- Nextech AR Solutions Corp. (NTAR) reported its financial and operating results for the third quarter ended September 30, 2022
- Q3 3D modelling revenue increased over 192 per cent versus Q2 2022
- Q3 technology services gross profit margin improves to 60 per cent
- Total gross profit for the quarter was approximately $1.34 million
- Several quotes have been issued for large RFPs, which could close in Q4 2022
- Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals
- Nextech (NTAR) opened trading at C$1.10
Nextech AR Solutions Corp. (NTAR) reported its financial and operating results for the third quarter ended September 30, 2022.
Nextech AR CEO Evan Gappelberg commented on the results.
“Q3 was a transformational quarter for Nextech AR, as demand, production and our revenue from 3D modelling have significantly ramped up. This is evident in our sequential production of 3D models, up by over 110 per cent, and our sequential revenue of 3D models, up by over 192 per cent over Q2. Our Q3 figures are showing that our 3D modelling revenue is now growing exponentially. With the announcement of a $700,000 3D model order to be delivered in Q4, we are confident that Q4 will be another record quarter for Nextech. As it is still quite early in Q4, we do expect to announce additional significant orders in the coming weeks as demand and our production capabilities will only continue to increase into Q4, 2023 and beyond.”
Q3: 3D model and technology services financial highlights:
- Q3 technology services revenue is up 66 per cent from Q2 2022, hitting approximately $920K
- Q3 3D modelling revenue increased over 192 per cent versus Q2 2022
- Q3 3D model production increased +110 per cent versus Q2 2022
- Q3 technology services gross profit margin improves to 60 per cent versus 37 per cent in Q2 2022
- Q3 gross profit was approximately $555K on 920K in Q3 technology revenue with a gross profit margin of 60 per cent
Q3: legacy e-Commerce business results:
E-commerce generated over $2 million of revenue during the wind-down this quarter, bringing in over $800K of cash in Q3, and in Q4 to date has brought in additional cash achieving the Company’s set goal of bringing in $1 million to $2 million in cash.
The company expects to be fully out of the legacy e-commerce business in Q4, 2022.
2022 Q3 totals:
- Total revenue for the quarter was $3 million
- Total gross profit for the quarter was approximately $1.34 million
2022 Q4 outlook:
- $700,000 3D model order to be delivered in Q4, 2022
- Several quotes have been issued for large RFPs, which could close in Q4 2022
- Ramp up of 3D model production to meet the growing demand from the largest Prime eCommerce marketplace, as well as re-orders, sets the stage for a substantial increase in 3D model production in Q4, 2022 and continuing in 2023
ARway:
Trading in ARway began on October 26, 2022. With a current market price of approximately $2 per share, Nextech’s 13 million share ownership is valued at about $26 million dollars.
Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals.
Nextech (NTAR) opened trading at C$1.10.