The augmented reality company witnessed its sales skyrocket from C$22,000 in 2018 to C$1.5 million in its first quarter of 2019.
NexTech AR Solutions (CSE:NTAR), a company that provides augmented reality (AR) platforms announced C$1.5 million in revenues for its first quarter, rising over 6,000 percent compared to the same time last year. Sales were primarily driven by its AR ecommerce division ARitize for ecommerce, which was launched earlier this year.
As quoted in the press release:
Evan Gappelberg, CEO of NexTech AR Solutions, comments “I’m thrilled with our rapid growth trajectory and I am particularly excited that we were able to achieve over $1.5 million in sales in just our first quarter compared to $2 million of annual sales for all of last year. During our first quarter, we saw an acceleration in sales growth across all business segments, especially our AR e-commerce division, which is now starting to scale.” He continues, “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, e-commerce, 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.”
Kashif Malik, CFO of NexTech, comments “The team has done a great job this quarter. I am particularly proud of the continued focus on increasing our margins and working capital to support our future growth.”