- Nextech recently announced preliminary Q1 2021 results in which it reported over 200% increases in both revenue and gross profits compared to a similar period last year
- Nextech is targeting revenue of between CA$50-$60 million for FY 2021, and the company intends to reach this target by launching a number of new products
- Nextech had already launched some of the planned products in Q1 2021
- The preliminary results are likely indications of the influence of the fulfilled launches and that the company is on course to realize its targets
In a presentation to investors during the Virtual Investor Conferences earlier this year, Nextech AR Solutions (CSE: NTAR) (OTCQB: NEXCF) founder and CEO Evan Gappelberg intimated that the company was targeting revenue of CA$50-60 million for FY2021. To achieve this target, Evan delineated “catalysts” in the form of planned launches that would include an ad network, new major brands for its e-commerce division, new augmented reality (“AR”) technology that facilitates holoportation and a standalone AR room product (https://nnw.fm/VRrfm).
As at the end of the first quarter of 2021, on March 31, the company had already launched its Ad Network and a holoportation feature on its AiR Show app that beams a live human hologram. Perhaps indicative of the influence these launches have already had on the company, the prevailing momentum towards realizing its targets for the full-year 2021, as well as the existing room for even more growth, Nextech reported promising preliminary Q1 2021 financial results on April 29 (https://nnw.fm/TJH4k).
Per the unaudited results, Nextech’s estimated Q1 2021 revenue is up nearly 208% to between $7.5-$7.7 million compared to revenue of $2.5 million for a similar period in 2020. Further, the company’s gross profits for the three months ended March 31, 2021, are estimated at between $4.1-$4.3 million, representing an increase of 193-207% compared to the $1.4 million reported for Q1 2020. The preliminary value of total bookings for Q1 2021 stands at $2.2 million.
“We are unique in that we are diversified with four fast-growing businesses, which all have a red thread of augmented reality connecting them, creating a major product differentiation and competitive advantage,” said Evan in a statement accompanying the preliminary results announcement. “We are strategically positioned with our AR, e-commerce and Inferno AR video conferencing and virtual experience business units to thrive in this new economy being led by a digital transformation across technology.”
Evan observed that the present age had presented more business opportunities for sectors in which Nextech has a foothold, namely virtual conferences, virtual events, e-commerce, AR and virtual learning. This effectively means that the company should benefit significantly by capitalizing on these opportunities through the coming period. NTAR foresees the strong business trends in each of these sectors continuing through the second quarter of 2021 and beyond, underscoring that the subsequent reporting periods will possibly witness equally significant financial results and growths.
Nextech expects to release the audited financial statements on or around May 13, 2021.
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://nnw.fm/NEXCF
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