Nextech AR
Solutions Corp. Reports Record Q3 Sequential Growth As 3D Modeling
Revenue Surges +192% and Gross Profit Margin Improves To
+60%
•
Q3 technology services revenue up +66% from Q2 2022 hitting
approximately $920K
•
Q3 3D modeling revenue surges over +192% versus Q2 2022
•
Q3 3D model production increased +110% versus Q2 2022
•
Q3 technology services gross profit margin improves to +60% versus
37% reported in Q2 2022
•
Q3 gross profit was approximately $555K on 920K in Q3 technology
revenue with a gross profit margin of 60%
TORONTO,
ON, CANADA -- November 17, 2022 -- InvestorsHub NewsWire
-- Nextech
AR Solutions Corp. ("Nextech" or the "Company")
(OTCQB: NEXCF) (CSE: NTAR) (FSE: EP2), a Metaverse Company and
leading provider of augmented reality ("AR") wayfinding
technologies, and 3D model services for the largest prime ecommerce
platform, reports its financial and operating results for the third
quarter 2022 ended September 30, 2022. Please join Evan Gappelberg,
Chief Executive Officer and Andrew Chan, Chief Financial Officer
today after the close November 17, 2022 at 5:00 P.M where
Nextech will host a conference call to discuss Q3 results.
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
+192%
over Q2. Our Q3 figures are showing
that our 3D modeling revenue is now growing exponentially. He
continued, "With the 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
Q3 technology services revenue
up +66%
from Q2 2022 hitting approximately
$920K
Q3 3D modeling revenue surges
over +192%
versus Q2 2022
Q3 3D model production
increased +110%
versus Q2 2022
Q3 technology services gross profit
margin improves to +60% versus 37% in Q2 2022
Q3 gross profit was approximately
$555K on 920K in Q3 technology revenue with a gross profit margin
of 60%
2022 Q3: Legacy
E-commerce Business Results
E-commerce generated over $2
million of revenue during the wind-down this quarter, bringing in
over $800K of cash in Q3, and in Q4 to date has brought in
additional cash achieving the Company's set goal of bringing in $1
million to $2 million in cash
The Company expects to be fully out
of the legacy e-commerce business in Q4, 2022
2022 Q3
Totals
Total revenue for the quarter was
$3 million
Total gross profit for the quarter
was approximately $1.34 million
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 and continuing in
2023
ARway
Trading in ARway began on October
26, 2022. With a current market price of approximately $2 per
share, Nextech's 13 million share ownership is valued at
about $26 million
dollars.
Condensed
Consolidated Statements of Financial Position
Condensed
Consolidated Statements of Comprehensive Loss
Condensed
Consolidated Statements of Cash Flows
Conference Call Details:
Title:
Nextech AR Solutions Corp.
Announces Third Quarter 2022 Earnings & Conference
Call
Date: Thursday November
17, 2022.
Time:
05:00 PM (GMT-04:00) Eastern Time
(US and Canada)
Toll Free
Dial-In Number: 1 (888) 330-2024
International
Dial-In Number: 1 (646) 960-0187
Conference ID:
7778367
Webcast
Link:
https://events.q4inc.com/attendee/348498012
For those unable to join the live
event, a recording of the presentation will be posted on the
Company's
investor relations website.
To learn more, please follow us
on
Twitter,
YouTube,
Instagram,
LinkedIn, and
Facebook, or visit our
website:
https://www.Nextechar.com.
On behalf of the
Board of Nextech AR Solutions Corp.
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
For further information, please
contact:
Investor
Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext
7201
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.
On
October 26, 2022 Nextech AR spun out its spatial computing
platform, "ARway" as a stand alone public Company. Nextech AR
retained a control ownership in ARway Corp. with 13 million shares,
or a 50% stake. ARway is currently listed on the Canadian
Securities Exchange (CSNX:ARWY), in USA on the (OTC: ARWYF) and
Internationally on the Frankfurt Stock Exchange (FSE: E65). ARway
Corp. is disrupting the augmented reality wayfinding market with a
no-code, no beacon spatial computing platform enabled by visual
marker tracking.
To learn
more about ARway, visit https://www.arway.ai/
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.
