Nextech AR
Solutions
Reports Preliminary Third Quarter 2022 Financial Results With
Sequential 3D Modeling revenue up over +170% Versus Q2
2022
Nextech AR Announces $700,000 3D Model Order For Delivery in
Q4
Q3
3D-Model Production Jumps 110%
TORONTO, O.N,
Canada - October 13, 2022 -- InvestorsHub NewsWire --
Nextech AR Solutions Corp. ("Nextech" or the "Company")
(OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a Metaverse Company and
leading provider of augmented reality ("AR") experience
technologies and 3D model services is pleased to announce a
substantial enterprise customer order of $700,000 in 3D models to be
delivered in Q4, 2022 and its unaudited preliminary third quarter
2022 results, ending September 30, 2022. These preliminary results
show record sequential quarterly growth in 3D modeling revenue in
Q3 and the rapid growth continuing in Q4.
CEO
Commentary:
"Q3 was a
transformational quarter for Nextech AR, as demand, production and
our revenue from 3D modeling has significantly ramped up. This is
evident with our sequential production
of 3D models up by
over +110%
and our
sequential revenue
of 3D models up by
over +170%
over Q2. Our
preliminary Q3 figures are showing that our 3D modeling revenue is
now growing exponentially. He continues, "With today's announcement
of a $700,000 3D model order to be delivered in Q4, we are
confident that Q4 will be another record quarter for Nextech. As it
is still quite early in Q4, we do expect to announce additional
significant orders in the coming weeks as demand and our production
capabilities will only continue to increase into Q4, 2023 and
beyond."
2022 Q3: 3D
Model and Technology Services Financial Highlights
(unaudited)
?
Q3 technology
services revenue up
+66% from Q2
2022 hitting approximately $920K
?
Q3 3D
modelling revenue
increased
over
+170% versus
Q2 2022
?
Q3 3D model
Production
increased +110% versus Q2 2022
?
Q3 technology
services gross profit
margin improved by +48% hitting 55% versus 37% reported
in Q2 2022
?
Q3 gross profit was
approximately $507K on 920K in Q3 revenue with a gross profit
margin of 55%
2022 Q3:
Legacy E-commerce Business Results (unaudited)
?
E-commerce revenue
generated over $2 million of revenue during the wind down this
quarter, and generated over $800K of cash during this time, closely
approaching the Company's goal of $1 million to $2
million
?
E-commerce gross
profit was approximately $743K with a gross margin of 36% as the
Company continues to wind down this business
2022 Q3
Totals:(unaudited)
?
Total revenue for the
quarter was approximately $3 million
?
Total gross profit
for the quarter was approximately $1.25 million
The above figures are
unaudited and may be subject to change. Audited figures for the
quarter ended September 30, 2022 will be published in mid November
2022.
2022 Q4
Outlook
?
$700,000 3D
model order to be delivered in Q4, 2022
?
Several quotes have
been issued for large RFPs, which could close in Q4 2022
?
Ramp up of 3D model
production to meet the growing demand from the largest Prime
ecommerce marketplace as well as re-orders, sets the stage for a
substantial increase in 3D model production in Q4, 2022
?
ARway spin-out
received
shareholder approval at the AGM on October 12th.
Trading in ARway is expected to happen in October, 2022. Nextech AR
will retain a majority share ownership in ARway after the spinout,
and Nextech AR shareholders of record will receive a total of 4
million new shares in ARway on a pro-rata basis
To learn more, please
follow us on
Twitter,
YouTube,
Instagram,
LinkedIn,
and
Facebook,
or visit our website:
https://www.Nextechar.com.
For further
information, please contact:
Investor
Relations Contact
Lindsay
Betts
investor.relations@Nextechar.com
866-ARITIZE
(274-8493) Ext 7201
Nextech AR
Solutions Corp.
Evan
Gappelberg
CEO and
Director
866-ARITIZE
(274-8493)
About Nextech
AR
Nextech AR Solutions
is the engine accelerating the growth of the Metaverse. Using
breakthrough 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, giving creators at every level all the
essential tools they need to build out their digital AR vision in
the Metaverse. Our 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
legacy 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.
Forward-looking
Statements
The CSE has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
Certain
information contained herein may constitute "forward-looking
information" under Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as, "will be" or variations of
such words and phrases or statements that certain actions, events
or results "will" occur. Forward-looking statements regarding the
completion of the transaction are subject to known and unknown
risks, uncertainties and other factors. There can be no assurance
that such statements will prove to be accurate, as future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Nextech
will not update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.
