Urbanimmersive Reports Financial Results for Its Second Quarter of 2023

SAINT-HUBERT, Quebec, May 26, 2023 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSV-V UI) (OTCQB: UBMRF) today reported financial results and presents business highlights for its second quarter ended March 31, 2023. The interim condensed financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at https://www.sedar.com/.

	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)

* Q2-23 EBITDA has been adjusted (+$299k) for non-cash items related to share and share-based payments ($218k) and non-recurring transition costs (+$58k) and acquisition costs (+$23k). Q2-22 EBITDA has been adjusted (+$248k) for non-cash items related to share and share-based payments (+$228k) and business acquisition costs (+$20k). EBITDA for the first semester of 2023 has been adjusted (+$914k) for non-cash items related to share and share-based payments ($315k) and non-recurring items such as transition costs (+531k$) and business acquisition costs (+68k$). EBITDA for the first semester of 2022 has been adjusted (+$356k) for non-cash items with respect to share and share-based payments (+$275k) and non-recurring items such as business acquisitions (+$53k), restructuring costs (+$60k) and wage subsidies (-$32k).