No Picture
News

NexTech AR (OTC: NEXCF) Reports $6 million in Revenues for its Audited Period Ended December 31st 2019

Major Growth in AR Trends Seen Accelerating in 2020

NEW YORK and TORONTO, March 27, 2020 — NexTech AR Solutions (NexTech) (otcqb:NEXCF) (NTAR)(N29), the leader in augmented reality for e-commerce and AR learning applications, reports that it has completed its audited financials for 2019, reporting over $6.0 million in gross revenue and 53% gross profit of $3.2 million for the 2019, 12-month calendar year. For the seven month audited period beginning May 31st and ending December 31st 2019 the company reported $4.0 million in revenue with gross profits of $2.3 million.

LIQUIDITY AND CAPITAL RESOURCES

NexTech had cash of $2.8 million and a positive working capital of $3.3 million as of December 31, 2019.

NexTech CEO Evan Gappelberg comments, “We are very fortunate that we have an amazing team that continues to execute on generating revenue and scaling our multiple business segments even during a pandemic. I am especially pleased with the execution of our AR e-commerce initiative and really excited about the upside in our new acquisition of remote video training, live streaming software company Jolokia.” He continues, “The Coronavirus has caused a mass cancellation of all conferences and live events forcing companies to look for alternates like Virtual

Read the rest