Urbanimmersive reports first-quarter revenues up 11%
Urbanimmersive Inc. reported first-quarter business highlights for the period ending Dec. 31, 2021. The company generated total revenues of $995,000 compared to $897,000 in the prior period, a 10.9% increase. In the quarter, the company sold 1,823 immersive 3D tours ($73,000) compared to 552 tours ($22,000) in Q1-21.
During the quarter, Urbanimmersive launched its premium monthly subscription program UiMeet3D with more than 25% of its customers have already adopted it after three months and also completed the acquisition of seven businesses in North America, including 6 businesses offering real estate photography services (Immophoto,Tours Virtuales, Virtual Access Tours, Imoto andAgento Marketing) as well as a marketplace platform (RocketPhoto). Those acquisitions represent a total purchase price of $10.3 million and were financed by a combination of a term loan of $2.0m, the issuance of 5.7 million shares at an average price of $0.84 ($4.8 million), company’s liquidities ($600,000), a balance of purchase of $200,000 as well as growth driven earn-outs of a total value of $2.7 million. Total sales of those acquired businesses totaled $6.3 million for their last fiscal year which adds up to the three businesses acquired in June 2021, namely EGP, La Clique Mobile and Graphique ID, with last fiscal year total sales of $1.6 million.
SELECTED FINANCIAL INFORMATION
“During the last quarter, we continued to execute our accelerated growth plan and succeeded in completing, with the support of our financial institution, as much as seven business acquisitions, in addition to the three acquisitions completed in June 2021”, said Simon Bédard, Chief Financial Officer of Urbanimmersive. “Those strategic acquisitions should allow us both to offer a complete and unique set of 100% ‘in house’ products and services, to benefit from revenue synergies and efficiency gains, to significantly increase our revenues, improve our profitability, increase our visibility on the market and consolidate further our leadership position.
“During the most recent quarter, we were able to show to the market the unique appeal of our innovative 3D solutions and all of its competitive advantages, whether through our selection for the REACH Canada program or through the new partnerships announced with industry leaders”, said Ghislain Lemire, President and CEO of Urbanimmersive. “In addition, the success related to the integration of our recent acquisitions solidifies the pursuit of our strategic plan and even though we are still navigating in a particularly challenging real estate market with historically low inventories and number of transactions, we could not be better positioned to reap benefits of an eventual come back to more favorable market conditions and increase our market share.”