Urbanimmersive Reports Financial Results for Its Second Quarter of 2023 - Seite 2

** Q1-23 revenues have been revised down by $350k following an adjustment reported on November 2022 revenues during the transition period.

“During the most recent quarter, following the finalization of the integration of all the photography agencies acquired, we carried out a strategic review of our organizational structure, which resulted in the implementation of certain measures to rationalize our expenses, particularly in terms of workforce. Those important measures should enable us to further increase our competitive advantage in the market as well as improve our financial performance and be better positioned in the event of a possible recovery in the real estate market.

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”, said Ghislain Lemire, President and CEO of Urbanimmersive.

HIGHLIGHTS

• For its second quarter ending March 31, 2023 (Q2-23), the Company generated revenues of $2,727k compared to $2,182k for Q2-22, an increase of +$545k or +25%;
• For its first half of 2023, the Company generated revenues of $5,555k compared to $3,177k for its first half of 2022, an increase of +$2,378k or +75%;
• Following the completion of the integration of 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 $1.5m in during the second quarter of 2023, particularly by the layoff of more than 20 employees;
• Following the acquisition of HomeVisit and its partnership with CoreLogic, Urbanimmersive quickly expanded its MLS connection partner program from 1 to more than 25 connected MLSs;
• During this second quarter, the Company integrated ChatGPT, a state-of-the-art artificial intelligence (AI) technology, into its UiMeet3D Avatar Greeting Bot product, now available in all of its 3D tour subscription offers.

The Company has granted 1,650,000 share purchase options to officers and employees according to the terms of its share option plan. These options are exercisable at $0.05 per share and expire on May 25, 2028. The Company has also issued 2,209,842 shares at a price of $0.05 to Management and employees as part of their compensation.