NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) announced Thursday that it has achieved record revenue and gross profit in January.
The company saw $800,000 in revenue and a gross profit of $528,000. That was the highest revenue ever achieved in a single month, which represents a 110% increase in revenue and 172% increase in gross profits year-over-year.
“During the month of January, we saw an acceleration in sales growth across all business segments, especially our AR eCommerce division, which is now starting to scale,” said CEO Evan Gappelberg in a statement.
READ: NexTech AR Solutions officially debuts 3D augmented reality ad network
“We signed up 22 new customers in January alone which is our best month ever. We also just hired four new sales reps to meet the growing demand for our AR solutions.”
He added: “We are in the midst of the 4th Industrial Revolution, and technology is evolving faster than ever. This revolution is being led by AR, AI, IoT, Edge computing and the 5G network, all of which are converging and becoming increasingly ubiquitous for training, eCommerce, advertising, and entertainment. This convergence is stimulating a rapid market adoption environment similar to the internet in the 1990s, driving the creation of billion-dollar industries almost overnight, a market NexTech is uniquely positioned to capitalize on.”
In other news, the company said it is preparing to launch its game-changing CaptureAR app in the first quarter of 2020.
CaptureAR is a pivotal new technology that will accelerate the augmented reality global marketplace. With CaptureAR, customers can achieve incredible time and money savings. What could take an experienced 3D modeler days of work to create a 3D version of a product, can now be done in a matter of minutes, and with the same resolution and image fidelity as if the 3D model was designed from scratch.
NexTech’s just-launched 3D/AR ad network and the CaptureAR technology work hand-in-hand in building value for each other through content creation and the usage of the content on the ad network -- part of the company’s AR omni-channel platform approach which includes AR for eCommerce, AR in Chat, its ARitize App and AR University for education and training.
With this new ad network, NexTech said it will continue to leverage all its current 3D asset creation technology and relationships into 3D/AR ads, opening up a major new revenue channel in 2020 and beyond.
In 2019, according to IDC, global advertising spending will be about $725 billion, up over 4% from 2018.
The company will report audited financial results for the period June 1 to December 31, 2019 in April 2020.
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