NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) presented in a news release its financial and operational highlights of 2019.
For the seven months ending Dec. 31, 2019, the tech firm generated $4 million in gross revenue, compared to $2 million for the 12 month period ending May 31, 2019, and had a $2.3 million, or 53%, gross profit.
At year-end 2019, NexTech had $2.8 million in cash and $3.3 million in working capital.
"We are very fortunate that we have an amazing team that continues to execute on generating revenue and scaling our multiple business segments even during a pandemic," CEO Evan Gappelberg said in the release. "I am especially pleased with the execution of our AR e-commerce initiative and really excited about the upside in our new acquisition of remote video training, live streaming software company Jolokia."
NexTech's achievements during last year included launching ARitize University, which allows companies and educational institutions to transform their two-dimensional assets into three-dimensional (3D), augmented reality (AR)-enhanced interactive learning experiences. The tech firm debuted a Virtual Reality V-Commerce division as well.
The company enabled dynamic 3D renderings of objects in Web-based AR platforms for Android and iOS devices and for Windows and Mac computers. It developed 3D Swirl advertisements that passed Google's 3D validation test. NexTech integrated its AR E-commerce technology into Shopify, WordPress, Magento 2.0 and Facebook Messenger.
"The Coronavirus has caused a mass cancellation of all conferences and live events forcing companies to look for alternates like Virtual Conferences, augmented reality and virtual reality driven events. With our extensive AR/VR technology stack, growing AR e-commerce businesses plus this acquisition, NexTech has positioned itself at the right place at the right time to participate in the shop from home (SFH), work from home (WFH), new global paradigm shift," Gappelberg stated.
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: NexTech AR Solutions. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexTech AR Solutions, a company mentioned in this article.
