Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF, NEO:NTAR) has reported record revenue of $25.9 million for the financial year ending December 31, 2021, a 47% increase from the previous year.
The metaverse company, which develops and operates augmented reality platforms, said its annual product sales reached $19.2 million, up 38% from 2020. while technology services recorded a 55% increase to $5.3 million, and renewable software licenses rose 316% to $1.4 million.
In Q4 2021, Nextech AR noted that enjoyed a substantial uptick in customer adoption of its technology, with new or annual repeat customers totaling $975,000. The company said it is seeing this uptick in new customers resulting in additional Annual Recurring Revenue continuing in 2022.
It noted that total revenue in Q4 2021 was $6.4 million, up 11% from Q3 2021, with product sales at $4.2 million, 8% lower than the previous quarter, while technology services rose 76% to $1.6 million and Renewable Software Licences rose 125% to $0.5 million.
READ: Nextech AR partners with MIT to ‘hack’ metaverse using ARitize Maps at XR Hackathon
Nextech AR said its annual total gross profit stood at $9.8 million in 2021, flat from the previous year, while in Q4 2021 total gross profit was $2.4 million, up 24% from Q3 2021. The company noted that its operating expenses reduced by $1.5 million in Q4 2021 compared to Q3 2021.
The company said it will host a conference call to discuss the results later today, March 22, 2022, at 6.00pm Eastern Time, where Evan Gappelberg, its chief executive officer and Andrew Chan, chief financial officer will discuss the financial and operating results followed by a question-and-answer session.
Conference Call Details: Toll Free Dial-In Number (877) 201-0168; International Dial-In Number: (647) 788-4901; Conference ID: 7060475; Webcast Link: click here to register
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