- NexTech announced its financials for Q2 of the 2021 financial year, showing revenue totaling $6.1 million, a 73% year-over-year increase from the same period in 2020
- Gross profit also grew from $2.2 million in Q2 2020 to $2.3 million in Q2 2021, representing a 6% growth
- NexTech attributes improvement in performance to a more self-serve, highly scalable business model, better able to take advantage of the growing augmented reality industry
On August 12, 2021, NexTech AR Solutions (CSE: NTAR) (OTCQB: NEXCF) hosted a virtual conference discussing its results for the second quarter (“Q2”) 2021 fiscal year. Evan Gappelberg, the company’s Chief Executive Officer, and Andrew Chan, the Chief Financial Officer, discussed the company’s financial and operating results, followed by a live chat option where the audience asked questions later answered at the end of the event (https://ibn.fm/bAraC).
Focus of the conference was on NexTech’s impressive performance over the three months that ended June 30, 2021. Revenue during that period totaled $6.1 million, a growth of over 73% compared to the same period in the 2020 fiscal year. Gross profit for this second quarter totaled $2.3 million, up from $2.2 million during the same period in 2020, representing a 6% increase.
Total NexTech assets by June 30, 2021, amounted to $38.19 million, up from $29.08 million on December 31, 2020. On the other hand, total liabilities amounted to $5.53 million, down from $6.66 million on December 31, 2021.
While making the announcement, Mr. Gappelberg noted:
“In our Q2 2021 results, once again, we were reinforcing the importance of our three foundational pillars. We’re a leader in augmented reality technology underpinned by enabling digital transformation and growing our key verticals like education, entertainment, events, retail, medical and marketplaces, on LiveX. We are full steam ahead. I had total confidence in our plan, and in our team and the direction that our company is going.”
NexTech is a leader in providing web-based augmented reality for e-commerce, virtual events and advertising. Its tech offerings range from simple 3D images to using 360-degree videos. The company can provide businesses with powerful end-to-end augmented reality platforms that guarantee online sales growth through this.
NexTech attributed its Q2 2021 growth in performance to its shift to a more self-serve, highly scalable business model. Some of the development work therein, Mr. Gappelberg noted, is projected to be complete in early Q4, 2021 (https://ibn.fm/AM8lD). The company also announced its acquisition of Threedy.ai Inc., an AI-based end-to-end platform useful in producing 3D augmented reality models. It hopes that the use of this tech would accelerate its delivery time to customers, ultimately increasing customer satisfaction. NexTech is also set to acquire ARway in a move to grow its augmented reality solutions for its customers.
The company projects that moving forward into Q3 and Q4, it will build on the outstanding performance posted in Q2. More specifically, Mr. Gappelberg reckoned that the company is now seeing a reacceleration in its tech services business, which will be a significant revenue stream going forward. With the current acquisitions and an increase in orders from clients such as Ryerson, Northwell Health, and Northeastern HMO, NexTech is confident that it has positioned itself to take advantage of the growing augmented reality industry.
To listen to the entire conference call, please visit https://ibn.fm/AM8lD
For more information, visit the company’s website at www.NextechAR.com.
NOTE TO INVESTORS: The latest news and updates relating to NEXCF are available in the company’s newsroom at https://ibn.fm/NEXCF
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