VSBGF - VSBLTY Announces 2023 Third Quarter Financial Results
(TheNewswire)
PHILADELPHIA, PA – TheNewswire– November 29, 2023 - VSBLTY GroupeTechnologies Corp. (OTC:VSBGF) (CSE:VSBY) (Frankfurt 5VS)(“VSBLTY”), a leading software provider of AI-driven security andretail 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 ExpressOil filing for Chapter 11 in Q1 2023. The third quarter 2023 does notinclude Winkel related SaaS revenue not recognized under IFRS15.
However, the operating loss in the third quarterdecreased from $2.9 million in the prior year to $2.4 million in Q32023. This improvement results mainly from (i) recovery of bad debtfrom 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. Ittook us three full quarters to recover from the bankruptcy of MountainExpress Oil and a contract that was to have deployed up to 2,300locations and generate $7.3 million in 2023 revenue. However, thefourth quarter, which is underway now has already shown encouragingfigures. Our Shelf Nine acquisition did not close until November 1,2023, and the full force of that revenue will be felt as we close outthe year. We are confident that we will continue that trend and remainoptimistic that we will become profitable in the first half of 2024.
Our hard-working team is working with various ecosystempartners to execute against key near term rollout opportunities,especially now, with increased adoption by retailers of in-storedigital media networks. In addition, we are pursuing creative,off-balance sheet, project financing to support and meet theever-changing market challenges necessary to achieve both our near andlong-term goals, and our commitments to our stakeholders. With ourrecent Shelf Nine acquisition, and the restructuring of Winkel Media,in conjunction with our focused efforts on execution for near termresults, I remain confident that we will regain our high growthtrajectory and achieve profitability in the coming quarters.”
VSBLTY’s AI technology provides enhanced customerengagement and audience measurement using machine learning andcomputer vision. Its industry leading VisionCaptor™ andDataCaptor™ software combine motion graphics and interactive brandmessaging with cutting-edge computer vision measurement and insights.VSBLTY’s AI driven software Vector™ provides enhanced facial andweapons recognition that is crucial to strengthening today’ssecurity requirements.
Earnings Call Details
When: Nov 30 th , 2023, 10:00 AM Eastern Time (US andCanada)
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 currentinvestor 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
Jonathan.Paterson@Harbor-Access.com
Graham Farrell, +1-416-842-9003
Graham.Farrell@Harbor - Access.com
CONTACT: Linda Rosanio, 609-472-0877
About VSBLTY ( http://vsblty.net/ )
Headquartered in Philadelphia, VSBLTY (OTCQB: VSBGF)(CSE: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) (“VSBLTY”) is the worldleader in Proactive Digital Display™, which transforms retail andpublic spaces as well as place-based media networks with SaaS-basedaudience measurement and security software that uses artificialintelligence and machine learning. Its proprietary technologyeffectively integrates with other digital retail solutions, includingQR codes and mobile applications. The firm is also recognized for itsleadership role in the growing Store as a Medium movement that enablesbrands to reach customers when and where buying decisions are beingmade while producing a new revenue stream for retailers.
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