Nextech AR Solutions (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse company and leading provider of augmented reality (“AR”) experience technologies and services, is reporting unaudited preliminary financial and operating results for its 2021 fiscal year, which is the period ended Dec. 31, 2021. The report noted that the company experienced a notable uptick in customer adoption of its proprietary technology; the company expects this increase to continue throughout this year. Highlights of the report included annual total revenue of $25.9 million, an increase of 47% from 2020, and annual total gross profit of $9.8 million, including product sales of $8 million and technology services reaching $1.8 million. The report noted that audited figures for the year would be available later this month. The company also announced that Nextech CEO Evan Gappelberg will be presenting at the Q1 virtual investor summit today; his presentation will begin at 12:30 p.m. ET. “2021 was a transformative year for Nextech as we became a Metaverse company and we succeeded in moving our business model to a much stronger annual recurring revenue (‘ARR’) formula,” stated Nextech CEO Evan Gappelberg in the press release. “We ended 2021 strong with $975,000 in recurring revenue coming in and renewable software license revenue totaling $1.4 million. In 2022 we are successfully signing up new customers while simultaneously building out our Metaverse suite of products, which I believe will give us a major competitive edge in the 3D/AR ecommerce market. For 2022, we are well positioned with our end-to-end vertically integrated technology stack extending beyond just 3D models for ecommerce into exciting and lucrative markets like: 3D human holograms, NFTs and spatial mapping.”
To view the full presentation, visit https://ibn.fm/VwnWa
To view the full press release, visit https://ibn.fm/ky9bK
About Nextech AR Solutions Corp.
Nextech AR Solutions is a Metaverse company that develops and operates augmented reality (“AR”) platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360-degree portals to its audiences, altering e-commerce, digital advertising, hybrid virtual events (events held in a digital format blended with in-person attendance) and learning and training experiences. Nextech focuses on developing AR solutions for the Metaverse; however, most of the company’s revenues are derived from three e-commerce platforms: vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances are sold on Amazon. For more information about the company, please visit www.NextechAR.com.
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