Nextech AR Solutions Corp said it generated a double-digit year-over-year revenue increase in its third quarter of 2021.
For the three months ended September 30, the company banked $5.7 million in revenue, an increase of 23% from the year-ago period, Nextech said in a statement.
It added that product sales increased 20% to $4.6 million, technology services rose 22% to $0.8 million, and renewable software licenses jumped 153% to $0.2 million.
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The company, however, said its gross profit decreased by $1.8 million, or by 39%, year-over-over. Profitability from product sales declined 6% as global supply chain issues increased its costs to acquire inventory. The company also incurred a gross loss from technology services as it continued to incur direct fixed delivery costs during the slower summer months.
Nextech also provided financial and operating results for the nine months ended September 30.
The company said it produced $19.6 million in revenue -- an 83% year-over-year increase from $10.7 million. Product sales increased 61% to $15 million, technology services increased 207% to $3.7 million, and renewable software licenses increased 497% to $0.9 million.
The company said its gross profit for the nine months was $7.4 million, a 14% year-over-year increase from $6.5 million. Profitability from product sales increased 26% while technology services contributed $1 million in gross profits.
Nextech will host a conference call to discuss its 3Q on November 11, 2021, at 9 am ET.
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