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News Update


Augmented Reality Tech Firm Expects to Become Cash-Flow Positive This Quarter
News Update

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The company reported its FY19 revenue and profit and FY20 financial goal.

NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) generated about CA$2 million in revenue in the fiscal year ended May 31, 2019, it announced in a news release. Its gross profit for the period was about CA$584,000, a record for the corporation.

NexTech expects to become cash flow positive during this quarter, calendar Q4/19. For FY20, the company states that it is "targeting "10X revenue growth for calendar year 2020 and improved margins."

The augmented reality (AR) tech firm has a dual strategy for rapid growth. One way is through acquisition of e-commerce businesses, and the other is through its omnichannel AR software as a service platform, ARitize.

Looking forward, the platform will continue to drive revenue via these three multibillion dollar verticals NexTech is targeting: ARitize for e-commerce, ARitize University and ARitize Hollywood Studios (expected to launch this quarter). Also, NexTech will continue to roll out the remaining of its six new products into 2020.


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. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with NexTech AR. Please click here for more information.
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