NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) announced its February financial results on Friday that showed revenue nearly three-times higher than the same month in 2019.
The company brought in $685,000 in revenue last month with a gross profit margin of 66%, or $450,000, representing increases of 184% and 271%, respectively.
“With these monthly updates we continue to be transparent with our shareholders which we believe is important, especially in these volatile times,” CEO Evan Gappelberg said in a statement. “As the coronavirus has grabbed the headlines for the past week, we have been busy building our business, serving our customers and landing new accounts with zero supply chain issues.
“Historically the month of February is the slowest month of the year for e-commerce with the fourth quarter being the biggest months, however we are expecting a significant ramp up in revenue for all business segments to begin in March.”
NexTech also announced plans to release its full audited financial statements spanning June 1 to December 31, 2019 at the end of March 2020. The company decided recently to change its financial calendar from a fiscal year ending May 31 to a calendar year ending December 31 and said it has been undergoing a year-end audit.
Results from the first calendar year quarter of 2020 will be reported in May.
NexTech said the shift puts the company in line with more of its peers in the tech sector.
“Although we are a venture issuer, we are striving to report under the non-venture issuer reporting deadlines,” CFO Kashif Malik said in a statement. “This shows our firm commitment to being a mature public company.”
NexTech is also under the final stages of selecting a location in Silicon Valley for its previously-announced v-commerce business. The idea is to create a virtual store where customers could choose and buy products in full 3D.
The company said that VR in retail is predicted to reduce marketing costs, reduce product returns and offer efficient analytics — similar to how AR for e-commerce creates value for businesses selling products online.
NexTech is gearing up to launch its ARitize360 app, previously named Capture AR, in March. The technology allows users to create 3D AR assets in minutes, using just a smartphone.
The content creation of the app works hand in hand with the New York and Toronto-based company’s recently-launched 3D/AR ad network, which is all part of a larger AR Omni-channel platform.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel