- Revenues of $1.1M for Q3-21 compared to $1.66M for Q3-20, a year-over-year decrease of 33.7 per cent
- Q3-21 sales of immersive 3D tours have increased by 75 per cent compared to Q3-20
- Urbanimmersive closed a non-brokered private placement of $3M in April
- As of June 30, 2021, the company’s liquidity totalled $2.4M
- Urbanimmersive is a SaaS company that provides content solutions for the real estate market
- Urbanimmersive Inc. (UI) opened trading at C$0.115 per share
Urbanimmersive (UI) has announced select financial results and presents business highlights for its third quarter ended June 30, 2021.
Highlights
- Revenues of $1.1M for Q3-21 compared to $1.66M for Q3-20, a year-over-year decrease of $559K or 33.7 per cent. This decrease of $559K is explained by the decrease in non-recurring 3D photography equipment sales (-$565K) which were last year heavily boosted by the Covid-19 first general lockdowns required to remotely tour properties for sale
- SaaS quarterly revenues were stable with an increase of 1 per cent compared to Q3-20
- Q3-21 sales of immersive 3D tours have increased by 75 per cent compared to Q3-20
- Urbanimmersive closed a non-brokered private placement of $3M in April. An accelerated growth plan was adopted and $1.6M was used to complete the strategic acquisitions of 3 photography agencies (EGP Technovirtuel Inc. (‘EGP’), Graphic ID Solutions Inc. and La Clique Mobile)in June.
- As of June 30, 2021, the company’s liquidity totalled $2.4M
- During the quarter, the company launched its dollhouse, which is now integrated into its 3D immersive tours
- Urbanimmersive was selected to present UiMeet3D as the best innovative technology at the 2021 REALTORS® Legislative Meetings Emerging Business and Technology Forum in May 2021.
Ghislain Lemire, President and CEO commented on the company’s achievements.
“During the quarter, despite having once again to navigate through a particularly difficult real estate market, we are satisfied with the results achieved. The addition of dollhouse to our 3D immersive tours and the integration of our first three photography agencies allow us to enhance our already complete set of solutions but above all to increase the adoption of our SaaS solutions such as our immersive 3D tours and UiMeet3D. This important addition of a photography service also diversifies our activities and increases our revenues and profits.
Given the strong growth observed recently in the use of our 3D immersive tours and floor plans, our market positioning, our good financial situation, in particular with cash in excess of $2.0M and working capital of $1.5M, support from our bank and an expected return to normal in real estate activities, this gives us the flexibility to pursue our accelerated growth plan and full confidence in the future of Urbanimmersive.”
Urbanimmersive has also issued 556,000 shares at a price of $0.115 to some officers and employees as variable compensation covering the most recent quarter.
Urbanimmersive is a SaaS company that provides solutions to visual content providers in the real estate residential, commercial, construction, and local business markets. These include a website-builder tool, AI-backed image indexing, robust file transfer systems and interactive visual technology solutions.
Urbanimmersive Inc. (UI) opened trading at C$0.115 per share.
