LONGUEUIL, Quebec, June 07, 2021 (GLOBE NEWSWIRE) — D-BOX Applied sciences Inc. (TSX: DBO), a world chief in immersive leisure experiences, at the moment introduced outcomes for the fiscal yr and fourth quarter ended March 31, 2021. All greenback quantities are expressed in Canadian foreign money.

FINANCIAL HIGHLIGHTS

“In the course of the fourth quarter, we’re happy to get the help from the funding group with the completion of $5.75M fairness financing. This financing ought to take away quick time period liquidity issues. With now over $9M in money and money equal, D-BOX can speed up its investments to keep up our know-how and market management, help the restoration of business leisure market and to execute our gaming, sim racing and residential leisure technique”, said David Montpetit, CFO of D-BOX Applied sciences.

Highlights for the Fiscal Yr ended March 31, 2021

  • Money and money equivalents had been $9.1 million as of March 31, 2021 in comparison with $4.1 million as of March 31, 2020.
  • Whole revenues decreased to $11.1 million from $25.9 million for a similar interval final yr because of the antagonistic affect of the COVID-19 pandemic.
  • Internet loss decreased to $6.2 million from $6.3 million for a similar interval final yr.
  • Adjusted EBITDA* decreased to $(3.5) million from $0.6 million for a similar interval final yr.
  • Money stream utilized in working actions was $0.3M in FY2021 in comparison with $3.0M in FY2020 owing to money administration methods of working capital.

Highlights for the fourth quarter Ended March 31, 2021

  • Whole revenues decreased to $2.9 million from $6.6 million for a similar interval final yr because of the antagonistic affect of the COVID-19 pandemic.
  • Internet loss was $2.5 million in comparison with a internet lack of $3.1 million throughout the identical interval final yr.
  • Adjusted EBITDA* decreased to $(1.6) million from $7 thousand for a similar interval final yr.

“D-BOX is happy of the progress seen in its dwelling leisure technique. Leveraging the previous bulletins of partnerships with trade leaders comparable to Ubisoft for online game content material and Cooler Grasp for the design and manufacturing of a gaming chair integrating D-BOX’s haptic know-how which remains to be anticipated to be launched in 2021, our gaming technique continued to point out robust curiosity with the addition of Audiokinetic for content material manufacturing and a number of other impartial gaming studios. Furthermore, D-BOX is proud to develop its haptic footprint past a seat with SIMTAG’s haptic pedal. The addition of haptic expertise within the gaming trade is a pure match and the gaming peripherals market might symbolize a sizeable alternative for D-BOX. Lastly, now we have strengthened our LA presence and ties with Hollywood studios via the LADB partnership, a post-production firm, which might enable to scale up the variety of film and TV collection,” talked about Sébastien Mailhot, President and CEO of D-BOX Applied sciences.

“D-BOX’s future is vibrant. Not solely we proceed so as to add key know-how patents, the transformation within the final yr and the latest financing enable D-BOX to make the most of dwelling leisure alternatives. We’re excited by the potential of gaming and sim racing peripherals that we’re planning to launch with our companions this yr,” added Mr. Mailhot. “With the vaccination rollout underway in our key markets, the anticipated restoration of the business leisure, such because the latest announcement of Cinemark’s rollout of D-BOX immersive seating, and the upcoming blockbusters releases comparable to Quick & Livid’ F9, Black Widow, James Bond: No Time To Die and High Gun: Maverick, D-BOX is cautiously optimistic to renew progress in fiscal yr 2022”.

Fiscal Yr and Fourth Quarter Ended March 31
(in 1000’s of {dollars}, besides per share information)
  Fiscal Yr Fourth Quarter
2021   2020   2021   2020  
Revenues 11,080   25,895   2,936   6,560  
Internet loss (6,192 ) (6,250 ) (2,491 ) (3,096 )
Adjusted EBITDA* (3,549 ) 612   (1,592 ) 7  
Primary and diluted internet loss per share (0.035 ) (0.036 ) (0.014 ) (0.019 )
Info from the Consolidated Steadiness Sheets
  As at
March 31, 2021
As at
March 31, 2020
Money and money equivalents 9,134 4,116

* See the “Non-IFRS” measures part within the Administration’s Dialogue and Evaluation dated June 7, 2021

  • On March 4, 2021, the Company accomplished the general public providing introduced on February 25, 2021, and issued 44,275,000 models at a worth of $0.13 per unit for mixture gross proceeds of $5,756,000. Every unit is comprised of 1 Class A standard share of the Company and one Class A standard share buy warrant entitling the holder to buy one Class A standard share of the Company at an train worth of $0.16 till March 4, 2023.

