Major Growth in AR Trends Seen Accelerating in 2020
NEW YORK and TORONTO, March 27, 2020 (GLOBE NEWSWIRE) — NexTech AR Solutions (NexTech) (NEXCF) (CSE:NTAR) (N29.F), the chief in augmented reality for e-commerce and AR studying programs, studies that it has finished its audited financials for 2019, reporting over $6.zero million in gross income and 53% gross benefit of $three.2 million for the 2019, 12-month calendar yr. For the seven month audited duration starting May 31st and finishing December 31st 2019 the company reported $four.zero million in income with gross earnings of $2.three million.
LIQUIDITY AND CAPITAL RESOURCES
NexTech had money of $2.eight million and a good operating capital of $three.three million as of December 31, 2019.
NexTech CEO Evan Gappelberg feedback, “We are very lucky that we’ve got an awesome group that continues to execute on producing income and scaling our a couple of business segments even all the way through a plague. I’m particularly happy with the execution of our AR e-commerce initiative and in reality interested by the upside in our new acquisition of remote video coaching, are living streaming device company Jolokia.” He continues, “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.”
SELECTED HIGHLIGHTS FOR THE 2019 YEAR
- Revenue for the seven months ended December 31, 2019 was once $four.zero million in comparison to the three hundred and sixty five days ended May 31, 2019 $2.zero million representing a 100% build up duration over duration. The build up is attributed to larger conversions within the e-commerce section and gross sales and advertising and marketing efforts to ship the technology choices.
- For the seven months ended December 31, 2019, the Company had Gross Profits of $2.three million in comparison to $zero.98 million for the three hundred and sixty five days ended May 31, 2019 representing a enlargement of 140%. The build up is due to the range of product choices and blend.
- Achieved a technological leap forward that allows dynamic 3-d renderings of sophisticated items in web-based AR platforms for Android, iOS units and Mac and Windows computers.
- Launched ARitize University, an application-based answer that permits companies and academic institutions to leverage all in their current two-dimensional (2D) property reminiscent of YouTube movies, PDF paperwork, PowerPoint decks, photographs, and many others. after which overlay immersive 3 dimensional augmented reality (3-d-AR) stories on most sensible of the unique 2D content material to create 3-d interactive coaching enjoy that complements the training procedure.
- Built 3-d Swirl commercials that handed Google’s 3-d validation instrument.
- Developed a proprietary Augmented Reality analytics dashboard to trace Augmented Reality product interactions and conversions to gross sales for e-commerce.
- Released AR Ecommerce integration with Shopify, WordPress, Magento 2.zero and Facebook Messenger.
- Launched a Virtual Reality V-Commerce (“VR”) trade department to additional supplement Augmented Reality providing.
- Appointed Kashif Malik as the brand new Chief Financial Officer.
SELECTED HIGHLIGHTS FOR THE 2020 YEAR
- The company completed $800,000 in income for the month of January 2020 and gross earnings of $528,000 representing a 66% Gross benefit as opposed to a 59% gross benefit from December 2019. This is the very best income completed in one month for NexTech, which represents a 110% build up in income and 172% build up in gross earnings yr over yr.
- For the month of February income of $685,000 and gross benefit margin of 66% or $450,000 representing a 184% build up in income and 271% build up in gross earnings yr over yr.
- Launched it’s 3-d/AR Ad Network which it believes will force considerable income enlargement in 2020. Nextech 360 is an promoting platform for manufacturers, publishers, and builders which powers immersive promoting across all browsers and units, on cyber web and cellular.
- Entered into partnership with Jolokia for Augmented Reality within the are living streaming, video coaching business; now beneath LOI to be obtained.
- Q1 2020 monetary effects are anticipated to be launched in May.
The Company’s audited consolidated monetary statements for the seven month yr ended December 31, 2019 and the related Management’s Discussion and Analysis paperwork are to be had beneath the Company’s profile on SEDAR at www.sedar.com.
About NexTech AR Solutions Corp.
NexTech is among the leaders within the all of a sudden rising AR business, estimated to hit $120 billion through 2022, consistent with Statista. NexTech, the primary publicly traded “pure-play” AR company, started buying and selling at the CSE on October 31st, 2018. NexTech has a two-pronged technique for speedy enlargement together with enlargement thru acquisition of eCommerce businesses and enlargement of its omni-channel AR SaaS platform referred to as ARitize™.
The company is pursuing 4 multi-billion-dollar verticals in AR.
ARitize™ For eCommerce; The company introduced its technologically complicated webAR for eCommerce early in 2019 and has been all of a sudden signing up consumers onto its SaaS platform. Customers come with Walther Arms, Wright Brothers, Mr. Steak, and Budweiser. NexTech has the primary ‘full funnel’ end-to-end eCommerce answer for the AR business together with its 3-d product seize, 3-d advertisements for Facebook and Google, ‘Try it on’ technology for on-line attire, 3-d and 360-degree product perspectives, and ‘one click buy’.
ARitize™ University; having introduced in June 2019, the app-based answer lets in companies and academic institutions to leverage all in their current 2D property – YouTube movies, PDF paperwork, PowerPoint decks, photographs, and many others. – after which overlay immersive 3-d-AR stories on most sensible of that content material for an interactive coaching enjoy that drives productiveness.
ARitize™ Hollywood Studios; the studio has created a proprietary leisure venue for which it’s generating immersive content material the use of 360 video, and augmented reality as the principle show platform.
ARitize™ 3-d-AR-360 Advertising Platform: introduced in Q1 2020 the advert platform would be the business’s first end-to-end answer wherein the company will leverage its 3-d asset advent into 3-d, 360, AR advertisements. In 2019, consistent with IDC, international promoting spend shall be about $725 billion.
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On behalf of the Board of NexTech AR Solutions Corp.
CEO and Director
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