- Urbanimmerive (UI) has announced its audited financial results and business highlights for the fourth quarter and full-year 2021
- In 2021, the company generated revenues of $4.069 million, an 11 per cent decrease year-over-year
- Sales of 3D immersive tours, however, increased by 207 per cent compared to the previous year
- The company launched several new products in 2021, including UI Capture 2.0 and UiMeet3D
- Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards
- Shares in Urbanimmersive (UI) are down 15.28 per cent, trading at $0.61 per share
Urbanimmerive (UI) has announced its audited financial results and business highlights for the fourth quarter and full-year 2021.
In 2021, the company generated revenues of $4.069 million compared to revenues of $4.59 million for 2020, a decrease of 11 per cent.
The company explained that this decrease of $525,000 is due in part to the significant decrease in sales of 3D photography equipment as well as the decrease in SaaS revenues brought on by a challenging real estate market.
Sales of 3D immersive tours, however, increased by 237 per cent in the fourth quarter compared to the same period last year, and by 207 per cent for the full-year compared to the previous year.
During the year, the company reduced its long-term debt by $4.7 million, including $4.5 million through the conversion of all of its convertible debentures.
The 2021 fiscal year saw the launch of several new products for Urbanimmersive, including UI Capture 2.0, a dollhouse, and its flagship interactive 3D tour, UiMeet3D.
“Despite having once again to navigate a particularly challenging real estate market, we are proud of the results achieved,” said Urbanimmersive president and CEO Ghislain Lemire.
“Given the strong adoption by the real estate brokers of our new monthly subscription packages,” he added, “which has already reached more than 20 per cent two months after its launch, the strong growth in demand for our immersive 3D tours, floor plans and UiMeet3D, our complete offer and extensive network of photographers following the acquisitions of photography agencies completed recently and an expected return to a more balanced real estate market, we are very well positioned and particularly excited about what is coming for 2022.”
The company has filed its full audited consolidated financial statements and management discussion and analysis on SEDAR.
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards.
Shares in Urbanimmersive (UI) are down 15.28 per cent, trading at $0.61 per share as of 11:30 am EST.
