ARway (CSE:ARWY) Corporation has reported its first quarter financial results, ending November 30, 2022, which saw the company finishing the quarter with a cash balance of $1.5 million.
The company said the first quarter since its spin-out from Nextech AR Solutions Corp. (CSE:NTAR, OTCQX:NEXCF) went in accordance with the company’s plan as set out in the spin-out information circular.
ARway CEO Evan Gappelberg said: “As our first quarter as a public company is now behind us we are looking forward to an exciting and dynamic 2023 with big-name contracts announcements.
“In the first quarter, we achieved a tremendous amount of technical milestones with the highlight being able to map a 400,000 square foot mall and the recent release of our V2.0 SDK Saas solution."
READ: ARway announces significant upgrade to its spatial computing Software Developer Kit
He added: We are seeing a tremendous amount of organic demand for our disruptive indoor wayfinding solution with a no-capex no-opex and no-BLE beacon AI-powered platform we believe we have disrupted the $40 billion dollar indoor Wayfinding market.”
ARway recently announced a significant upgrade to its spatial computing Software Developer Kit (SDK) with the release of version 2.0. Launching the SDK and its latest updates contributes to the expansion of ARway as a major player in the spatial computing and wayfinding market.
The launch of version 2.0 SDK marks the completion of the last major component of the AR wayfinding and spatial computing platform.
The full ARway platform offering consists of the ARway app - for spatial mapping, The Creator Portal - for content management and analytics, and The ARwayKit SDK - for custom apps and integrations. The ARway SDK is being offered as a SaaS platform or can be used in limited ways for free with the ARway watermark.
For more details on the Q1 results interested parties can visit ARway's investor page at www.arway.ai or www.sedar.com
ARway is a no-code spatial computing platform for the real-world Metaverse. It enables AR-enhanced indoor navigation and wayfinding solutions for large, multi-purpose venues enabled by marker-based tracking using QR codes.
Visitors can access a venue map by scanning a QR code with their smartphone upon entering the venue to navigate to any Point of Interest (POI) with step-by-step directions, learn information about those POIs, and interact with rich AR content and experiences along the way.
The ARway offering has an unlimited number of use cases for augmenting physical spaces in the metaverse, consisting of indoor navigation with AR activations to improve the visitor experience in large and complex spaces. With value propositions spanning multiple industries and use cases, ARway leverages Nextech’s 3D/AR technology solutions to new substantial markets, for use by creators, brands, and companies.
Contact the author at jon.hopkins@proactiveinvestors.com