ARway.ai Releases Q2 2023 Financial Results

TORONTO, ON / ACCESSWIRE / April 27 2023 / ARway Corporation ("ARway" or the "Company") (CSE:ARWY), (OTC:ARWYF) (FSE:E65) is disrupting the Augmented Reality ( AR) Wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking. ARway is pleased to report its Q2 financial results, ending February 28, 2023. The Company finished the quarter with an ending Q2 cash balance of close to $1.0 million, initial revenues from pilot programs, and continued development of the platform. ARway continues to execute its plan as set out in the spin out information circular.

CEO Evan Gappelberg commented, "We are excited by the early success of our pilot programs with ARway and believe that we have created the killer application for the next generation of devices: the AR glasses… AR Wayfinding is going to be a very big deal in 2023!" He continued, "Business momentum is building and deals with S&P 500 companies and others are expected to be landed in Q2/Q3, 2023."

Condensed Interim Statements of Financial Position

Condensed Interim Statements of Financial Position
(Expressed in Canadian dollars)
(Unaudited)

	February 28, 2023			August 31, 2022
Assets
Current assets
Cash & cash equivalents (Note 3)	$	957,201		$	1
Receivables		13,544			-
Prepaid expenses		43,218			-
Equipment		6,539			-
		1,020,502			1
Non-current assets
Deferred tax asset		156,806
Intangible asset (Note 4)		4,444,444			-
Total assets	$	5,621,752		$	1

Liabilities and Shareholders' Equity

Current liabilities
Accounts payable and accrued liabilities (Note 5)	$	112,057		$	-
Deferred revenue		941
Total liabilities		112,998			-

Shareholders' Equity
Share capital (Note 6)		6,657,352			1
Reserves		713,854
Deficit		(1,862,452	)		-
		5,508,754			1
Total liabilities and shareholders' equity	$	5,621,752		$	1

Condensed Interim Statements of Comprehensive Loss

Condensed Interim Statements of Comprehensive Loss
(Expressed in Canadian dollars)
(Unaudited)

	Three months ended February 28, 2023			Six months ended February 28, 2023

Revenue	$	21,781		$	26,133
Cost of sales		-			-
Gross profit		21,781			26,133

Operating expenses:
Sales and marketing (Note 8)		213,162			245,010
General and administrative (Note 8)		254,707			315,913
Research and development (Note 8)		150,058			215,058
Stock based compensation (Note 6)		407,994			713,854
Amortization (Note 4)		416,667			555,556
		1,442,588			2,045,391

Loss before income taxes		(1,420,807	)		(2,019,258	)
Current income tax expense		-			-
Deferred income tax recovery		156,806			156,806
Net loss and comprehensive loss from operations	$	(1,264,001	)	$	(1,862,452	)


Other comprehensive loss
Exchange differences on translating foreign operations		-			-
Total comprehensive loss	$	(1,264,001	)	$	(1,862,452	)

Income (loss) per common share
Basic and diluted loss per common share		(0.05	)		(0.10	)
Weighted average number of common shares outstanding Basic and diluted		26,629,552			18,537,730

Condensed Interim Statements of Cash Flows

Condensed Interim Statements of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)

	Three months ended February 28, 2023			Six months ended February 28, 2023
Cashflows from operating activities
Net loss	$	(1,264,001	)	$	(1,862,452	)

Items not affecting cash
Amortization of intangible assets		416,667			555,556
Stock-based compensation		407,994			713,854

Changes in non-cash working capital balances
Receivables		(10,710	)		(13,544	)
Prepaid expenses		(1,730	)		(43,218	)
Accounts payable and accrued liabilities		36,105			112,057
Deferred tax asset		(156,806	)		(156,806	)
Deferred revenue		941			941
Cashflows from operating activities		(571,540	)	$	(693,612	)

Cashflows from financing activities
Proceeds from private placement		-			1,657,351
Net cash provided by (used in) financing activities		-		$	1,657,351

Change in cash during the period		(571,540	)		963,739
Cash, beginning of period		1,535,280			1
Effects of foreign exchange on cash		(6,539	)		(6,539	)

Cash, beginning of period		1			1
Cash, end of period	$	957,201		$	957,201

Supplemental cash flow information
Taxes paid	$	-		$	-
Interest paid		1,945			1,945
Interest received		7,684			8,814

Recents News

To learn more about ARway, please follow on Social Media: Twitter, YouTube, Instagram, LinkedIn, and Facebook, and visit our website: www.arway.ai

About ARway.ai

ARway is an AI-powered platform that provides augmented reality experiences for indoor spaces. The platform allows users to easily create experiences for navigation, tours, information sharing, notifications, advertising, and gamification. ARway leverages the power of mobile devices to create environments that can improve visitor experience, boost employee productivity, increase engagement, create new advertising space, and boost revenues. Visitors can scan a QR code to access a venue map, navigate to any point of interest with step-by-step directions, learn information about those POIs, and interact with rich AR content and experiences along the way. ARway has unlimited use cases for augmenting physical spaces in the metaverse, making it a valuable tool for creators, brands, and companies in various industries. The complete ARway platform includes: the Web Creator Studio, the ARwayKit Software Development Kit (SDK) and a mobile app for iOs and Android.

