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.
READ: NexTech AR inks first Asia-Pacific partnership with South Korea convention center to develop hybrid events
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.”
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/933868/nextech-ar-reports-3q-bookings-and-revenue-jumped-by-triple-digits-year-over-year-933868.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
