ARHT Media Announces Third Quarter 2021 Results
November 10 2021 - 7:30AM
ARHT Media Inc. (“ARHT” or “the Company”)
(TSXV:ART), the global leader in the development,
production and distribution of high-quality, low latency hologram
and digital content, today announced its financial results for the
third quarter that ended on September 30, 2021.
Third Quarter 2021 Financial Update
- Revenues for the third quarter of 2021 were $1.058 Million,
compared to $1.097 Million in the third quarter of 2020;
- The Company has made several investments supporting future
revenue growth, including adding staff in Sales, Business
Development, Operations and Marketing, undertaking a website
re-design, and engaging Public Relations, Social Media and Investor
Relations firms.
- Net loss for the third quarter of 2021 was $1.24 million
compared to $678 thousand for the same period in 2020;
- Cash and cash equivalents were $2.7 million as of Sep 30, 2021,
with an additional $920 thousand from exercised warrants in October
and an expected $866 thousand of in the money warrants to be
exercised in November.
Third Quarter 2021 Business Updates
- The Company executed 19 events which included revenue from 6
global healthcare brands, 5 of which were repeat clients. 86% of
event business was generated from repeat clients
- The Company’s online mainstage presentation solution, Virtual
Global StageTM (VGS) contributed 73% of event revenue and included
deals that will generate recurring revenue
- Singapore’s Ministry of Communication, previously an event
client, purchased the Company’s HoloPresenceTM technology to use on
an ongoing basis
- To date WeWork locations that utilize the Company’s
HoloPresenceTM technology include Los Angeles, San Francisco,
Boston, New York, Miami, Montreal, London and Singapore. The
partnership agreed to increase the number in the first phase of
rollout to 18 locations as international locations come
on-line.
- The Company worked with NATO on two important events in
September which is expected to add additional permanent locations
beyond current installs at Allied Strategic Comand in Norfolk
Virginia and NATO’s largest training facility in Germany
- In October the Company beamed US Undersecretary of Defense,
Heidi Shyu, from Washington to deliver the keynote address at the
Singapore Defense Technology Summit
- The Company added California based Metro AV as a strategic
partner with a focus on activations throughout the Americas
- The Company was featured in media globally in Q3 including
Forbes, CTV’s The National, Global National News, The New York
Times, BBC, The Strait Times (Singapore), The Daily Mail (UK),
Science Times, Dubai Vibes Magazine, Global radio and more
“Despite the pandemic we continue to grow both the number of
permanent locations that will generate recuring revenue and our
online and hybrid events featuring the Virtual Global Stage and we
have already surpassed our pre-pandemic full year revenue from
2019,” stated ARHT CEO Larry O’Reilly, “our relationships with both
NATO and WeWork continue to expand, with the official demo and
media launches at WeWork just getting underway now. The media
coverage of ARHT globally has brought in new leads from all corners
of the world and our recently launched new website is getting rave
reviews. Prior to the pandemic we had doubled revenue from 2018 to
2019 and we believe we are back on track to do the same, or
possibly better, as we head into 2022.”
About ARHT Media ARHT Media’s patented
HoloPresenceTM technology is a complete end-to-end solution that
creates a sense of presence for audiences – as though the
holographic presenter was actually live in the room. With no
noticeable latency, ARHT Media makes two-way live communication
with a 3D holographic presenter anywhere in the world possible. We
can also playback pre-recorded content and 3D animations on our
HoloPresenceTM displays to deliver rich holographic experiences.
Add to this our capability to stream the same content online on our
premium Virtual Global Stage™.
Connect with ARHT Media Twitter:
http://www.twitter.com/ARHTmedia Facebook:
http://www.facebook.com/ARHTmediainc LinkedIn:
http://www.linkedin.com/company/arht-media-inc-
For more information, please visit www.arhtmedia.com or contact
the investor relations group at info@arhtmedia.com.
ARHT Media trades under the symbol “ART” on the Toronto Venture
Stock Exchange.
Press ContactSalman AminARHT
Mediasamin@arhtmedia.com
Investor ContactPhil CarlsonKCSA Strategic
Communications212-896-1233ARHT@kcsa.com
This press release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
disclosure related to the Company’s sales funnel; the Company’s
technology; the potential uses for the Company’s technology; the
future planned events using the Company’s technology; the future
success of the Company; the ability of the Company to monetize the
ARHT Media technology; the development of the Company’s technology;
and interest from parties in ARHT’s products. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved”. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic and competitive uncertainties; regulatory risks;
risks inherent in technology operations; and other risks of the
technology industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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