- Nextech AR (NTAR) has reported its financial and operating results for the second quarter of 2022 ending June 30, 2022
- Nextech AR CEO Evan Gappelberg sat down with Daniella Atkinson to discuss the results
- Highlights include 30 per cent Q2 sequential growth in ARR to almost $1,000,000
- Record Q2 Annual Recurring Revenue And Repeat Revenue of $1,566,000
- Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals
- Nextech (NTAR) opened trading at C$0.85 per share
Nextech AR (NTAR) has reported its financial and operating results for the second quarter 2022 ending June 30, 2022.
Nextech AR CEO Evan Gappelberg sat down with Daniella Atkinson to discuss the results.
2022 Q2 financial highlights:
- 30 per cent Q2 sequential growth in ARR to almost $1,000,000
- Record Q2 Annual Recurring Revenue And Repeat Revenue at $1,566,000
- Decreased cash burn to $1 million/month in Q2 2022, in Q3/Q4 expecting the burn to be $500K/month due to shares for services program.
- 40 per cent Q2 sequential growth in Web3.0 3D modeling revenue
- Two six figure deals in the first half of 2022
Q3 outlook:
- With the newly implemented shares for services plan in place, the company will be reducing its monthly burn to approximately $500,000/ month extending the cash runway for at least 12 months.
- The wind-down of the eCommerce business is expected to add $1-2 million in cash to the company’s cash balance and is expected to be completed in Q3/Q4 2022
- Onboarding of major new customers in Q3 is expected to show a meaningful ramp-up in Q3/Q4 Web 3.0 3D modeling revenue
- ARway spinout and listing on the CSE is expected to occur in Q3, 2002 and will provide a stock dividend of 4,000,000 shares for all Nextech AR shareholders on a pro-rata basis.
Paul Duffy will be stepping down from the board of directors of Nextech AR and transitioning from President to the Chief Metaverse Officer for ARway.
Evan Gappelberg will remain CEO and will be taking on the additional role of Chairman of the Board for Nextech AR.
Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals.
Nextech AR Solutions (NTAR) opened trading at C$0.85 per share.