- ARHT Media has released its financial and business results from the first quarter of 2021, including strong revenue growth of 165 per cent year-over-year
- Other highlights include cash and cash equivalents of $7.25 million and a net loss reduction from $1.1 million in 2020 to $750,000 in 2021
- The company also recently entered into a strategic partnership with WeWork to develop the only large-scale HoloPresence network in the world
- ARHT Media engages in the creation, transmission, and delivery of digital human hologram through its patented HoloPresence technology
- ARHT Media Inc. (ART) is up 4.65 per cent and is trading at $0.225 per share
ARHT Media has released its financial and business results from the first quarter of 2021.
Highlights include strong revenue growth of 165 per cent year-over-year.
Revenue for this quarter was $1.17 million compared to $440,000 in the first quarter of 2020. In addition, the company reported cash and cash equivalents of $7.25 million as of March 31, 2021.
The company also saw a reduction in net loss in the first quarter compared to Q1 2020, from $1.1 million in 2020 to $750,000 in 2021.
These strong financial results were driven by several factors, including
- An equity offering of $7.98 million, which will be used to invest in sales, marketing, and infrastructure
- Permanent installations featuring the company’s HoloPod, HoloPresence, and Capture technology
- Virtual Global Stage online activations; and
- Hybrid in-person and online events
Larry O’Reilly, CEO of ARHT Media, stated that the company plans to “make it more convenient for both existing and new clients to access our technology and as a means to drive significant revenue growth as the world’s first large scale HoloPresence network gets rolled out and we are extremely pleased with talent we have added to grow our business.”
ARHT Media recently entered into a strategic partnership with WeWork, a leading global flexible office space provider, to develop the only large-scale HoloPresence network in the world.
Mr. O’Reilly commented on the partnership, calling it “transformational.”
“We view this partnership as a game changing opportunity as we introduce our holographic technology to a new enterprise audience of over 3,500 WeWork members worldwide,” he remarked.
ARHT Media engages in the creation, transmission, and delivery of digital human hologram. The company’s patented HoloPresence technology is a complete end-to-end solution that creates a sense of presence for audiences, as though the holographic presenter was actually live in the room.
ARHT Media Inc. (ART) is up 4.65 per cent and is trading at $0.225 per share as of 11:02 am ET.