Urbanimmersive reports second-quarter revenue doubles

For its second quarter of 2022, the company generated total revenues of $2.182 million compared to $982,000 for same period last year, an increase of $1.2 million. For the quarter, the company sold 3,806 immersive 3D tours compared to 1,122 tours in second quarter of 2021, an increase of 2,684 tours or 239%. The company’s net loss widened to $981,000, compared to $551 million in the same quarter last year.

The company said, “in an unfavorable real estate market, in particular with historical-low inventories and number of transactions down 20% over last year combined with high sales turnover, the company managed to maintain its transactional photography service revenues at last year’s level while continuing to migrate its customers to a monthly subscription model.”

During Q2-22, the Company has integrated the newly acquired real estate photography agencies into its business solution platform for photographers while developing and launching an innovative online ordering system along with a route optimization tool, an in-house photo editing service based in France and a centralized and automated payroll system for all its pay-per-job employees/freelancers.

“During the quarter, we put a lot of effort into integrating all the photography service businesses acquired over the past few months,” said Ghislain Lemire, President and CEO of Urbanimmersive. “This integration process notably includes the development and the launch of an online ordering system including a route optimization tool, an internal photo editing service in France, and a retribution system for our pay-per-job employees and freelancers (photographers, 3D modelers and photo editors), all this in order to increase our productivity, allow the Company to track performance in real time and increase profitability generated for every single order. We also continued to improve our monthly subscription package including UiMeet3D and the migration of our photography service businesses into our integrated business solution for real estate photographers. We also continued to add some artificial intelligence into the production of our 3D tours and floor plans.

“All these significant improvements now allow Urbanimmersive Group to offer a very unique business solution for real estate photographers both in term of all its functionalities or its efficiency (productivity gains) and this, 100% managed in-house. The strong demand for our 3D tours and the success to date in the sale of our monthly subscription packages to real estate brokers further confirm our good strategic positioning and our unique competitive advantage. However, although we are still navigating in a seller’s real estate market combined with a number of listings and transactions near historical lows throughout North America and which directly impacts Urbanimmersive’s revenues, those recent significant progress give us full confidence on the promising future of the Group.”

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