- Nextech AR Solutions (NTAR) has reported financial and operating results for Q1 2022
- Highlights include a 62 per cent increase in revenue growth and record Q1 annual recurring or repeat revenue of $1,346,000
- CEO Evan Gappelberg joined Coreena Robertson to highlight the company’s results and discuss the outlook for Q2
- Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals
- Nextech (NTAR) opened trading at C$0.60 per share
Nextech AR Solutions (NTAR) has reported financial and operating results for Q1 2022.
2022 Q1 financial highlights:
- 62 per cent increase in sequential quarterly annual recurring revenue growth
- Q1 Annual recurring or repeat revenue now at record $1,346,000
- $2.7 million reduction in YOY operating expenses of $2.7 million for Q1
- $1.1 million reduction in sequential operating expenses for Q1 2022 vs. Q4 2021
- Average size of 3D AR model deals doubled from Q4 2021 to year to date 2022 to a $10K deal size on average
- Two new 3D models deals signed in 2022
Q2 outlook:
- Ended Q1 2022 with 12-month ARR contracts or annual repeat customers totalling $1,346,000. This has grown to $1,575,000 in Q2 to date.
- For the first 6 weeks of Q2 the company’s 3D AR model business has already surpassed Q1 in signed contract revenue
- The company is seeing increased interest in 3D modeling for ecommerce with larger contracts which are expected to continue in Q2 2022.
CEO Evan Gappelberg joined Coreena Robertson to highlight the company’s results and discuss the outlook for Q2.
Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals.
Nextech (NTAR) opened trading at C$0.60 per share.
