VSBLTY ANNOUNCES 2023 SECOND QUARTER FINANCIAL RESULTS

PHILADELPHIA, Aug. 29, 2023

The Company reported an operating loss in the second quarter of $2.3 million compared to an operating loss of $2.1 million in the prior year. The increased  operating loss results from the gain on recovery inventory impairment last year not being in this year's figures.  Last year's recovery on inventory impairment was triggered by the sale of Winkel related inventory to AustinGIS. 

Announcing the revenue report, VSBLTY Co-founder & CEO Jay Hutton said, "As a company, we recognize this weak revenue quarter as well as for the entire period.  However, we have taken significant steps to improve profitability and sales growth since our pivot from the loss of our large C-store deployment earlier in the year, due to customer bankruptcy.  Among these steps are the reduction of our monthly cash burn by 29% by third to fourth quarter this year and the prioritization and laser focus on just 7 key customer projects that drive revenue in the near future. Most of these projects are retail media related with similar execution requirements that match our core competencies.

Our outstanding team is working with various partners to execute against these 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 meet the ever-changing market challenges to achieve our near and long term goals and commitments to all our stakeholders. With the Shelf Nine acquisition and restructuring of Winkel Media, in conjunction with our focused strategy on execution for the near term, I remain positive that we will accelerate our high growth trajectory and achieve profitability in the coming quarters.

As part of our strategy to focus on near term revenue and the rapid roll out of key projects, we will also internally assess the structure of VSBLTY to ensure that stakeholders and shareholders are well positioned as the company moves towards profitability."               

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.