VSBLTY Announces 2023 Third Quarter Financial Results

(via TheNewswire)

PHILADELPHIA, PA –TheNewswire – November 29, 2023 -VSBLTY Groupe Technologies Corp. (OTC:VSBGF) (CSE:VSBY) (Frankfurt 5VS) (“VSBLTY”), a leading software provider of AI-driven security and retail analytics technology, today announced its revenue for the  third quarter of 2023 was $141 thousand (USD), which is a 80% percent decrease  from Q3 of 2022, primarily due to Mountain Express Oil filing for Chapter 11 in Q1 2023. The third quarter 2023 does not include Winkel related SaaS revenue not recognized under IFRS 15.

However, the operating loss in the third quarter decreased from $2.9 million in the prior year to $2.4 million in Q3 2023. This improvement results mainly from (i) recovery of bad debt from a large client; (ii) reduction of staff and contractor levels; and (iii) reduction of share-based payments.  

Announcing the revenue report, VSBLTY Co-founder & CEO Jay Hutton said, “Q3 was light on revenue as we expected. It took us three full quarters to recover from the bankruptcy of Mountain Express Oil and a contract that was to have deployed up to 2,300 locations and generate $7.3 million in 2023 revenue. However, the fourth quarter, which is underway now has already shown encouraging figures. Our Shelf Nine acquisition did not close until November 1, 2023, and the full force of that revenue will be felt as we close out the year. We are confident that we will continue that trend and remain optimistic that we will become profitable in the first half of 2024.

Our hard-working team is working with various ecosystem partners to execute against key near term rollout opportunities, especially now, with increased adoption by retailers of in-store digital media networks. In addition, we are pursuing creative, off-balance sheet, project financing to support and meet the ever-changing market challenges necessary to achieve both our near and long-term goals, and our commitments to our stakeholders. With our recent Shelf Nine acquisition, and the restructuring of Winkel Media, in conjunction with our focused efforts on execution for near term results, I remain confident that we will regain our high growth trajectory and achieve profitability in the coming quarters.”

VSBLTY’s AI technology provides enhanced customer engagement and audience measurement using machine learning and computer vision. Its industry leading VisionCaptor™ and DataCaptor™ software combine motion graphics and interactive brand messaging with cutting-edge computer vision measurement and insights. VSBLTY’s AI driven software Vector™ provides enhanced facial and weapons recognition that is crucial to strengthening today’s security requirements.

 

Earnings Call Details

When: Nov 30th, 2023, 10:00 AM Eastern Time (US and Canada)

Topic: VSBLTY Technologies Earnings Call

Register in advance for this webinar:

https://us02web.zoom.us/webinar/register/WN_kV3Xtai-QUOpWKpAZHPxGQ

Interested parties are reminded that the current investor deck remains available at:

https://vsblty-my.sharepoint.com/:b:/g/personal/jhutton_vsblty_net/EaeBBW2EJlBPkGKzuxA9mtEBxKqAZjqC0DVTiFuW5E9v-A?e=NLEpAA

 

Investor Relations

 

Harbor Access

Jonathan Paterson, 475-477-9401

[e-mail]

 

Graham Farrell, [phone]

[e-mail]

 

CONTACT: Linda Rosanio, 609-472-0877 

[e-mail]

  

About VSBLTY (http://vsblty.net/)

 

Headquartered in Philadelphia, VSBLTY (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) (“VSBLTY”) is the world leader in Proactive Digital Display™, which transforms retail and public spaces as well as place-based media networks with SaaS-based audience measurement and security software that uses artificial intelligence and machine learning. Its proprietary technology effectively integrates with other digital retail solutions, including QR codes and mobile applications. The firm is also recognized for its leadership role in the growing Store as a Medium movement that enables brands to reach customers when and where buying decisions are being made while producing a new revenue stream for retailers.

   

Copyright (c) 2023 TheNewswire - All rights reserved.

Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases