The company posted revenue of more than $1 million in the three months ending 31 May 2019, nearly double the $531,185 it brought in the quarter before. Profit increased accordingly, up to $525,776 from $208,750, with a margin bump to 50.7% from 39%.
The New York- and Toronto-based company, which has only been public for those two filing quarters, said it expects growth to continue to accelerate. NexTech is launching AR Hollywood Studios in the last calendar quarter of 2019, which it hopes will propel the company to tenfold revenue growth in 2020.
The Studios product is an entertainment venue for producing immersive augmented reality experiences, including converting 2D films into 3D products.
In addition to Studios, NexTech started ARitize University in June, which lets companies and educational institutions create interactive training experiences from their 2D materials.
The company also offers webAR, an e-commerce platform that kicked off in early 2019. WebAR partners with businesses to transform online shopping by letting customers view products in 3D in their own space.
NexTech shares slipped 3.3% to C$0.58 in Toronto and 9.6% to US$0.40 on OTC Markets.
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