NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF), the augmented reality company, posted rocketing revenue totals in a preliminary fourth-quarter statement on Tuesday.
The company brought in more than $2.5 million in revenue for the period, 44 times more than the same quarter last year, while gross profit clocked in at $1.3 million. NexTech earned $760,000 in December alone, its biggest sales quarter ever, and saw gross profit of $453,000.
“I’m excited to report record preliminary numbers for our fourth quarter and I am particularly excited that we were able to achieve $760,000 in sales in just one month, hitting a new company high,” CEO Evan Gappelberg said in a statement. “During the month of December and the entire 4Q, we saw an acceleration in sales growth across all business segments, especially our AR e-commerce division, which is now starting to scale as we continue to sign up more customers.”
The New York- and Toronto-based company is currently beta testing its CaptureAR technology, which can create a digital 3D version of a product in minutes, as well as its 3D 360 advertising platform. NexTech said it expects both to launch in the next few weeks.
"We are in the midst of the 4th Industrial Revolution, and technology is evolving faster than ever,” Gappelberg said. “This revolution is being led by AR, AI, [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 1990s driving the creation of billion-dollar industries almost overnight, a market NexTech is uniquely positioned to capitalize on.”
Additionally, the company said it filed a notice to change the end date of its fiscal year from May 31 to December 31. NexTech will report audited results covering June 1 to December 31 in April 2020, and results from the first quarter of 2020 will come in May.
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