NexTech raked in roughly $700,000 last month, nearly triple its November 2018 total of $241,000. Gross profit also surged, coming in 241% higher at $300,000 compared to $88,000 a year earlier.
“I’m thrilled with our rapid growth trajectory and I am particularly excited that we were able to achieve $700,000 in sales in just one month compared to $1.5 million in all of last quarter,” CEO Evan Gappelberg said in a statement. “During the month of November, we saw an acceleration in sales growth across all business segments, especially our AR e-commerce division, which is now starting to scale.”
Gappelberg believes the NexTech’s offerings, which include the ability to turn 2D images into 3D interactive AR assets that users can view in a web browser, puts the company in a prime position to be a leader in the sector.
“We are in the midst of the fourth Industrial Revolution, and technology is evolving faster than ever,” Gappelberg said. “This revolution is being led by AR, [artificial intelligence], [Internet of Things], Edge computing and the 5G network, all of which are converging and becoming increasingly ubiquitous for training, e-commerce, advertising, and entertainment. This convergence is stimulating a rapid market adoption environment similar to the internet in the 1990’s driving the creation of billion-dollar industries almost overnight, a market NexTech is uniquely positioned to capitalize on.”
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