Nextech AR Solutions (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a metaverse company and leading provider of augmented reality (“AR”) experience technologies and 3D modeling services for ecommerce brands, is reporting on its second-quarter financial and operating results for the period ending June 30, 2022. Highlights of the report include news that the company saw 30% sequential growth in its annual recurring revenue (“ARR”) to almost $1 million as well as record 40% growth in its Web 3 3D modeling revenue. In addition, the company reported record second-quarter ARR and repeat revenue at $1,566,000 while Q2 cash burn decreased to $1 million per month with the company anticipating an expense reduction of $500,000 a month during the second half of 2022. The company also noted that it had closed on two six-figure deals during the quarter. Looking forward, the report observed that the wind-down of its eCommerce business, which is expected to be completed by the end of the year, is expected to add $1 to 2 million in cash to the company’s cash balance while onboarding of major new customers should spark a ramp-up in Web 3 3D modeling revenue. The company also anticipates an ARway spinout and listing on the Canadian Securities Exchange (“CSE”) during Q3 2022. Finally, the report noted key management changes, including Paul Duffy stepping down from the board of directors of Nextech AR and transitioning from president to chief metaverse officerfor ARway, CEO Evan Gappelberg taking on the additional role of board chair Nextech AR and Ori Inbar leaving his role as a director of Nextech to pursue other activities.
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About Nextech AR Solutions Corp.
Nextech AR Solutions is the engine accelerating the growth of the metaverse. Using breakthrough artificial intelligence (“AI”), Nextech AR is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, and giving creators at every level all the essential tools they need to build out their digital AR vision in the metaverse. The company’s platform-agnostic tools allow brands, educators, students, manufacturers, creators and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments; compose AR experiences; and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D commerce, education, events and industrial manufacturing, Nextech AR is in a unique position to meet the needs of the world’s biggest brands and all metaverse contributors. Nextech funds the development of its AR and Metaverse growth initiatives through its e-commerce platforms, which currently generate most of its revenue. Nextech’s e-commerce platforms include vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon. These e-commerce platforms serve as an incubator for developing and testing Nextech’s leading-edge AR, AI and machine learning applications for powering next-generation e-commerce technology. For more information about the company, please visit www.NextechAR.com.
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