Nextech AR Solutions (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse company and leading provider of augmented reality (“AR”) experience technologies and services, has reported its operating results and audited financial results for Q4 and the full year for the period ending Dec. 31, 2021. Highlights of the report include the 2021 record revenue of $25.9 million, a 47% increase over the previous year, as well as gross profit numbers totaling $9.8 million. In addition, the company noted that it saw a significant increase in new customers signing 12-month contracts and in existing customers continuing their contracts; Nextech noted that this uptick also means a continued upward trend in annual recurring revenue into 2022. Finally, the report noted that the company’s total renewable software licenses revenue reached an estimated $1.4 million, a 316% increase. Nextech also announced that it has scheduled a conference call and webcast later today to discuss the financial and operating results; the call is slated to being at 6 p.m. ET, and CEO Evan Gappelberg and chief financial officer Andrew Chan will host the event, which will include a question-and-answer period. Those interested can call 877-201-0168 in the United States and 647-788-4901 internationally, using conference ID 7060475. A recording of the call will be available following the event.
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About Nextech AR Solutions Corp.
Nextech AR Solutions is a Metaverse company that develops and operates augmented reality (“AR”) platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360-degree portals to its audiences, altering e-commerce, digital advertising, hybrid virtual events (events held in a digital format blended with in-person attendance) and learning and training experiences. Nextech focuses on developing AR solutions for the Metaverse; however, most of the company’s revenues are derived from three e-commerce platforms: vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances are sold on Amazon. For more information about the company, please visit www.NextechAR.com.
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