NexTech AR reports 3Q bookings and revenue jumped by triple digits year-over-year

NexTech AR Solutions Corp (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29) on Thursday reported that third-quarter bookings and revenue jumped by triple digits year-over-year.  

In the quarter that ended September 30, the emerging leader in augmented reality (AR) for eCommerce, learning applications, and enhanced video conferencing and virtual experiences said total bookings came in at $6.7 million, more than 327% growth versus the prior-year quarter. NexTech also saw record revenue rise by 200% to $4.7 million.

In addition, the company produced a record backlog of $2 million as gross profit increased 344% year-over-year to $3 million with a 63% margin. And working capital at quarter’s end was $13.6 million.

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NexTech said it is continuing to experience a rapid rise in demand for all its services. Demand is especially high for its AR Solutions which include WebAR, AR ads, ScreenAR, Human holograms as well as custom AR solutions. 

Demand for the company’s AR labs for education is growing at 200% a month while every virtual event the company does has multiple AR experiences. To meet this growing demand the company said it is currently hiring dozens of AR/VR, Unity, and 3D modeling experts.

“NexTech’s third quarter growth was fueled by a combination of extraordinarily strong demand across all our businesses that we operate, not just one and we see that continuing into 4Q,” said CEO Evan Gappelberg in a statement.  

“We are unique in that we are diversified with four fast growing businesses which all have a red thread of augmented reality connecting them, creating a major product differentiation and competitive advantage.”

He added: “We are uniquely positioned with our augmented reality, eCommerce and InfernoAR video conferencing and virtual experience business units to thrive in this new economy being led by a digital transformation across technology. There has never been more business opportunity in our lifetime for augmented reality, virtual learning, virtual conferences, or virtual events and eCommerce, and we see strong business trends continuing in 4Q and beyond.”

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Story by ProactiveInvestors