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, has released its financial and operating results for Q1 2022, the period ending March 31, 2022. Highlights of the report include a 62% increase in sequential quarterly annual recurring revenue (“ARR”) growth with the first six weeks of Q2 3D-AR model business already totaling more than the entire Q1 in ARR contract revenue and the average dollar amount of 3D AR model deals going up 100% from Q4 to $10,000 on average. Specifically, first-quarter ARR is at a record $1,346,000 and the company reported a year-over-year reduction of operating expenses of $2.7 million along with a $1.1 million reduction in sequential operating expenses for the quarter over last quarter. In addition, the company noted that the outlook for Q2 2022 includes ending the quarter with an estimated 12-month ARR contracts or annual repeat customers totaling $1,346,000; the company also noted that it is seeing a significant increase in new interest in 3D modeling for ecommerce, indicated by the signing of larger contracts and more closed deals, a trend that company anticipates will continue.
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About Nextech AR Solutions Corp.
Nextech AR Solutions is the engine accelerating the growth of the Metaverse. Using breakthrough AI, Nextech AR is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level the essential tools they need to build out their digital AR vision in the Metaverse. The company’s platform agnostic tools allow brands, educators, students, manufacturers, creators and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments, compose AR experiences, and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D commerce, education, events and industrial manufacturing, Nextech AR is in a unique position to meet the needs of the world’s biggest brands and all Metaverse contributors. Nextech funds the development of its AR and Metaverse growth initiatives through its e-Commerce platforms, which currently generate most of its revenue. Nextech’s e-commerce platforms include vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). These e-commerce platforms serve as an incubator for developing and testing Nextech’s leading edge AR, AI and machine-learning applications for powering next-generation e-commerce technology. For more information about the company, please visit www.NextechAR.com.
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