In a news release, NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) announced that its March 2020 revenue and gross profit set a new record.
Booked revenue for the month was $1 million, up 270% year over year.
With more people shopping from home, the augmented reality (AR) firm's e-commerce business is booming to the point that it needs to hire additional personnel to keep pace with demand, the company stated.
NexTech AR also is benefiting from the coronavirus-related shift to working at home. "We are in the market and experiencing a lot of interest in our new virtual conference offering which we believe will lead to meaningful new contract revenue in the short term," CEO Evan Gappelberg said in the release. The company's acquisition of a virtual conference training platform with Zoom integration is expected to close on April 15.
The Vancouver-based tech firm had more than $3 million in cash and inventory at the end of March, "which means the company is perfectly poised to ride out the COVID-19 new economy," added Gappelberg.
In other news, NexTech AR granted 1,020,000 stock options to directors, officers, employees and consultants for the option to purchase up to an aggregate of 1,020,000 common NexTech shares over the next three years at $1.34 per share. Also, the company's board approved the cancellation of 850,000 incentive stock options currently exercisable at $1.89.
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