D-BOX Technologies Announces Fourth Quarter and Fiscal Year

LONGUEUIL, Quebec, June 07, 2021 (GLOBE NEWSWIRE) – Technologies D-BOX Inc. (TSX: DBO), a global leader in immersive entertainment experiences, today announced results for the year and the fourth quarter ended March 31, 2021. All dollar amounts are expressed in Canadian dollars.

FINANCIAL HIGHLIGHTS

“During the fourth quarter, we are delighted to gain the support of the investment community with the completion of a $ 5.75 million equity financing. This financing should alleviate short-term liquidity problems. With now more than $ 9M in cash and cash equivalents, D-BOX can accelerate its investments to maintain our technological and business leadership, support the recovery of the commercial entertainment market, and execute our gaming, simulation racing and racing strategy. home entertainment, ”said David Montpetit, CFO of D-BOX Technologies.

Highlights for the year ended March 31, 2021

  • Cash and cash equivalents were $ 9.1 million as at March 31, 2021, compared to $ 4.1 million as at March 31, 2020.
  • Total revenue declined to $ 11.1 million from $ 25.9 million for the same period last year due to the negative impact of the COVID-19 pandemic.
  • The net loss decreased to $ 6.2 million from $ 6.3 million for the same period last year.
  • Adjusted EBITDA * decreased to $ (3.5) million from $ 0.6 million for the same period last year.
  • Cash flow used in operating activities was $ 0.3 million in fiscal 2021 compared to $ 3.0 million in fiscal 2020 due to the fund’s cash management strategies. rolling.

Highlights for the fourth quarter ended March 31, 2021

  • Total revenue decreased to $ 2.9 million from $ 6.6 million for the same period last year due to the negative impact of the COVID-19 pandemic.
  • The net loss was $ 2.5 million compared to a net loss of $ 3.1 million for the same period last year.
  • Adjusted EBITDA * decreased to $ (1.6) million from $ 7,000 for the same period last year.

“D-BOX is pleased with the progress made in its home entertainment strategy. Leveraging past announcements of partnerships with industry leaders such as Ubisoft for video game content and Cooler Master for the design and manufacture of a gaming chair incorporating D-BOX haptic technology that should always be to be launched in 2021, our gaming strategy continued to show strong interest with the addition of Audiokinetic for content production and several independent game studios. In addition, D-BOX is proud to extend its haptic footprint beyond a seat with the haptic pedal from SIMTAG. Adding a haptic experience to the gaming industry is a natural fit and the gaming peripherals market could represent a huge opportunity for D-BOX. Finally, we have strengthened our presence in LA and our links with Hollywood studios thanks to the LADB partnership, a post-production company, which would allow us to increase the number of films and television series ”, mentioned Sébastien Mailhot, president and CEO of D-BOX. Technologies.

“The future of D-BOX is bright. Not only do we continue to add key technology patents, the transformation over the past year and recent funding allows D-BOX to take advantage of home entertainment opportunities. We are excited about the potential of the gaming and racing sim peripherals that we plan to launch with our partners this year, ”added Mr. Mailhot. “With the vaccination rollout underway in our key markets, the expected upturn in commercial entertainment, such as Cinemark’s recent announcement of the rollout of D-BOX immersive seats, and upcoming blockbuster releases such as Fast & Furious’ F9 , Black Widow, James Bond: No Time To Die and Top Gun: Maverick, D-BOX is cautiously optimistic to resume growth in fiscal 2022 ”.

Fiscal year and fourth quarterQuarter Ended March 31
(in thousands of dollars, except per share data)
Fiscal year Fourth trimester
2021 2020 2021 2020
Income 11,080 25,895 2 936 6 560
Net loss (6,192 ) (6,250 ) (2,491 ) (3096 )
Adjusted EBITDA * (3,549 ) 612 (1,592 ) 7
Basic and diluted net loss per share (0.035 ) (0.036 ) (0.014 ) (0.019 )
Information from consolidated balance sheets
Like a
March 31, 2021
Like a
March 31, 2020
Cash and cash equivalents 9.134 4,116

* See the “Non-IFRS” measures section in the management report of June 7, 2021

  • On March 4, 2021, the Company completed the public placement announced on February 25, 2021 and issued 44,275,000 units at a price of $ 0.13 per unit for total gross proceeds of $ 5,756,000. Each unit is composed of one class A common share of the Company and one class A common share purchase warrant allowing its holder to purchase one class A common share of the Company at a price of fiscal year of $ 0.16 until March 4, 2023.

