VANCOUVER, British Columbia, March 09, 2022 (GLOBE NEWSWIRE) -- Nextech AR Solutions Corp. (OTCQB:NEXCF) (NEO:NTAR) (CSE:NTAR) (FSE:N29), a Metaverse company and leading provider of augmented reality products, released its unaudited preliminary financial results for the fiscal year ended December 31, 2021.
Nextech develops and operates platforms critical to creating and populating the Metaverse, including spatial mapping technology and augmented reality solutions. These include three-dimensional product visualizations, human holograms, 360° portals and augmented labs that alter e-commerce, digital advertising, learning in higher education, hybrid virtual events and training.
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The company ended 2021 with $975,000 in recurring revenue, with $475,000 from annual recurring revenue and more than $500,000 from annual repeat business from customers as the company transforms to a Metaverse company. Another $1.4 million came from renewable software licenses, an increase of 316% over 2020.
As mentioned by Evan Gappelberg in the video, historically, most of the company’s revenues have been derived from three e-Commerce platforms: VacuumCleanerMarket.com, InfinitePetLife.com and TruLyfeSupplements.com, where the company reported product sales of $19.2 million, an increase of 38% from 2020, and technology services of $5.3 million, up 55% from 2020. Annual gross profit of $9.8 million is close to the $9.85 million audited gross profit reported for 2020.
According to a February 2021 report by Research and Markets, the global augmented reality market size is estimated to reach US$340.16 billion by 2028, an explosive 43.8% compound annual growth rate from the US$26.75 billion reported in 2021. Continued innovations in the Augmented Reality realm, which have triggered the adoption of the technology in several industries and industry verticals, is fueling market growth. People are increasingly adopting the AR-supported online platforms for shopping, education, and social media interactions, among other purposes, for a better immersion experience.
Nextech AR offers end-to-end metaverse solutions capable of quickly delivering interactive visuals for both small and large scale projects.
The shares are trading at $1.18. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 or by email at investor.relations@nextechar.com.
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