NexTech AR revenue rockets in 1Q results; Virtual Events division well-positioned as more work from home

NexTech AR Solutions Corp (OTCQB:NEXCF) (CSE:NTAR), an emerging augmented reality company with a focus on ecommerce and virtual events, revealed first quarter revenue that more than doubled year-over-year in results released after the bell Thursday.

The company posted revenue of C$2.5 million, 177% more than the C$901,111 it brought in during the first quarter of 2019. Gross profit surged 267% to C$1.3 million from C$367,017 over the same period.

“We are pleased to report that our first quarter 2020 results were positive and very strong across our business segments,” CEO Evan Gappelberg said in a statement. “These results were driven by new customer additions, expansion of product lines and increases in conversions from our e-commerce channels.”

READ: NexTech AR Solutions integrates Google Hangouts, Cisco Webex into InfernoAR platform

NexTech is currently pursuing the use of AR technology across four key verticals — ecommerce, education, entertainment and advertising.

Gappelberg believes the company has the goods to make the most of the new work and shop from home paradigm caused by the coronavirus pandemic. In April, NexTech acquired remote video training and livestreaming platform Jolokia and has spent recent weeks integrating its InfernoAR with Microsoft Teams, Google Hangouts, Skype, among other software.

“We are uniquely positioned with our AR e-commerce and Virtual Events business units to not just survive this pandemic but thrive because of it,” Gappelberg said. “Our pipeline of potential deals remains very high and sales activity continues to progress quickly. There has never been more business opportunity in our lifetime for virtual learning, virtual conferences, or virtual events, and e-commerce.”

CFO Kashif Malik echoed Gappelberg’s sentiments.

“I am very pleased that our team has responded so well to the restrictions imposed by COVID-19,” Malik said. “Our level of engagement with customers and prospects remains high throughout the quarter. We were able to effectively deliver uninterrupted professional services to our customers despite the pandemic.”

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors