Mr. Jay Hutton reports
VSBLTY ANNOUNCES 2023 THIRD QUARTER FINANCIAL RESULTS
Vsblty Groupe Technologies Corp. had revenue for the third quarter of 2023 of $141,000, which is an 80-per-cent decrease from Q3 of 2022, primarily due to Mountain Express Oil filing for Chapter 11 in first quarter 2023. (Amounts are in U.S. dollars unless otherwise stated.) The third quarter 2023 does not include Winkel-related software-as-a-service revenue not recognized under international financial reporting standard 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 and chief executive officer 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 under way now, has already shown encouraging figures. Our Shelf Nine acquisition did not close until Nov. 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 artificial intelligence technology provides enhanced customer engagement and audience measurement using machine learning and computer vision. Its industry-leading VisionCaptor and DataCaptor software combines motion graphics and interactive brand messaging with cutting-edge computer vision measurement and insights. Vsblty's artificial-intelligence-driven software Vector provides enhanced facial and weapon recognition that is crucial to strengthening today's security requirements.
Earnings call details
When: Nov. 30, 2023, at 10 a.m. Eastern Time (United States and Canada)
Topic: Vsblty earnings call
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About Vsblty Groupe Technologies Corp.
Headquartered in Philadelphia, Vsblty (OTCQB: VSBGF) (Canadian Securities Exchange: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) is the world leader in pro-active digital display, which transforms retail and public spaces, as well as place-based media networks, with software-as-a-service-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.
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