ARHT Media (TSXV:ART), a company focused on holographic telepresence driven by artificial intelligence announced its first quarter financial results. Revenue for the quarter stood at C$794,000 a steep hike from its previous quarter revenues of $303,000. ARHT reported a net loss of $885,000 while securing $1.3 million in deals for the quarter.

As quoted in the press release:

On May 2, 2019 the Company announced that it would raise up to $800k in secured debentures through a private placement financing to provide the Company with working capital to continue its ongoing sales and operational activities.  The Company anticipates the debenture financing will close on or around May 9, 2019.  The Company intends to raise additional funds during the year in response to the growing global demand.  ARHT’s quarterly revenue grew in each of Q3 2018 (+36%), Q4 2018 (+165% in a two-month quarter vs. prior year 3-month 4^th quarter) and Q1 2019 (+260%).

Highlights for the quarter end include:

• Revenue of $794k for the three months ended March 31, 2019 compared to $303k for the three months in the prior year, representing an increase of 260% and equal to nearly 50% of all last year revenue

• Net Loss of $885k ($0.02/share) for the three months ended March 31, 2018 compared to a net loss of $2.1mil ($0.08/share) for the three months in the prior year, a loss reduction of 58%

• Selling, General & Administrative expenses reduced by 50% versus Q1 2018

• New booked deals of $1.3mil signed in Q1, including deals booked through ARHT Asia

• Produced the content and hologram of Crown Prince of Dubai, His Highness Sheikh Hamden bin Mohammed bin Rashid Al Maktoum, to bring to life his vision of the 7 Shifts Shaping Future Cities at this year’s World Government Summit in Dubai.

Click here to read the full press release.

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