SAINT-HUBERT, Quebec, Nov. 17, 2020 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSX VENTURE: UI) (OTC PINK: UBMRF) today announced select preliminary unaudited financial results for the fourth quarter ended September 30, 2020.
The Company wishes to emphasize that these preliminary unaudited financial results are based on management’ initial compilation of financial results for the quarter ended September 30, 2020 and are subject to modifications in conjunction with the completion of the Company’ annual closing of audit processes. The Company is planning to release its annual audited financial statements on or about January 13, 2021.
- For Q4-20, Gross Merchant Volume (‘GMV’) totaled $3,350k compared to $2,577k for Q4-19, an increase of $773k or 30%;
- For Q4-20, the Company generated revenues of $1,441k compared to $864k for Q4-19, a year-over-year increase of $577k or 67%, including $864k of software (‘SaaS’) revenues and $577k from the additional sales of 3D photography equipment following the acquisition of Immersolution in February 2020;
- For Q4-20, the Company generated an EBITDA of $611k compared to $453k for Q4-19, an improvement of $158k;
- As of September 30, 2020, cash totaled $885k (for liquidities of $1,159k) compared to $628k as of September 30, 2019. Working capital totaled +$433k, when adjusted for the short-term portion of long-term liabilities;
- In July 2020, the Company completed the acquisition of its new commercial office in Saint-Hubert (Quebec) for a purchase price of $669k, which has been financed through a 20-year amortization term loan bearing interest at the financial institution variable rate + 3.00% (3.98%).
Selected financial information
Sept. 30, 2020
Sept. 30, 2019
Sept. 30, 2020
Sept. 30, 2019
|In thousands $||In thousands $||In thousands $||In thousands $|
|Gross Merchant Volume (GMV) *||3,350||2,577||9,776||9,463|
|COGS and direct charges||507||48||1,449||1,076|
|Gross margin **
|Cashflows from operations||416||437||997||464|
* GMV represents the value of all transactions performed by merchants using Urbanimmersive’s business solutions for invoicing and/or collecting payments for their services
** Change from gross to net billing method for merchants in March 2019
” During this fourth quarter, the Company successfully managed to recover from the temporary but significant decrease in its revenues caused by the social distancing measures related to the Covid-19 crisis. By mid-July, we have started observing an increase in our year-over-year SaaS revenue growth even though many social distancing measures were still in place across North America. In a challenging year, we managed to beat all last year key metrics whether in terms of GMV, revenues, gross margin, EBITDA, cash flows from operations or working capital. Those results speak by themselves by sending a strong signal that our virtual solutions, such as our immersive 3D tours, are well positioned to benefit from those permanent changes happening in the real estate market and with consumer behaviors. Moreover, we have only started charging customers for our new immersive 3D tours and floorplans services in late September paving the way for additional growth drivers in the upcoming quarters. We also expect strong 3D camera sales to fuel SaaS revenue growth in the future”, said Simon Bedard, CFO of Urbanimmersive.
“In this quarter, we have worked hard to deliver to our customers our new floorplans and measurements services which were launched as a premium service in September along with our immersive 3D tours. With Urbanimmersive now able to offer this unique and full set of marketing solutions to its customers at a very competitive and sustainable price point and our solid financial situation, we expect now to accentuate our sales and marketing efforts and are very excited about the near future of Urbanimmersive and its growth potential “, said Ghislain Lemire, President and CEO of Urbanimmersive.
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Urbanimmersive is a SaaS business management solution that provides mission-critical solutions to visual content providers serving the real estate residential, commercial, construction, and local business markets. Urbanimmersive’ platform helps customers to increase operational productivity and delivering the full potential of visual content creations through leading-edge websites builder tool, AI-backed image indexing, robust file transfer systems, and interactive visual technology solutions. The firm’s core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline alternatives to traditional 3D engines for the creation of immersive digital environments. 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:
President & CEO
514-394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224
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