its business plan and commercialization technique one day. Moreover, vital adjustments noticed in shoppers conduct and wishes blended to the Company’ present and upcoming carrier be offering that consumers will get advantages, specifically for the fast-growing call for for virtual excursions (immersive three-D excursions) have a tendency to indicate that the Company may just emerge even more potent from this disaster through consolidating its marketplace chief place much more.
SELECTED FINANCIAL INFORMATION
March 31, 2020
March 31, 2019
March 31, 2020
March 31, 2019
|In 1000’s $||In 1000’s $||In 1000’s $||In 1000’s $|
|Gross Merchant Volume (GMV) *||2,203||2,zero19||three,795||three,761|
|COGS and direct fees||194||494||225||972|
|Gross margin **
(sooner than amortization)
|Other bills (revenues)||227||(153)||424||(1,250)|
|Net source of revenue (loss)||(308)||59||(638)||721|
|Basic internet source of revenue (loss) according to percentage||(zero.00)||zero.00||(zero.01)||zero.01|
* GMV represents the price of all transactions carried out through merchants the usage of Urbanimmersive’s business answers for invoicing and/or accumulating bills for his or her products and services
** Change from gross to internet billing manner for merchants in March 2019
” During this 2d quarter wherein we needed to navigate via a difficult financial atmosphere associated with the COVID-19 world well being and financial disaster, we’re extraordinarily happy with the consequences accomplished. Although we noticed a modern slowdown in actual property process all over the process the quarter which sped up within the month of March because of the bodily distancing restrictions and confinement imposed to actual property photographers in North America, we now have, because of sustained efforts of our complete crew, concluded a ancient quarter for Urbanimmersive. From a monetary viewpoint, we had been in a position to navigate via this difficult atmosphere and nonetheless enhance a number of of our monetary metrics in comparison to the similar duration final 12 months, whether or not with regards to gross merchant quantity, gross margin, EBITDA, money flows associated with running actions or money in hand ”, stated Ghislain Lemire, President and CEO of Urbanimmersive.
“In this quarter, we now have additionally introduced a beta model of our new leading edge immersive three-D excursions (three-D Pocket WebsiteTM) which constitute the very best fit between our three-D emulator technology and our Tourbuzz transactional platform which, within the present context of bodily distancing, will now not merely function a prime added worth advertising and marketing carrier however relatively turn into a need for lots of skilled photographers. Its price and time-effective manufacturing and post-production processes, its top quality pictures and its capability to be run offline make it a singular product with a big aggressive benefit on this marketplace and timing may just now not had been higher to release it. In addition, with the new acquisition of Immersolution, a reseller of three-D photographic apparatus, we now have now situated ourselves so as to be offering a complete set of answers to our shoppers whilst profiting from further revenues and cashflows in the course of the disaster. With its versatility and distinctive options, this new product (three-D Pocket WebsiteTM) must diversify our actions in new markets akin to the economic and commercial markets and to boost up our enlargement “, stated Ghislain Lemire.
TSX Venture Exchange has now not reviewed this press free up and has neither licensed nor disapproved the contents of this press free up.
Investor Conference Call
UI will likely be webhosting a convention name to talk about 2020 first quarter monetary effects and resolution questions at 1.00 p.m. (ET) on May 22, 2020. To take part within the convention name, please dial toll unfastened quantity (877) 620-1735 or global quantity (470) 414-9786 5 to 10 mins sooner than the decision is scheduled to start out. A replay will likely be to be had for 7 days from May 22, 2020 1.00 p.m. to May 29, 2020 1.00 p.m. The quantity to listen to the convention replay are (855) 859-2056 or (404) 537-3406. Conference ID for the convention name and the replay is 3168656.
Urbanimmersive is a SaaS business control resolution that gives mission-critical answers to visible content material suppliers serving the actual property residential, industrial, development, and native business markets. Urbanimmersive’ platform is helping shoppers to extend operational productiveness and handing over the overall attainable of visible content material creations via modern web sites builder instrument, AI-backed symbol indexing, tough record switch techniques, and interactive visible technology answers. The company’s core technology is a three-D emulator powered through a visible content material reputation post-production set of rules that delivers on-line and offline possible choices to standard three-D engines for the introduction of immersive virtual environments. Learn extra at urbanimmersive.com.
Caution of Forward-Looking Statements
Certain statements on this information free up, instead of statements of historic reality, are forward-looking knowledge that comes to quite a lot of dangers and uncertainties. Such statements on the subject of, amongst different issues, the potentialities for the company to fortify running effects, are essentially topic to dangers and uncertainties, a few of that are vital in scope and nature. These uncertainties might motive exact effects to range from knowledge contained herein. There may also be no assurance that such statements will end up to be correct. Actual effects and long term occasions may just range materially from the ones expected in such statements. These and all next written and oral forward-looking statements are in keeping with the estimates and critiques of the control at the dates they’re made and expressly certified of their entirety through this realize. The Company assumes no legal responsibility to replace forward-looking statements must instances or control estimates or critiques trade.
For additional info, please touch:
President & CEO
514-394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224