Stockhouse investors and readers were first introduced to an intriguing tech play and the Company’s visionary CEO in an
exclusive interview back in January. At the time, the Company’s stock price was trending nicely upwards in the $1.70-a-share price range. Fast-forward ten months to today, and you’ll see that stock has skyrocketed to the $6.15-a-share region at press time. With a an accelerating market cap now powering north of $430 million, retail and institutional investors continue to flock to the hottest company in the Augmented Reality (AR) & Virtual Events sector –
NexTech AR Solutions (NTAR) (
CSE.NTAR,
OTCQB: NEXCF,
Forum).
NTAR’s 12-month stock performance picture below paints a thousand words:
(Click image to link to chart)
In the News
On October 9th,
NexTech announced a record 2020 third-quarter with total bookings of $6.7 million – which exceeded all of 2019 revenue of $6 million – a 331% growth over Q3 2019 with revenues of $1,561,425. The Company also reported record cash on hand of $16.3 million, as well as raising $13.2 million through an underwritten offering by Mackie Research of 2,035,000 shares at a price of $6.50.
The Toronto-based company says it “attributes this massive growth to new customer acquisitions and the expansion of services for existing customers as the demand for AR and remote work solutions intensified.” The Company has not just benefited from the COVID-19 stay-at-home economy, but has created new market opportunities for investors and consumers. In short, their entire video conferencing / virtual communications, eCommerce, and AR business model is not just foundationally built for today…but for tomorrow.
The company continues to experience a rapid escalation in demand for all of its services. However, demand is especially high for its AR Solutions which include:
- WebAR
- AR ads
- ScreenAR
- and human holograms as well as custom AR solutions.
Demand for the NexTech’s AR labs for education is growing at an extremely robust 200% per month, while every virtual event the company hosts provides multiple AR experiences.
To meet this growing demand, NexTech is creating high-paying, high-tech jobs – the company is currently hiring dozens of AR/VR, Unity, and 3D modeling experts.
NexTech’s CEO Evan Gappelberg, commented:
“We are pleased to share our preliminary third quarter results for the period ending September 30, 2020. These extraordinarily positive results are being driven by an acceleration in demand across all of our products including: Video conferencing, eCommerce and Augmented Reality. He continues, “We are uniquely positioned to see our business benefit from the new ‘stay at home' economy and the digital transformation that is underway. We are now landing bigger deals with global brands that are choosing our InfernoAR video conferencing and AR solutions because we have the only video conferencing platform which offers AR solutions. We are “firing on all cylinders”, and sales velocity is continuing to accelerate as we begin our Q4”.
He went on to say:
“With our increased sales force crushing it, we utilize Total Bookings as a metric for the business. Total Bookings includes all services included in signed contracts for the period. Currently our bookings are mostly delivered within a 3-month period of the signed contract however as we sign up more annual and multi-year licenses, which bill monthly, booking will go further out”
About NexTech AR Solutions
NexTech has become a global giant in the exploding world of Augmented Reality (AR), Artificial Intelligence (AI), and Machine Learning (ML), completely revolutionizing and redefining the way people shop and how they do it. And, the Company has been laser-focused and full steam ahead in its quest to conquer the burgeoning AR, AI, and ML global marketplace.
According to Statista, global ecommerce sales will soar to over
$6.5 trillion dollars by 2023, with 60% occurring on a desktop computer and 40% happening on a mobile device. The AR market is estimated to grow from USD$10.7B in 2019 and projected to reach USD $72.7B by 2024 according to Markets & Markets Research; it is expected to grow at a CAGR of 46.6% from 2019 to 2024.
In late 2018, the Company made news when it
launched its eCommerce AR platform which it integrated with Shopify, Magento and WordPress, beginning its transition from the beta to commercial stage. It followed that up and announced that its development team has begun integrating IBM Watson's Machine Learning (ML) algorithms into its patent pending web enabled AR platform.
Recently, NTAR has been making news its run of strategic acquisitions and partnerships, while generating serious revenue along the way. Stockhouse investors should stay closely tuned to
NexTech AR Solutions over the upcoming months.
(Click image to play video)
For more information, visit
www.nextechar.com
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.