- Total revenues of $2.182M an increase of 122 per cent over Q2, 2021
- The company sold 3,806 immersive 3D tours, in increase of 239 per cent over Q2, 2021
- The company focused on integrating all the photography service businesses acquired over the past few months
- Urbanimmersive develops and commercializes real estate photography technologies and services
- Shares in Urbanimmersive (UI) opened trading at C$0.235 per share
Urbanimmersive (UI) has announced select financial results and business highlights for its second quarter ended March 31, 2022.
Q2 highlights:
- Total revenues of $2.182M compared to $982,000 for Q2-21, an increase of 122 per cent
- Net loss of $981,000
- The company sold 3,806 immersive 3D tours compared to 1,122 tours in Q2-21, an increase 239 per cent
- Despite an unfavorable real estate market, 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
- As of March 31, 2022, Urbanimmersive has liquidities totaling $1.2M
- During Q2-22, the company integrated the newly acquired real estate photography agencies into its business solution platform for photographers, an in-house photo editing service and an automated payroll system for all its pay-per-job employees/freelancers.
Ghislain Lemire, President and CEO of Urbanimmersive commented on the news.
“During the quarter, we put a lot of effort into integrating all the photography service businesses acquired over the past few months. 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 unique business solution for real estate photographers both in terms of all its functionalities or its efficiency (productivity gains) and this, 100 percent managed in-house. The strong demand for our 3D tours and the success to date in selling 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,” he added.
Urbanimmersive develops and commercializes real estate photography technologies and services.
Shares in Urbanimmersive (UI) opened trading at C$0.235 per share.
