VSBLTY ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS
PHILADELPHIA, PA, November 28th, 2024 (PR NEWSWIRE) ––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 2024 was $.35 million (USD), which is a 250% percent increase from Q3 of 2023.
The Company reported an operating loss in the third quarter of $1.4 million compared to an operating loss of $2.9 million in the prior year. The dramatic $1.5 million reduction in operating loss was due to $.2 million increased revenue as a result of the acquisitions of the Winkel Master Service Agreement and Shelf Nine. An impressive $1.3 million in across the board cost reductions were the direct result of realizing the benefits of a broad austerity initiative. In addition, cloud computing costs have been reduced by 50% as a result of improved network architecture as well as consolidation of systems on a single platform.
Announcing the quarter, VSBLTY Co-founder & CEO Jay Hutton said, “We are confident that our business activities are beginning to show evidence of enhanced traction. The goal of the last two quarters has been to reduce expenses and increase revenues. I am pleased that our aggressive focus on cost reduction and near-term revenue opportunities has positioned the company to move towards increased profitability. Our strategy of acquisitions and partnerships is finally delivering signs of meaningful revenue. We remain optimistic for additional growth given a strong sales pipeline in both the retail and security sectors.”
VSBLTY Technologies Earnings Call
Dec 5, 2024 02:00 PM Eastern Time (US and Canada)
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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 (OTC: 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.