VSBLTY Reports Second Quarter 2022 Financial Results

VSBLTY

PHILADELPHIA, PA — VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt 5VS) announced its revenue for the second quarter of 2022 was $3.2 million (USD), which is a 161% percent increase over Q1 of 2022, and 10 times greater than the previous year’s Q2 of $293K, when the company began to scale its commercial operations.

VSBLTY 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 recognition that is crucial to strengthening today’s security requirements when recognizing weapons or suspicious persons in a crowd.

VSBLTY Co-founder & CEO Jay Hutton said, “My team and I are pleased with our Q2 results as they continue to validate our category leadership and the momentum that Store as a Medium has in the marketplace. The company continues to battle through the various marketplace challenges, day-to-day, to remain on track to achieving our annual goals and commitments to our shareholders.”

As of the close of Q2 2022, VSBLTY reportedly has an Accounts Receivable balance of $3.0 million (USD). Hutton also explained that VSBLTY has provided $1.2 million in funding to Winkel Media, their Latin American partner, as of June 30th, 2022, as part of its joint venture agreement.

The Company had a reported operating loss in the second quarter of $1.4 million. This includes a non-cash charge for share-based payments of $187K and a recovery on inventory impairment of $354K compared to an operating loss for Q2 of last year of $3.7 million before share-based payments of $2.2 million.

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For the first half of 2022 the Company had documented revenue of $4.5M versus the prior year’s first half of $423K. Operating loss for the first half was $4.9 million and includes non-cash charges of $1.3 million versus the prior year’s first half loss of $6.9 million before non-cash charges of $3.7 million.

The Company recorded it now has a remaining bookings backlog, based on a number of material contracts executed over the past year, that totals over $50 million in total contract value. Most of the signed contracts range from 36 to 48 months and the revenue is expected to be recognized over this period. Bookings (and total contract value) are not generally accepted measures of performance under IFRS.

For additional details, visit http://vsblty.net/

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