Source: Urbanimmersive Inc.
  • Urbanimmersive (TSVV:UI) reported financial results and presents business highlights for its Q2 ended March 31, 2023
  • The company generated revenues of $2,727,000 in Q2 2023, compared to $2,182,000 for Q2 2022, an increase of $545,000 or 25 per cent
  • For its first half of the year, the company generated revenues of $5,555,000 compared to $3,177,000 for its first half of 2022, an increase of $2,378,000 or 75 per cent
  • Urbanimmersive Inc. (UI) opened trading at $0.05 per share

Urbanimmersive (TSVV:UI) reported financial results and presents business highlights for its Q2 ended March 31, 2023.

The company generated revenues of $2,727,000 in Q2 2023, compared to $2,182,000 for Q2 2022, an increase of $545,000 or 25 per cent.

For its first half of the year, the company generated revenues of $5,555,000 compared to $3,177,000 for its first half of 2022, an increase of $2,378,000 or 75 per cent.

After integrating all acquired photography agencies, and in response to difficult real estate market conditions, the company was able to reduce its expenses on an annualized basis by more than $1.5 million in during Q2 2023, particularly by the layoff of more than 20 employees.

Following the acquisition of HomeVisit and its partnership with CoreLogic, Urbanimmersive expanded its Multiple Listing Service (MLS) connection partner program from 1 to more than 25 connected MLSs.

Three-month
period ended
March 31, 2023
Three-month
period ended
March 31, 2022
Six-month
period ended
March 31, 2023
Six-month
period ended
March 31, 2022
In thousands $ In thousands $ In thousands $ In thousands $
Revenues 2,727 2,182 5,555 3,177
COGS and direct charges 1,491 990 3,214 1,429
Gross margin
(before amortization)
1,236 1,192 2,341 1,748
Amortization 525 319 1,032 568
Operating expenses 2,181 1,508 4,221 2,376
EBITDA (646) (68) (966) (272)
Other expenses 18 349 21 384
Net income (loss) (1,485) (981) (2,929) (1,578)
Basic net income (loss) per share (0.03) (0.02) (0.06) (0.02)

The company’s President and CEO, Ghislain Lemire, stated that following the finalization of the integration of all the photography agencies acquired, the team carried out a review of its organizational structure, which resulted in the implementation of certain measures to rationalize expenses, particularly in terms of workforce.

“In addition, we continued our development projects, in particular having progressed rapidly with the integration plan with CoreLogic starting with MLS connections, the integration of ChatGPT into our flagship product, UiMeet3D, the onboarding of affiliate photographers (franchises) to our technological platform and the preparation of the deployment of the printing service offered by HomeVisit for all of the Group’s photography agencies.”

Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards.

The company’s operating segments include software (SaaS), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography business units leading the industry photo-shoot standards transformation. Recently, the company integrated ChatGPT, with UiMeet3D Avatar Greeting Bot in all its 3D tours subscription. Click here to find out more about that news.

Urbanimmersive Inc. (UI) opened trading at $0.05 per share.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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