OPERATIONAL HIGHLIGHTS

  • D-BOX has entered into an settlement with SIMTAG BV, an innovator in growing and constructing simulators and equipment for sim racing, pursuant to which D-BOX will provide SIMTAG with haptic parts to be built-in into SIMTAG’s new lively brake pedal with built-in FIA-licensed haptic know-how. The worth of the haptic parts to be offered by D-BOX pursuant to this settlement is roughly $1.17 million (US$918,000) over the subsequent yr.
  • D-BOX joins forces with Audiokinetic Inc., a subsidiary of Sony Interactive Leisure, the main world supplier of cross-platform audio options for the interactive media and gaming industries, to extend the breadth of interactive content material providing the D-BOX haptic expertise. Interactive content material creators shall be supplied with the flexibility to create the improved immersive D-BOX expertise by way of Audiokinetic’s trade customary audio middleware answer Wwise®.
  • D-BOX is partnering with 5 impartial Quebec video gaming studios: 3Mind Video games, Breaking Partitions, Lucid Desires Studio, Past Enjoyable Studio and Astrolabe Interactive. Integrating D-BOX’s unique haptic know-how into sure video games below improvement or presently out there will improve the gaming expertise with a stage of realism by no means seen earlier than.
  • In March 2021, D-BOX was granted by the US Patent and Trademark Workplace (“USPTO”) patent 10943446 for media recognition and synchronization to a movement sign. As of March 31, 2021, D-BOX has 104 patents granted and 83 patents software pending. Whereas this know-how has numerous purposes, it’s a key part for D-BOX’s dwelling leisure options, notably the HaptiSync Hub.

ADDITIONAL INFORMATION REGARDING THE FOURTH QUARTER AND FISCAL YEAR ENDED MARCH 31, 2021

The monetary data referring to the fourth quarter and financial yr ended March 31, 2021 needs to be learn along side the Company’s audited consolidated monetary statements and the Administration’s Dialogue and Evaluation dated June 7, 2021. These paperwork can be found at www.sedar.com.

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)*
Adjusted EBITDA supplies helpful and complementary data, which can be utilized, particularly, to evaluate profitability and money flows offered by operations. It consists of internet earnings (loss) excluding amortization, monetary bills internet of earnings, earnings taxes, write-off of property and gear and intangible property, share-based funds, international alternate loss (achieve) and non-recurring bills associated to restructuring prices.

The next desk reconciles adjusted EBITDA to internet loss (quantities are in 1000’s of Canadian {dollars}):

  Fiscal yr ended
March 31
Fourth quarter ended
March 31
2021   2020   2021   2020  
Internet loss (6,192 ) (6,250 ) (2,491 ) (3,096 )
Amortization of property and gear 1,530   1,914   267   523  
Amortization of intangible property 819   905   211   241  
Amortization of different property   2      
Write-offs of property and gear 24     24    
Impairment of property and gear 235   765   235   765  
Impairment of intangible property   508     508  
Impairment (reversal) of finance lease receivable (26 ) 52   (26 ) 52  
Monetary bills (earnings) 488   545   150   78  
Earnings taxes (restoration) (34 ) 8   (32 ) 9  
Share-based funds 154   155   58   39  
Overseas alternate loss (achieve) (133 ) 605   12   488  
Restructuring prices (414 ) 1,403     400  
Adjusted EBITDA (3,549 ) 612   (1592 ) 7  

* See the “Non-IFRS” measures part within the Administration’s Dialogue and Evaluation dated June 7, 2021.

ABOUT D-BOX

D-BOX creates and redefines lifelike, immersive leisure experiences by shifting the physique and sparking the creativeness via results: movement, vibration and texture. D-BOX has collaborated with a number of the finest firms on the planet to ship new methods to reinforce nice tales. Whether or not it’s motion pictures, video video games, music, rest, digital actuality purposes, themed leisure or skilled simulation, D-BOX creates a sense of presence that makes life resonate like by no means earlier than. D-BOX Applied sciences Inc. (TSX: DBO) is headquartered in Montreal with workplaces in Los Angeles, USA and Beijing, China. Go to D-BOX.com.

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

Sure statements included herein, together with people who categorical administration’s expectations or estimates of our future efficiency, represent “forward-looking statements” inside the that means of relevant securities legal guidelines. Ahead-looking statements are essentially based mostly upon plenty of estimates and assumptions that, whereas thought-about cheap by administration presently, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies. Buyers are cautioned to not place undue reliance on forward-looking statements. D-BOX disclaims any intent or obligation to publicly replace these forward-looking statements, whether or not because of new data, future occasions or in any other case.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Montpetit
Chief Monetary Officer
D-BOX Applied sciences Inc.
450-442-3003, ext. 296
dmontpetit@d-box.com
Steve Li
Vice President Investor Relations and Company Technique
D-Field Applied sciences Inc.
450-442-3003, ext. 403
sli@d-box.com



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