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.
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