Revenue grew 23% YoY to $1.6m
Cash-based Operating Expenses reduced by 44%
EBITDA loss reduced by 48%
TORONTO, May 30, 2024 (GLOBE NEWSWIRE) -- ARHT Media Inc. ("ARHT" or "the Company") (TSXV: ART), (OTCQB: ARHTF) the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, today announced its financial results for the first quarter ended March 31, 2024.
Q1 2024 Financial Update
- Revenue for Q1 2024 was $1.6M vs $1.3M for Q1 2023, a 23% increase.
- Cash based Operating Expenses reduced to $1.8M vs $3.2M, a 44% improvement.
- Q1 2024 EBITDA loss of ($0.9M) vs ($2.5M) in Q1 2023, a positive reduction of 48%.
Q1 2023 Business Highlights
- Signed the largest contract in the Company’s history with the University of Quebec at Trois Rivieres, to deliver 13 ARHT systems (5 CAPSULE hologram displays and 8 capture studios).
- Signed a contract for 5 CAPSULE hologram displays with a luxury global fashion brand to be installed at their various country HQs in Italy, USA, Singapore, China and Korea. This follows an installation in Japan in Q4 2023.
- Signed contracts with several new major enterprise clients through three new channel partners, contributing $261k in Q1 revenue.
“Our 2024 strategy to increase revenues and decrease costs has been positively reflected in our Q1 2024 results and should continue to improve through Q2 and the remainder of 2024. In particular, in Q2 2024, we expect sequential quarterly improvements in terms of both revenues and reduced cash operating costs,” stated ARHT CEO Larry O’Reilly, “Growing our channel partnerships, incorporating additional AI into our technology and expanding our global client network are our key strategic priorities and will allow us to continue to grow revenues and improve profitability.”
About ARHT
ARHT is a pioneer and the global leader in live hologram technology. Thanks to its patented end-to-end technology, executives, medical experts, educators, entertainers, and thought leaders can travel at the speed of light to any destination.
ARHT was founded in 2014 and is publicly traded on the TSX Venture Exchange. ARHT has offices in North America, Europe and Asia and operates from its own studios in locations from Toronto to Singapore, as well as a large network of partner studios in every region.
Connect with ARHT:
LinkedIn: https://www.linkedin.com/company/arht-tech
Instagram: https://www.instagram.com/arht.tech
Facebook: https://www.facebook.com/arht.tech
X: https://twitter.com/arht_tech
YouTube: https://www.youtube.com/@arht-tech
For more information, please visit www.arht.tech/about/investors or www.arht.tech.
Alternatively, email us directly at info@arht.tech.
ARHT trades under the symbol "ART" on the TSX Venture Exchange.
Press Inquiries:
Kristen Spence
kspence@arht.tech
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the intention to exercise convertible securities of the Company; disclosure related to the Company's sales funnel; the Company's technology; the potential uses for the Company's technology; the future planned events using the Company's technology; the future success of the Company; the ability of the Company to monetize the ARHT Media technology; the development of the Company's technology; and interest from parties in ARHT's products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
