InvestmentPitch Media Video Discusses Nextech AR Solutions, a Metaverse Company & Leading Provider of AR Products, and its Unaudited Financial Results for the Year Ended December 31, 2021

Rhea-AI Summary

Nextech AR Solutions Corp. (OTCQB:NEXCF) released preliminary financial results for the fiscal year ended December 31, 2021. The company reported $975,000 in recurring revenue, driven by $475,000 in annual recurring revenue and over $500,000 from repeat business. Product sales reached $19.2 million, a 38% increase from 2020, while technology services generated $5.3 million, up 55%. Gross profit stood at $9.8 million, close to the previous year's audited figure. The global augmented reality market is projected to reach $340.16 billion by 2028, emphasizing the growth potential in this sector.

Positive

• Recurring revenue of $975,000.
• Annual recurring revenue increased to $475,000.
• Product sales rose by 38% to $19.2 million.
• Technology services revenue increased by 55% to $5.3 million.
• Gross profit maintained at $9.8 million, close to prior year's $9.85 million.

Negative

• None.

VANCOUVER, British Columbia, March 09, 2022 (GLOBE NEWSWIRE) -- Nextech AR Solutions Corp. (OTCQB:NEXCF) (NEO:NTAR) (CSE:NTAR) (FSE:N29), a Metaverse company and leading provider of augmented reality products, released its unaudited preliminary financial results for the fiscal year ended December 31, 2021.

Nextech develops and operates platforms critical to creating and populating the Metaverse, including spatial mapping technology and augmented reality solutions. These include three-dimensional product visualizations, human holograms, 360° portals and augmented labs that alter e-commerce, digital advertising, learning in higher education, hybrid virtual events and training.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company along with video comments from Nextech AR’s CEO, Evan Gappelberg. The video is available for viewing on “InvestmentPitch.com” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Nextech” in the search box.

The company ended 2021 with $975,000 in recurring revenue, with $475,000 from annual recurring revenue and more than $500,000 from annual repeat business from customers as the company transforms to a Metaverse company. Another $1.4 million came from renewable software licenses, an increase of 316% over 2020.

As mentioned by Evan Gappelberg in the video, historically, most of the company’s revenues have been derived from three e-Commerce platforms: VacuumCleanerMarket.com, InfinitePetLife.com and TruLyfeSupplements.com, where the company reported product sales of $19.2 million, an increase of 38% from 2020, and technology services of $5.3 million, up 55% from 2020. Annual gross profit of $9.8 million is close to the $9.85 million audited gross profit reported for 2020.

According to a February 2021 report by Research and Markets, the global augmented reality market size is estimated to reach US$340.16 billion by 2028, an explosive 43.8% compound annual growth rate from the US$26.75 billion reported in 2021. Continued innovations in the Augmented Reality realm, which have triggered the adoption of the technology in several industries and industry verticals, is fueling market growth. People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience.

Nextech AR offers end-to-end metaverse solutions capable of quickly delivering interactive visuals for both small and large scale projects.

The shares are trading at $1.18. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 or by email at investor.relations@nextechar.com.

Disclaimer

The information in this Investmentpitch Media Ltd video is for the viewers information only. Nextech AR Solutions has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

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FAQ

What were Nextech AR Solutions' financial results for 2021?

Nextech reported $975,000 in recurring revenue, $19.2 million in product sales, and a gross profit of $9.8 million for the fiscal year ended December 31, 2021.

How much did Nextech AR Solutions earn in annual recurring revenue?

Nextech AR Solutions generated $475,000 in annual recurring revenue.

What is the forecast for the global augmented reality market?

The global augmented reality market is expected to reach $340.16 billion by 2028, growing at a compound annual growth rate of 43.8%.

How did Nextech AR Solutions' product sales perform in 2021?

Product sales for Nextech AR Solutions increased by 38% to $19.2 million compared to 2020.

What is the stock symbol for Nextech AR Solutions?

The stock symbol for Nextech AR Solutions is NEXCF.