Versus Systems Inc posted third-quarter results that saw its revenue jump 4% year-over-year as it enhanced its product portfolio by launching Click Play Win, an interactive advertising campaign tool combining games and rewards.
For the period ended September 30, 2022, the Los Angeles-based company which also has offices in Vancouver, reported revenue of $0.3 million.
According to the firm, the cash used in operating and investing activities during the quarter decreased 25% sequentially from its second quarter this year. Versus reported a net loss in the 3Q of $3.5 million.
Significantly, Versus has recently secured a strategic investment from Yat Siu, the executive chairman and co-founder of multi-billion-dollar digital entertainment company Animoca Brands and CEO of Outblaze Ltd.
Siu purchased 6,184,382 shares at the September 29, 2022 market close price of $0.181 per share for a total of $1,119,373.14. The deal made Outblaze a 19.9% shareholder in Versus.
The company highlighted the newest release of Filter Fan Cam, one of the company’s most popular products. The product applies 3D filters in real-time to in-venue streams of crowds and fans at live events. The fans, with their filters, are then featured on jumbotrons, halo boards, and main boards throughout arenas and stadium events worldwide. With the latest version of Filter Fan Cam, partners can now engage with fans directly on their mobile phones.
Revenues up, costs down
The company said that it has leveraged the new Mobile Filter Fan Cam into a national program managed by ent! Marketing, and Clemson football with Red Moon Marketing to support Coca-Cola.
“Revenues are up. Operating costs are down. We added a world expert in Shannon Pruitt, and a new largest strategic investor in Yat Siu,” Versus Systems founder and CEO Matthew Pierce said in an earnings statement.
“We also had another new patent granted and we enhanced our product portfolio with the launch of Click Play Win. I’m very pleased with the work we did in the quarter,” he added.
Versus has announced a 1-for-15 reverse stock split to aid compliance with Nasdaq listing requirements.
Large swathes of the advertising industry are yet to wake up to the power of in-game advertising (IGA), but Versus Systems is channeling its rewards platform to dramatically boost advertising engagement levels.
Versus offers production services, the XEO platform, and rewards to drive audience engagement across all kinds of media and events from live sports to video games, and from streaming media to broadcast. The Versus platform can be integrated into mobile, console, and PC games, as well as streaming media and mobile apps.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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