Augmented Reality Company ARHT Media Announces Year-End 2018 Financial Results

ARHT Media (TSXV:ART), a holographic telepresence company powered by augmented reality technology announced its financial results ending December 31, 2018. It recently adjusted its fiscal year-end date from January to month-end December. With headquarters in Toronto, Canada the company’s hologram technology is used for movies and cinemas, retail displays, education and professional services.

As quoted in the press release:

Highlights for the quarter end include:

• Revenue of $342 thousand for the two months ended December 31, 2018 compared to $129 thousand for the three months in the prior year, representing an increase of 165%
• Net Loss of $1.1 million ($0.02/share) for the two months ended December 31, 2018 compared to a net loss of $2.1 million ($0.20/share) for the three months in the prior year, a loss reduction of 50%
• New booked deals of $331 thousand in the two month period
• The 2019 Event Producers Award Winning Women in Tech Conference was conducted with speakers beaming from Los Angeles and New York into Imperial College London
• Aquaman star Jason Momoa was beamed into fan events in Mexico City and Sao Paulo, Brazil, between rehearsals for Saturday Night Live in New York City
• UBS beamed Asian CIO, Min Lan Tan, into their Year Ahead 2019 media event at the Four Seasons Hotel New York

“It was a historic year for ARHT Media. We have a new business model, a new management team, a new sales team, a new board of directors, numerous new products and now after a great deal of work are poised for significant growth in revenue and EBITDA in 2019. Revenue grew from $1.1 million to $1.6 million in 2018 excluding the high-risk production business included in the results for the prior year. And sales momentum has continued into Q1, 2019,” says ARHT Media CEO Larry O’Reilly. “I want to thank everyone involved in the evolution of the business. Our new business model is working.”

Click here to read the full press release.