Urbanimmersive announces 2022 third quarter financial results

Urbanimmersive Inc. announced financial results and presents business highlights for its third quarter ended June 30, 2022.  For its third quarter ended on June 30, 2022, the company’s revenues totaled $2,850,000 compared to $1,102,000 for third-quarter 2021, an increase of $1,748,000 or 159%.

The company’s net loss widened to $285,000 in the quarter, compared to $249,000 last year.

For the quarter, the company sold 6,270 immersive 3D tours compared to 1,551 tours in the same quarter last year.

SELECTED FINANCIAL INFORMATION

	Three-month period ended June 30, 2022	Three-month period ended June 30, 2021	Nine-month period ended June 30, 2022	Nine-month period ended June 30, 2021
	In thousands $	In thousands $	In thousands $	In thousands $
Revenues	2,850	1,102	6,027	2,981
COGS and direct charges	1,437	369	2,866	1,017
Gross margin (before amortization)	1,414	733	3,161	1,964
Amortization	336	140	904	472
Operating expenses	1,278	830	3,654	1,952
EBITDA*	296	103	57	191
Other expenses	85	12	469	1,671
Net income (loss)	(285 )	(249 )	(1,863 )	(2,132 )
Basic net income (loss) per share	(0.01 )	(0.01 )	(0.05 )	(0.02 )

“During the last quarter, we devoted a lot of energy to complete the integration of the real estate photography service businesses acquired at the beginning of this fiscal year, while taking advantage of our overall service offer by improving and adding some value-added products and services”, said Ghislain Lemire, president and CEO of Urbanimmersive. “The integration of those businesses is already a great success for us, it validates our strategic plan for accelerated growth and sets the stage for the next steps. Although the real estate market is still weak with a number of real estate transactions in decline, we have nevertheless managed to grow our new photography service business while generating attractive margins that should improve over time.”