Nextech 3D.ai

On October 26, 2022, ARway.ai. was spun-out from its parent Company, Nextech3D.ai (OTCQX:NEXCF) (CSE:NTAR) (FSE:EP2). Nextech retained a control ownership in ARway.ai. with 13 million shares, or a 50% stake. Nextech3D.ai is a Metaverse Company and leading provider of augmented reality ("AR") experience technologies and 3D model services. Nextech's AI-powered 3D modeling platform, "ARitize3D" has contracts with; AMZN, KSS, CB2, Genuine Parts & many others. To learn more about Nextech3D.ai, visit www.nextechar.com

For further information, please contact:

Investor Relations Contact
Julia Viola
investor.relations@arway.ai

ARway.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)

Forward-looking Statements

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. ARway.ai will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE:ARway.ai

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	31-Dec-23			31-Dec-22
ASSETS
Current
Cash & cash equivalents		907,847			3,777,117
Receivables		357,398			744,331
Contract asset		51,320			589,015
Finance lease receivable on sublease CP		199,933			-
Prepaid expenses		294,471			310,906
Inventory		-			45,289
Non current assets held for sale		-			501,188
Total current assets		1,810,969			5,967,846

Equipment		325,633			278,463
Deferred consideration		206,850			-
Right of use asset		-			829,278
Finance lease receivable on sublease		642,983			-
Intangible assets		-			3,313,741
Goodwill		-			6,746,378
Total assets		2,986,435			17,135,706

LIABILITIES
Current
Accounts payable and accrued liabilities		3,531,460			2,641,918
Deferred revenue		342,192			437,746
Lease liability		143,722			222,250
Liabilities associated with assets held for sale		-			92,532
Total current liabilities		4,017,374			3,394,446

Lease liability - non current		469,624			582,586
Deferred tax liabilities		-			29,974
Total liabilities		4,486,998			4,007,006

Shareholders' Equity
Share capital		91,909,495			83,271,707
Reserves		14,166,972			12,754,706
Accumulated Other Comprehensive Income		678,143			827,101
Shareholder's equity attributable to Nextech shareholders		(112,211,223	)		(85,898,862	)
Total common shareholders' equity		(5,456,613	)		10,954,652
Non controlling interest		3,956,050			2,174,048
Total equity		(1,500,563	)		13,128,700
Total liabilities and shareholders' equity		2,986,435			17,135,706

	YTD
	31-Dec-23			31-Dec-22
		$			$
Revenue		5,033,202			3,224,791
Cost of sales		(3,586,162	)		(1,593,076	)
Gross profit		1,447,040			1,631,715

Operating expenses:
Sales and marketing		4,546,502			5,013,367
General and administrative		9,362,610			13,377,575
Research and development		3,249,799			3,892,208
Stock based compensation		1,775,695			1,715,690
Amortization		2,105,689			2,655,652
Right of use amortization		55,728			76,905
Depreciation		87,824			122,930
Operating profit (loss)		(19,736,807	)		(25,222,612	)

Other income (expense):
Gain on sublease recognition		120,626			-
Loss on asset disposal		(85,679	)		-
Gain on liability		-			381,019
Impairment of intangible assets and goodwill		(7,575,263	)		(476,113	)
Foreign exchange gain (loss)		(14,393	)		1,345,593
Profit (Loss) before income taxes		(27,291,516	)		(23,972,113	)

Current income tax expense		-			(34,937	)
Deferred income tax recovery		29,974			672,148
Net income (loss) from continuing operations		(27,261,542	)		(23,334,902	)

Income (loss) from discontinued operations		(452,814	)		(4,043,424	)
Net loss		(27,714,356	)		(27,378,326	)

Other comprehensive income (loss)
Exchange differences on translating foreign operations, continuing operations		(148,958	)		(432,845	)
Comprehensive income (loss)		(27,863,314	)		(27,811,171	)

Net loss from C/O attributed to:
Parent		(25,109,547	)		(22,896,701	)
Non controlling interest - PL		(2,151,995	)		(438,201	)

Net loss from D/O attributed to:
Parent		(452,814	)		(4,043,424	)
Non controlling interest - PL		-			-