OPERATIONAL HIGHLIGHTS

  • D-BOX has entered into an agreement with SIMTAG BV, an innovator in the development and construction of simulators and accessories for racing simulation, under which D-BOX will provide SIMTAG with haptic components to be integrated into the new pedal of SIMTAG active brake with integrated FIA. licensed haptic technology. The value of the haptic components that will be sold by D-BOX under this agreement is approximately $ 1.17 million (US $ 918,000) over the next year.
  • D-BOX Partners with Audiokinetic Inc., a Subsidiary of Sony Interactive Entertainment, the Leading Global Provider of Cross-Platform Audio Solutions for the Interactive Media and Games Industries, to Increase the Scope of Interactive Content Delivering the Experience D-BOX haptics. Interactive content creators will have the ability to create the enhanced immersive experience of D-BOX through Audiokinetic’s standard audio middleware solution, Wwise®.
  • D-BOX is a partner of five independent video game studios in Quebec: 3Mind Games, Breaking Walls, Lucid Dreams Studio, Beyond Fun Studio and Astrolabe Interactive. Incorporating D-BOX’s proprietary haptic technology into select games in development or currently available will enhance the gaming experience to a level of realism never seen before.
  • In March 2021, D-BOX obtained patent 10,943,446 from the United States Patent and Trademark Office (“USPTO”) for media recognition and synchronization with a motion signal. As of March 31, 2021, D-BOX has 104 issued patents and 83 pending patent applications. Although this technology has various applications, it is a key component of D-BOX home entertainment solutions, most notably the HaptiSync Hub.

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

Financial information relating to the fourth quarter and the fiscal year ended March 31, 2021 should be read in conjunction with the audited consolidated financial statements of the Company and the management report dated June 7, 2021. These documents are available at www. sedar.com.

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (NET LOSS) *
Adjusted EBITDA provides useful and additional information, which in particular makes it possible to assess profitability and the cash flows provided by operations. It includes net income excluding depreciation, financial expenses net of income, income taxes, write-offs of tangible and intangible assets, share-based payments, foreign exchange loss (gain) and non-recurring charges. related to restructuring costs.

The following table reconciles Adjusted EBITDA and net loss (amounts are in thousands of Canadian dollars):

Year ended
March, 31st
Fourth quarter ended
March, 31st
2021 2020 2021 2020
Net loss (6,192 ) (6,250 ) (2,491 ) (3096 )
Depreciation of tangible fixed assets 1,530 1,914 267 523
Amortization of intangible assets 819 905 211 241
Depreciation of other assets 2
Write-offs of property, plant and equipment 24 24
Depreciation of goods and equipment 235 765 235 765
Impairment of intangible assets 508 508
Impairment (reversal) of a finance lease receivable (26 ) 52 (26 ) 52
Financial charges (income) 488 545 150 78
Income taxes (collection) (34 ) 8 (32 ) 9
Share-based payments 154 155 58 39
Foreign exchange loss (gain) (133 ) 605 12 488
Restructuring costs (414 ) 1,403 400
Adjusted EBITDA (3,549 ) 612 (1592) ) 7

* See the “Non-IFRS” measures section in the management report of June 7, 2021.

ABOUT D-BOX

D-BOX creates and redefines realistic and immersive entertainment experiences by moving the body and stimulating the imagination through effects: movement, vibration and texture. D-BOX has worked with some of the best companies in the world to come up with new ways to improve great stories. Whether it’s movies, video games, music, relaxation, virtual reality apps, themed entertainment or professional simulation, D-BOX creates a sense of presence that makes life resonate like never before. . D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, United States and Beijing, China. Visit D-BOX.com.

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

Certain statements included in this document, including those which 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 on a number of estimates and assumptions which, while currently believed to be reasonable by management, 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 intention or obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

FOR MORE INFORMATION, PLEASE CONTACT:

David Montpetit
Financial director
D-BOX Technologies inc.
450-442-3003, ext. 296
[email protected]
Steve li
Vice-president investor relations and corporate strategy
D-Box Technologies Inc.
450-442-3003, ext. 403
[email protected]


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