Published on : Nov 18, 2022
Nextech AR Solutions Corp. ("Nextech" or the "Company") (OTCQB: NEXCF) (CSE: NTAR) (FSE: EP2), a Metaverse Company and leading provider of augmented reality ("AR") wayfinding technologies, and 3D model services for the largest prime ecommerce platform, reports its financial and operating results for the third quarter 2022 ended September 30, 2022. Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer today after the close November 17, 2022 at 5:00 P.M where Nextech will host a conference call to discuss Q3 results.
"Q3 was a transformational quarter for Nextech AR, as demand, production and our revenue from 3D modeling has significantly ramped up. This is evident with our sequential production of 3D models up by over +110% and our sequential revenue of 3D models up by over +192% over Q2. Our Q3 figures are showing that our 3D modeling revenue is now growing exponentially. He continued, "With the announcement of a $700,000 3D model order to be delivered in Q4, we are confident that Q4 will be another record quarter for Nextech. As it is still quite early in Q4, we do expect to announce additional significant orders in the coming weeks as demand and our production capabilities will only continue to increase into Q4, 2023 and beyond."
2022 Q3: 3D Model and Technology Services Financial Highlights
Q3 technology services revenue up +66% from Q2 2022 hitting approximately $920K
Q3 3D modeling revenue surges over +192% versus Q2 2022
Q3 3D model production increased +110% versus Q2 2022
Q3 technology services gross profit margin improves to +60% versus 37% in Q2 2022
Q3 gross profit was approximately $555K on 920K in Q3 technology revenue with a gross profit margin of 60%
2022 Q3: Legacy E-commerce Business Results
E-commerce generated over $2 million of revenue during the wind-down this quarter, bringing in over $800K of cash in Q3, and in Q4 to date has brought in additional cash achieving the Company's set goal of bringing in $1 million to $2 million in cash
The Company expects to be fully out of the legacy e-commerce business in Q4, 2022
2022 Q3 Totals
Total revenue for the quarter was $3 million
Total gross profit for the quarter was approximately $1.34 million
2022 Q4 Outlook
$700,000 3D model order to be delivered in Q4, 2022
Several quotes have been issued for large RFPs, which could close in Q4 2022
Ramp up of 3D model production to meet the growing demand from the largest Prime ecommerce marketplace as well as re-orders, sets the stage for a substantial increase in 3D model production in Q4, 2022 and continuing in 2023
Trading in ARway began on October 26, 2022. With a current market price of approximately $2 per share, Nextech's 13 million share ownership is valued at about $26 million dollars.
Condensed Consolidated Statements of Financial Position
Condensed Consolidated Statements of Comprehensive Loss
Condensed Consolidated Statements of Cash Flows