Comprehensive loss attributed to:
Parent		(25,711,319	)		(27,372,970	)
Non controlling interest		(2,151,995	)		(438,201	)


Loss per share from C/O - basic and diluted		(0.22	)		(0.24	)


Loss per share from D/O - basic and diluted		(0.00	)		(0.04	)

Weighted average number of common shares outstanding
Basic and diluted		114,085,494			100,201,691

	YTD
	31-Dec-23			31-Dec-22
Operating activities:
Net loss		(27,714,356	)		(27,378,326	)
Adjustment for:
Interest income from sublease		(39,903	)		-
Interest expense from lease		30,217			28,668
Stock based compensation		1,775,695			1,715,690
Amortization of intangible assets		2,105,689			2,655,652
Amortization of ROU		55,728			261,101
Depreciation of property and equipment		87,824			143,567
Gain on sublease recognition		(120,626	)		-
Loss on asset disposal		85,679			-
Gain on short-term investment		-			(381,019	)
Impairment of intangible assets & goodwill		7,759,360			3,178,426
Expenses paid by shares		648,891			1,917,837
Loss on PET disposal		173,534			-
Income tax expense (recovery)		-			-
Changes in non-cash working capital balances
Receivables		386,933			269,873
Contract asset		537,695			(202,813	)
Prepaid expenses		16,435			408,743
Inventory		45,289			2,954,342
Accounts payable and accrued liabilities		917,814			(24,574	)
Deferred revenue		(95,554	)		(171,255	)
Deferred tax liability		-			(673,290	)
Total operating cash flow		(13,343,656	)		(15,297,378	)

Cashflows from investing activities
Purchase of equipment		(227,250	)		(101,784	)
Payments received from sublease		66,554			-
Net cash provided by (used in) investing activities, continuing operations		(160,696	)		(101,784	)

Cashflows from financing activities
NTAR - Net proceeds from private placements		5,726,654			8,890,349
NTAR - Proceeds from Employee Pay Program		2,269,704			2,496,628
Proceeds from securities issuances to NCI		2,813,107			1,657,354
Repayment of loan		-			(90,896	)
Payments of lease liability		(203,762	)		(388,804	)
Net cash provided by (used in) financing activities, continuing operations		10,605,703			12,564,631

Effects of foreign exchange on cash		29,379			(616,272	)
Change in cash during the period		(2,898,649	)		(2,834,531	)
Cash, beginning of period		3,777,117			7,237,296
Cash, end of period, continuing operations		907,847			3,786,493

Cash, end of period, continuing operations		907,847			3,777,117
Cash, end of period, discontinuing operations		-			9,376

Taxes paid		-			27,005
Interest paid		30,217			30,910
Cash interest received		121,122			108,390

	Three months ended December 31
($000's)	2023	2022	($) Change
Product sales	5,450	5,893	(443)
Service revenue	4,350	1,310	3,040
Total sales and revenue	9,800	7,203	2,597

Gross margin - product sales	48 %	32 %	16 %
Gross margin - service revenue	-21 %	-50 %	29 %

EBITDA	(774)	(2,532)	1,758

Net loss	(2,123)	(3,292)	1,169

	Twelve months ended December 31
($000's)	2023	2022	($) Change
Product sales	16,342	21,588	(5,246)
Service revenue	12,124	3,233	8,891
Total sales and revenue	28,466	24,821	3,645

Gross margin percentage - product sales	41 %	49 %	-8 %
Gross margin percentage - service revenue	-23 %	-1 %	-22 %

EBITDA	(8,074)	(3,935)	(4,139)

Net loss	(16,784)	(9,915)	(6,869)

	Three months ended December 31			Twelve months ended December 31
($000's)	2023	2022	($) Change	2023	2022	($) Change
Net loss	(2,123)	(3,292)	1,169	(16,784)	(9,915)	(6,869)
Business acquisition costs and contingent consideration (gain) loss	(1,106)	(106)	(1,000)	(967)	104	(1,071)
Depreciation and amortization expense	1,052	1,233	(181)	4,413	4,564	(151)
Finance expense (income)	43	(124)	167	284	76	208
Stock-based compensation	187	454	(267)	1,048	1,556	(508)
Foreign exchange (gain) loss	(84)	5	(89)	165	164	1
Loss on loss of control of subsidiary	-	-	-	2,810	-	2,810
Loss from associate	271	-	271	527	-	527
Restructuring costs	4	-	4	441	-	441
Current income tax (recovery) expense	(3)	53	(56)	13	250	(237)
Deferred income tax expense (recovery)	985	(755)	1,740	(24)	(734)	710
EBITDA	(774)	(2,532)	1,758	(8,074)	(3,935)	(4,139)

ARway.ai Releases Q2 2023 Financial Results

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