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.
Read what other experts are saying about:
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 Solutions. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexTech AR Solutions, a company mentioned in this article.