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D-BOX Technologies shares have dropped over 35 percent year-to-date, with net loss figured footing C$1.5m for the quarter.
D-BOX Technologies (TSX:DBO), an immersive gaming and entertainment company announced slumping revenues for the quarter. With revenues totalling C$6.3 million, it marks a contrast from C$8 million seen at the same time last year. The company stated that a decline in large deals and uncertain economic factors were among the reasons behind slower revenue growth over the quarter.
As quoted in the press release:
“During the second quarter, financial results were lower due to various factors, including constrained capital expenditures within existing customers, international economic uncertainty and the absence of large project deals. In the last 3 years, the combined Commercial Entertainment and Simulation and Training segments have grown approximately 30% CAGR up to this year. Diversification of our revenue stream remains key to our strategic plan as we expect Commercial Entertainment and Simulation & Training revenues to grow at a faster rate than our theatrical business. In the years to come, D-BOX is still in a strong position for growth with the technology adapted to the current technological infrastructure and the development of new solutions close to completion or completed that follow new entertainment trends, such as applications for streaming, gaming, and virtual and augmented reality”, mentioned Mr. Mc Master. “Going forward, the focus will be on the commercialization of new products, execution of strategic partnerships as well as enhancing our focus on profitability starting in fiscal year 2021. I am optimistic that these initiatives will pave the way to significant value creation for our shareholders.”