Nextech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (CSE:NTAR) (FRA:N29) announced full-year results, including significant revenue and profit increases.
Revenue for the 12 months ended December 31, 2020, was $17.7 million, which represents an increase of 342% compared to the seven months ended December 31, 2019. The company reorganized its fiscal year to match the calendar year in May of 2019, hence the shorter period.
Gross profit for the year was $9.9 million, more than quadruple the $2.3 million in profit from the seven months ended December 31, 2019. Working capital at the end of 2020 was $13.6 million.
READ: Nextech AR chosen as official digital experience platform for UK hybrid event through Mash Media partnership
NexTech is creating a buzz in the augmented reality (AR) space with its proprietary e-commerce platform, ARitize.
ARitize is the first cross-platform, browser-based and web-enabled augmented reality e-commerce option. A monthly SaaS (Software as a Service) subscription platform, ARitize enables retailers to transform two-dimensional images into true 3D AR experiences.
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Story by ProactiveInvestors
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