ARway Corporation (CSE:ARWY, OTCQB:ARWYF) said its pipeline of potential contracts has reached over $1.4 million, and that its goal is to exit 2023 with a $10 million sales pipeline.
The artificial intelligence (AI)-powered augmented reality (AR) experience platform said the potential sales represent a “significant revenue opportunity” and revealed that it is holding late-stage negotiations with a number of enterprise accounts.
ARway CEO Evan Gappelberg said in a statement: “While we know having $1.4 million in a pipeline is not a guaranteed sale, we are extremely excited that we are receiving this amount of customer interest in our ARway solution across a wide range of industries.”
Although enterprise deals take longer to negotiate than the company’s other businesses, Gappelberg said ARway is “confident” and believes it will have “a very successful and growing pipeline of deals and achieve a very high close ratio since these deals are highly qualified and deep-pocketed customers that we have been piloting, developing for and negotiating with over a period of time”.
ARway said it achieved pipeline growth of almost $1 million in April alone. “The company believes that its technological advances and new market opportunities, as well as the integration with prominent AR glasses providers and uplift to the OTCQB has solidified consumer confidence in its products, and anticipates the pipeline will increase exponentially over the coming months,” it said.
Contact the author at jon.hopkins@proactiveinvestors.com