InvestorWire NewsRoom

Article

Nextech AR Solutions Corp. (CSE: NTAR) (OTCQB: NEXCF) Reports Promising Preliminary Q1 2021 Results Indicating Momentum towards Attainment of Full-Year Targets
May 7, 2021

Nextech AR Solutions Corp. (CSE: NTAR) (OTCQB: NEXCF) Reports Promising Preliminary Q1 2021 Results Indicating Momentum towards Attainment of Full-Year Targets

  • Nextech recently announced preliminary Q1 2021 results in which it reported over 200% increases in both revenue and gross profits compared to a similar period last year
  • Nextech is targeting revenue of between CA$50-$60 million for FY 2021, and the company intends to reach this target by launching a number of new products
  • Nextech had already launched some of the planned products in Q1 2021
  • The preliminary results are likely indications of the influence of the fulfilled launches and that the company is on course to realize its targets

In a presentation to investors during the Virtual Investor Conferences earlier this year, Nextech AR Solutions (CSE: NTAR) (OTCQB: NEXCF) founder and CEO Evan Gappelberg intimated that the company was targeting revenue of CA$50-60 million for FY2021. To achieve this target, Evan delineated “catalysts” in the form of planned launches that would include an ad network, new major brands for its e-commerce division, new augmented reality (“AR”) technology that facilitates holoportation and a standalone AR room product (https://ibn.fm/xgz5c).

As at the end of the first quarter of 2021, on March 31, the company had already launched its Ad Network and a holoportation feature on its AiR Show app that beams a live human hologram. Perhaps indicative of the influence these launches have already had on the company, the prevailing momentum towards realizing its targets for the full-year 2021, as well as the existing room for even more growth, Nextech reported promising preliminary Q1 2021 financial results on April 29 (https://ibn.fm/nKFY6).

Per the unaudited results, Nextech’s estimated Q1 2021 revenue is up nearly 208% to between $7.5-$7.7 million compared to revenue of $2.5 million for a similar period in 2020. Further, the company’s gross profits for the three months ended March 31, 2021, are estimated at between $4.1-$4.3 million, representing an increase of 193-207% compared to the $1.4 million reported for Q1 2020. The preliminary value of total bookings for Q1 2021 stands at $2.2 million.

“We are unique in that we are diversified with four fast-growing businesses, which all have a red thread of augmented reality connecting them, creating a major product differentiation and competitive advantage,” said Evan in a statement accompanying the preliminary results announcement. “We are strategically positioned with our AR, e-commerce and Inferno AR video conferencing and virtual experience business units to thrive in this new economy being led by a digital transformation across technology.”

Evan observed that the present age had presented more business opportunities for sectors in which Nextech has a foothold, namely virtual conferences, virtual events, e-commerce, AR and virtual learning. This effectively means that the company should benefit significantly by capitalizing on these opportunities through the coming period. NTAR foresees the strong business trends in each of these sectors continuing through the second quarter of 2021 and beyond, underscoring that the subsequent reporting periods will possibly witness equally significant financial results and growths.

Nextech expects to release the audited financial statements on or around May 13, 2021.

For more information, visit the company’s website at www.NextechAR.com.

NOTE TO INVESTORS: The latest news and updates relating to NEXCF are available in the company’s newsroom at https://ibn.fm/NEXCF

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.

With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.

Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.

For more information, please visit https://www.investorwire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]

InvestorWire is part of the InvestorBrandNetwork.

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(862) 930-1404

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).