Longueuil, Québec, June 2, 2022 – D-BOX Technologies Inc. (“D-BOX” or the "Corporation") (TSX: DBO), a world leader in haptic and immersive experiences, today announced results for the fourth quarter and fiscal year ended March 31, 2022. All dollar amounts are expressed in Canadian currency.
“We are pleased with our revenue growth and profitability generated in fiscal 2022, while continuing to build on our leadership position in haptics technology,” said Sébastien Mailhot, President and CEO of D-BOX Technologies. “Despite a challenging environment marked by the COVID-19 pandemic, supply-chain disruptions and rising component costs, we delivered revenue growth of 92% and a positive adjusted EBITDA in 2022. Projecting our fourth quarter results over a 12-month period would bring our financial performance above pre-pandemic levels. We announced strategic partnerships with diverse market leaders (LADB, eNASCAR, BMW), launched new products and concepts (Cooler Master, Razer), increased our theatrical footprint by more than 40 screens, enhanced our sales team and positioned D-BOX leadership within the influential Haptic Industry Forum. Looking ahead to fiscal 2023, we intend to invest in selected high-growth areas to support our profitable growth strategy, while delivering the best immersive haptic experience for consumers.”
“We are upbeat about our strong financial performance and positive industry trends witnessed in fiscal 2022,” said David Montpetit, Chief Financial Officer of D-BOX Technologies. “The fourth quarter and fiscal year were highlighted by significant increases in revenues related to system sales, which grew 105% and 54%, respectively, and by rights for use revenues which surged 530% in the fourth quarter and four-fold for the year. The box office performance, led by ‘The Batman’ and ‘Spider-Man’ movies, generated record sales of D-BOX tickets, while upcoming blockbusters like ‘Top Gun: Maverick’ and ‘Doctor Strange’ bode well for the first quarter of 2023.”
“The solid performance of our commercial segment is expected to continue in the upcoming year, and we anticipate recognizing revenues from our home entertainment initiatives in the second quarter. With a cash position and undrawn credit facility totaling $6.9 million, D-BOX has adequate funds to finance its current operations and execute its product development strategy.”
The financial information relating to the fourth quarter and fiscal year ended March 31, 2022 should be read in conjunction with the Corporation’s audited consolidated financial statements and the Management’s Discussion and Analysis dated June 2, 2022. These documents are available at www.sedar.com.
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)*
Adjusted EBITDA provides useful and complementary information, which can be used, in particular, to assess profitability and cash flows provided by operations. It consists of net income (loss) excluding amortization, financial expenses net of income, income taxes, write-off of property and equipment and intangible assets, share-based payments, foreign exchange loss (gain) and non-recurring expenses related to restructuring costs.
D-BOX creates and redefines realistic, immersive entertainment experiences by moving the body and sparking the imagination through effects: motion, vibration and texture. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, music, relaxation, virtual reality applications, metaverse experience, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit D-BOX.com.
Certain statements included herein, including those that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to place undue reliance on forward-looking statements. D-BOX disclaims any intent or obligation to publicly update these forward- looking statements, whether as a result of new information, future events or otherwise.
David Montpetit
Chief Financial Officer – D-BOX Technologies Inc.
450-442-3003, ext. 296
dmontpetit@d-box.com
Steve Li
Vice President Investor Relations and Corporate Strategy – D-BOX Technologies Inc.
450-442-3003, ext. 403
sli@d-box.com