NexTech AR Solutions Corp. has reported its financial and operating results for the second quarter of 2021 which showed the company had cash on hand of $15.4 million as of June 30, 2021.
The company reported revenue of $6.1 million for the three months to June 30, 2021, an increase of over 73% compared to $3.5 million posted for the same period in 2020, while gross profit was $2.3 million, an increase of over 6% compared to the $2.2 million reported for the same period in 2020.
For the six months ended June 30, 2021, Nextech's revenue increased by 130% to $13.8 million compared to the same six months period in 2020, while gross profit increased by 59% to $5.6 million over the same period in 2020.
READ: Nextech AR Solutions begins integration of its mixed reality (MR) solution HoloX, a human hologram application into HoloLens2
On June 25, 2021, the company acquired 100% of the shares of Threedy.ai Inc, an AI-based end-to-end platform used to produce 3D augmented reality models, accelerating its delivery time to customers.
NexTech said it will host a conference call to discuss the second-quarter results on Wednesday, August 12, 2021, at 1.00pm Eastern Time. Evan Gappelberg, the company's chief executive officer and Andrew Chan, its chief financial officer will discuss the financial and operating results followed by a question-and-answer period.
Details of the call are: Toll-Free Dial-In Number: (877) 201-0168; International Dial-In Number: (647) 788-4901, Conference ID: 2086367; Webcast Link: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=&eventid=3196677&sessionid=1&key=D8B8EABB69D8E76E467E042C941B243F®Tag=&V2=false&sourcepage=register
For those unable to join the live event, a recording of the presentation will be posted on the company's website. Nextech said an updated Corporate Presentation is also available on its website at https://www.nextechar.com/.
NexTech develops and operates augmented reality (AR) platforms that transport three-dimensional (3D) product visualizations, human holograms and 360° portals to its audiences altering e-commerce, digital advertising, hybrid virtual events (events held in a digital format blended with in-person attendance) and learning and training experiences.
The company focuses on developing AR solutions however most of its revenues are derived from three eCommerce platforms - vacuumcleanermarket.com (VCM), infinitepetlife.com (IPL) and Trulyfesupplements.com (TruLyfe), with VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon.com.
Contact the author at jon.hopkins@proactiveinvestors.com