VSBLTY is hoping that its phenomenal growth in 2021 will lay the groundwork for even greater success in 2022. In that regard, the company has now shared its earnings for the last calendar year, reporting that revenues nearly tripled from $607,000 in 2020 to $1.6 million in 2021.
The lion’s share of that revenue came in the back half of the year, with VSBLTY posting stronger and stronger results in each subsequent quarter. Revenues were only $34,000 in the fourth quarter of 2020, but jumped to $130,000 in the first quarter of 2021 and continued to climb to $523,000 and $654,000 in the final two quarters. The company’s year-end cash balance sits at $4.9 million.
VSBLTY is still running in the red, leaving 2021 with an operating loss of $8.2 million before a non-cash charge for share-based payments of $6.2 million. The company is nevertheless optimistic about its prospects moving forward, and believes that its ongoing development efforts and its evolving business strategy will create bigger revenue streams in 2022. Most notably, the company expects to bring in more recurring revenue from its Store-as-a-Medium solution, which can be licensed for a monthly fee.
On that front, VSBLTY is especially keen on its expanding network in Latin America, where it is working with Retailigent Media and AB InBev to bring smart retail tech to 50,000 convenience stores in 30 countries. The three parties have set up Winkel Media as a joint venture to run the network, and VSBLTY will start receiving a significant return on that investment (in the form of subscriptions and media sales) in the second quarter of this year.
Other 2021 highlights include VSBLTY’s partnership with 911Inform, which helps provide more insight for first responders. VSBLTY believes that its computer vision and surveillance tech will bring in revenue in the smart city sector, and build on its successful deployments in Mexico City.
VSBLTY will also continue to bring in revenue from the sale of hardware, with a major order that was received in December getting reflected on the company’s balance sheet in 2022. In the meantime, VSBLTY is modifying its edge technology to support the Linux operating system.
May 11, 2022 – by Eric Weiss