VSBLTY ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS
PHILADELPHIA, PA, August 29, 2024 (PR NEWSWIRE) ––VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt 5VS) (“VSBLTY”), a leading software provider of AI-driven security and retail analytics technology, today announced its revenue for the second quarter of 2024 was $.7 million (USD), which is a 700% percent increase from Q2 of 2023.
The Company reported an operating loss in the second quarter of $1.0 million compared to an operating loss of $2.3 million in the prior year. The reduced operating loss was due to increased revenue as a result of the acquisition of the Winkel Master Service Agreement and revenue from Shelf Nine, which was acquired in Q4 of 2023. In addition, a broad austerity initiative in the company has resulted in decreased expenses and resource rationalization. Lastly, optimization in cloud computing brought about by network architecture changes has resulted in a 40% decrease in cloud costs.
Announcing the revenue report, VSBLTY Co-founder & CEO Jay Hutton said, “I am proud of the work the leadership team has performed in reducing costs and streamlining the company. As our revenue is beginning to show quarter over quarter growth, we remain focused on the goal of cash flow positive by the end of this year.”
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.
Investor Relations
Harbor Access
Jonathan Paterson, 475-477-9401
Jonathan.Paterson@Harbor-Access.com
CONTACT: Linda Rosanio, 609-472-0877
lrosanio@vsblty.net
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.