In a news release, NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) announced its February 2020 revenue.
During the slowest month of the year for e-commerce, the augmented reality tech company generated revenue of $685,000, a 184% increase over February 2019. Gross profit margin was $450,000, up 271% year over year.
"With these monthly updates, we continue to be transparent with our shareholders, which we believe is important, especially in these volatile times," CEO Evan Gappelberg said in the release.
"We are expecting a significant ramp up in revenue for all business segments to begin in March," Gappelberg added.
NexTech also noted that its next audited financial statements will cover the period of June 1, 2019 to December 31, 2019. This is because the company recently switched its fiscal year-end to that of calendar year from May 31 to coincide with the period its technology peers use.
In other news, the firm nearly finished choosing a location in Silicon Valley for its V-commerce business and is preparing for a March 2020 beta launch of its ARitize360 app, previously called CaptureAR.
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