NexTech AR Solutions Corp releases FY2019 results, teases tenfold revenue growth target for 2020

NexTech AR Solutions Corp ​(OTC:NEXCF) ​(​CSE:NTAR) released full-year results for fiscal year 2019 on Thursday, telling investors that the company is targeting tenfold growth in 2020. 

For the year ended May 31, the augmented reality company brought in just over $2 million in revenue and $584,007 in gross profit, according to a statement. 

The company says revenue is only going to increase from here. NexTech expects to be cash-flow positive by the fourth quarter of the 2019 calendar year and expects revenue to increase tenfold in 2020.

READ: NexTech AR Solutions lands deal with leading oil and gas industry heavy equipment rental company, Sand Separation Solutions

To get there, the company has planned six quarterly product launches, which began in September with the unveiling of its do-it-yourself augmented reality platform for businesses. 

Overall, the company is targeting three verticals in the AR sector, an industry expected to be worth $120 billion by 2022, according to Statista.

NexTech’s “ARitize” verticals include E-commerce, which allows business clients like Budweiser, Walther Arms and Mr. Steak to show its customers their projects projected into their own space; University, which is designed to facilitate interactive education and workplace training experiences; and Hollywood Studios, a proprietary entertainment venue producing immersive content. 

Contact Andrew Kessel at [email protected] 

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Story by ProactiveInvestors