Company reports quarterly revenue of US$3.2 million
PHILADELPHIA, Aug. 25, 2022 (GLOBE NEWSWIRE) — VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt 5VS) (“VSBLTY”), a leading provider of retail and security analytics technology software, today announced that its revenue for the second quarter of 2022 was $3.2 million (USD), an increase of 161% compared to the first quarter of 2022, and 10 times more than the second quarter of the previous year of 293 000 dollars, when the company began to scale its business operations.
VSBLTY technology improves customer engagement and audience measurement using machine learning and computer vision. Its industry-leading VisionCaptor™ and DataCaptor™ software combines graphic animations and interactive brand messaging with cutting-edge computer vision metrics and insights. VSBLTY’s AI-driven Vector™ software provides enhanced facial recognition that is crucial to bolster today’s security requirements when recognizing weapons or suspicious people in a crowd.
VSBLTY Co-Founder and CEO Jay Hutton said, “My team and I are pleased with our second quarter results as they continue to validate our leadership in the category and the momentum that Store as a Medium has on the market. The company continues to fight daily to meet the various challenges of the market in order to stay on track to achieve its annual objectives and its commitments to its shareholders. »
As of the end of the second quarter of 2022, VSBLTY has an accounts receivable balance of $3.0 million (USD). Hutton also explained that VSBLTY had provided $1.2 million in funding to Winkel Media, their Latin American partner, as of June 30, 2022, as part of its joint venture agreement.
The Company recorded an operating loss of $1.4 million in the second quarter. This includes a non-cash charge for share-based payments of $187,000 and an inventory write-back of $354,000 from an operating loss for the second quarter of last year of $3.7 million. before share-based payments of $2.2 million.
For the first half of 2022, the company had revenue of $4.5 million compared to $423,000 in the first half of the previous year. Operating loss for the first half was $4.9 million and included non-cash charges of $1.3 million compared to the prior year first half loss of $6.9 million before non-cash charges of $3.7 million.
The company now has a remaining backlog, based on a number of major contracts executed over the past year, which totals over $50 million in total contract value. Most of the contracts signed have a duration of 36 to 48 months and the turnover should be recognized over this period. Reservations (and total contract value) are not generally accepted measures of performance under IFRS. See “Non-IFRS Measures” below.
The Company will hold an earnings call on Friday, August 26, 10:00 a.m. EST.
Details of conference call participants
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CONTACT: Linda Rosanio, 609-472-0877
About VSBLTY (http://vsblty.net/)
Based in Philadelphia, VSBLTY (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) (“VSBLTY”) is the global leader in Proactive Digital Signage™, transforming commercial and public spaces as well than SaaS-based media network venues with SaaS-based audience measurement and security software that uses artificial intelligence and machine learning. Its proprietary technology integrates efficiently with other digital retail solutions, including QR codes and mobile apps. The company is also recognized for its leadership role in the growing Store as a Medium movement that enables brands to reach customers when and where purchasing decisions are made while generating new source of revenue for retailers.
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “anticipates”, “budget”, “expected”, “estimates”, “expects”. “, “intends”, “plans” and variations of these words and phrases, or by statements that certain actions, events or results “could”, “will”, “could”, “would” or ” could”, “be taken”, “will occur” or “be achieved”. These forward-looking statements include a number of statements relating to future operating prospects, including statements about VSBLTY’s business plans, reservation new projects, bookings, total contract value, revenue growth and new opportunities.
Forward-looking statements are neither historical facts nor guarantees of future performance. The forward-looking information contained in this press release is based on certain assumptions regarding, among other things, expected growth, results of operations, performance, industry trends and growth opportunities. Although management considers these assumptions to be reasonable, based on the information available, they may prove to be incorrect. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: the pricing of the Company’s products and services; the ability to enter into contracts and the ability of third parties to perform their contractual obligations; decisions of third parties over which the Company has no control; changes in government regulations; force majeure events; limitations on the Company’s ability to implement and achieve its business strategies; general economic conditions; adverse industry events; operating costs higher than the Company’s expectations; loss of markets or inability to enter new markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources and/or inability to access sufficient capital on favorable terms; the Company’s ability to implement its business strategies, including its expansion plans; and competition. The foregoing factors are not intended to be exhaustive, and readers should refer to the detailed risk factors described in VSBLTY’s Annual Information Form which is available under the company’s profile at www.sedar.com. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release includes financial outlooks related to the total contract value, future revenues and financial performance, which are subject to the same assumptions, risk factors, limitations and qualifications set out in the paragraphs above. These financial projections contained in this press release were made by management as of the date of this press release and are provided for the purpose of providing readers with an understanding of the Company’s business plan. Readers are cautioned that the financial outlook contained in this document should not be used for any purpose other than that for which it is disclosed herein.
In this press release, the Company refers to “reservations”, which is a non-IFRS financial measure. The Company believes that this non-IFRS financial measure is a useful performance indicator for investors regarding the operational and financial performance of the Company. Reservations is not a generally accepted financial measure under IFRS and does not have a standardized meaning prescribed by IFRS. Investors are cautioned that reservations, and any other non-IFRS financial measures, should not be considered an alternative to revenue, profit or cash flow, as determined in accordance with IFRS. Because there is no standardized method of calculating reservations, our method of calculating reservations may differ from the methods used by other entities and, therefore, our use of reservations may not be directly comparable to measures bearing the same name used by other entities. Accordingly, this non-IFRS financial measure is intended to provide supplemental information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS.