NexTech Announces Unaudited Financial Results

NexTech (CSE:NTAR), AI and augmented reality company announced that it has released its unaudited preliminary financial results. For the quarter ending May 31, 2019 the company reported gross revenue figures of C$1.03 million for the quarter, with a 50.7 percent gross margin.

As quoted in the press release:

Unaudited

For the year ending May 31st 2019 the company reported; gross revenue of $1,632,196 with a gross profit of $787,464

• Company is targeting 10X revenue growth for calendar year 2020
• Gross margin target in 2020 towards 60-70% with more software revenue added to the mix
• Company is targeting going cash flow positive in the fourth quarter of calendar year 2019
• Six new product launches targeted for September of 2019 and continuing quarterly into 2020 will continue to drive growth in its AR e-commerce division

Unaudited quarterly results;

• Fourth quarter gross revenue ending May 31st 2019; Revenue of $1,035,334 with gross profit of $525,776 or a 50.7% gross margin

• Third quarter gross revenue ending February 28th 2019; Revenue of $531,185 gross profit of  $208,750 or a 39% gross margin

• 6 months gross revenue ending November 30th 2018; Revenue of $65,677 gross profit of $52,938 or an 80% gross margin

Click here to read the full press release.