Nextech AR Solutions (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a diversified provider of augmented reality (“AR”) and digital experience technologies and solutions for ecommerce, education, advertising, conferences and events, has announced its Q1 2021 financial results for the period ending March 31, 2021. In addition, the company provided an update on its Nextech AR LiveX platform, which is expected to generate an estimated $6 million in annual cost savings. First-quarter highlights included revenue reaching $7.7 million, an increase of more than 200% compared to Q1 2020; gross profit totaling $3.3 million, an increase of some 280% over the $1.4 million reported in Q1 2020; and total bookings tallying $2.2 million, a huge increase of 4,700% compared to 2021 first-quarter numbers. In addition, the company announced that Nextech AR LiveX, its proprietary next-generation digital experience platform, is live. LiveX is a highly scalable, all-in-one streaming platform for creators, corporate events, live streaming, music and NFTs that are AR enhanced and advertising enabled. As part of the announcement, Nextech noted that all current and future events will be hosted and monetized on the LiveX platform, which is also being integrated with Shopify to allow for seamless ecommerce and merchandise sales. The company will save an estimated $6 million every year by transitioning all events to its LiveX platform. “Our Q1 2021 record results are a testament to the success of our diversified business model and our unique value proposition: offering augmented reality technology in everything that we do,” said Nextech AR Solutions CEO and director Evan Gappelberg in the press release. “Our business is growing rapidly through AR innovation and our DXP platform LiveX. LiveX is built for scale for enterprise clients targeting key verticals like education, entertainment, events, retail, medical and marketplaces. We see this as the digital experience platform of the future, today.”
To view the full press release, visit https://ibn.fm/jrOV4
About Nextech AR Solutions Corp.
NexTech develops and operates augmented reality (“AR”) platforms that transports three-dimensional (“3D”) product visualizations, human holograms and 360° 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 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 sold on Amazon. For more information about the company, visit 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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