Philadelphia, Pennsylvania, May 20, 2022 (GLOBE NEWSWIRE) — VSBLTY Groupe Technologies Corp. ( VSBGF) (CSE: VSBY) (Frankfurt 5VS) (“VSBLTY”), a leading provider of retail and security analytics technology software, today announced its revenue for the first quarter of 2022 was $1.2 million (USD), an increase of 83% over the fourth quarter of 2021 and 10 times more than the first quarter of the previous year of $130,000 when the company began to evolve 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.
The Company also published revenue by quarter for the last 5 quarters ending March 31, 2022.
Q1 2021 – $130,000
Q2 2021 – $293,000
Q3 2021 – $523,000
Q4 2021 – $654,000
Q1 2022 – $1.2M
VSBLTY Co-Founder and CEO Jay Hutton said, “We are pleased with our first quarter results and continue to see increased interest in our solutions platform which spans both the Store as a Medium and our AI-based security apps. Our recognition as Channel Partner of the Year by Intel® earlier this month at the Intel Vision 2022 event is another milestone and validation of the investments we have made in our technology platform and in our sales and marketing efforts over the past few years. ”
At the end of the first quarter of 2022, VSBLTY had an accounts receivable balance of $2.5 million (USD), the majority of which was owed by its joint venture partner, Winkel Media, based in Latin America. Hutton also explained that VSBLTY had provided $0.8 million in funding to Winkel as of March 31, 2022, as part of its obligations as a joint venture partner. In addition, the Company has a $1.0 million investment in inventory for continued store installations at Winkel Media as of March 31.st2022. In addition to AR growth, VSBLTY continues to benefit from the continued exercise of warrants, which creates additional operating cash for the Company.
Due to the company’s continued investment in R&D and commercialization of its computer vision technology, the company recorded a first quarter operating loss of $2.4 million before a non-cash charge for based payments. in shares of $1.1 million compared to an operating loss for the first quarter of last year of $1.8 million before share-based payments.
The Company will host an earnings call at a time to be determined but after the end of the month.
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Cathy Hume, CEO, +1-416-868-1079 ext. 251
Jonathan Paterson, 475-477-9401
Graham Farrel, +1-416-842-9003
CONTACT: Linda Rosanio, 609-472-0877
About VSBLTY (http://vsblty.net/)
Based in Philadelphia, VSBLTY ( VSBGF) (CSE: VSBY) (Frankfurt: 5VS) ( VSBGF) (“VSBLTY”) is the global leader in Proactive Digital Signage™, transforming commercial and public spaces as well as location-based media. with audience measurement and security software in SaaS mode 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 business prospects, including statements about VSBLTY’s business plans, reservation new projects, 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 relating to 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.