AMPD Ventures Inc. has forecast a doubling of revenue for the year to end-May 2022 after it saw a surge in sales in the third quarter.
“The exceptional team at AMPD continues to execute and build upon its plan of building a full 360-degree metaverse company despite experiencing a challenging downturn in the technology sector markets,” the company said in a preview of its FY2022 results.
Revenue in the third quarter amounted to $1.7 million, an increase of 275% on the same period the year before, while in the first nine months of this year, sales rose 104% to $2.3 million.
The strong trading has continued, with revenue for the final quarter and the full year expected to double to $0.9 million and $3.2 million respectively, compared with last year, the company said.
READ: AMPD Ventures strikes reseller agreement with Hammerspace to enhance its virtual studio offering
It highlighted the Departure Lounge acquisition, which was finalized in the third quarter, as being instrumental in building upon AMPD’s position as an infrastructure provider for next generation applications to develop a full 360-degree metaverse-focused organization.
The company noted an article by Joseph Morton at Equity Guru in February, which stated that AMPD now has both the computing infrastructure necessary to host the metaverse – “the levers and hydraulics and the workings behind the curtain” – and also the “wizard needed to run the show” as Departure Lounge adds the technologies required to access the metaverse, the experienced creative team to help build the metaverse, and the Web3 team to help monetize the metaverse.
“I’d like to thank AMPD investors and partners for their ongoing support and belief in what we are doing, even during challenging market conditions,” Anthony Brown, CEO at AMPD Ventures said in a statement.
“We continue to be excited about our growth and progress since the completion of the financial raise in November and look forward to sharing more exciting news in the near future.”
AMPD Ventures, through its operating subsidiaries, AMPD Technologies (CSE:AMPD, OTCQB:AMPDF) Inc., Cloud A Computing Inc., and Departure Lounge Inc., provides a range of high-performance computing infrastructure and technology solutions designed to host, build, and monetize the metaverse.
Contact the author at jon.hopkins@proactiveinvestors.com