- Urbanimmersive (TSXV:UI) has announced its financial results from the first quarter of this year
- The company’s first quarter revenue fell by 27 per cent to C$891,000, when compared to 2019’s same quarter
- The company attributed the fall to a change in billing methods, which wiped approximately $400,000 from the company’s net revenue.
- During the quarter, Urban struck a re-financing deal, acquired a new subsidiary and released a new product line
- Urban Immersive (UI) is up 12.5 per cent and is trading at five cents per share, with a market cap of $2 million
Urbanimmersive (TSXV:UI) has posted its financials from the first quarter of this year, with revenues falling 27 per cent compares to 2019’s same quarter.
Urbanimmersive are a 3D emulator business, who’s primary market is building real estate models.
The company saw its first quarter revenue constrict by C$335,000, from a high of $1,226,000 last year to just $891,000 this year.
The company blamed a change in its billing model from gross to net bills, which wiped approximately $400,000 from the company’s net revenue.
Urban also had coronavirus related issues and a decrease in sales from its Tourbuzz platform. Some of these losses were offset by incoming revenue from Urbanimmersive’s recent acquisition of Immersolution Inc.
Immersolution is a reseller of 3D photographic equipment that Urban picked up throughout the quarter.
The company re-financed in February, borrowing $1.45 million to pay off another loan of $1.07 million.
The quarter also saw the launch of the company’s latest product, the 3D pocket website.
Urbanimmersive’s CEO Ghislain Lemire commented on the new product.
“Its cost and time-effective production and post-production processes, its high quality images and its capacity to be run offline make it a unique product with a major competitive advantage in this market.
“In addition, with the recent acquisition of Immersolution, a reseller of 3d photographic equipment, we have now positioned ourselves to be able to offer a full set of solutions to our customers while benefitting from additional revenues and cashflows through the crisis,” he said.
Urban Immersive (TSXV:UI) is up 12.5 per cent and is trading at five cents per share at 3:00 pm EDT.