For the year ended May 31, 2019, the augmented reality company brought in just over $2 million in revenue and $584,007 in gross profit, according to its statement.
The company says revenue is only going to increase from here. NexTech said it expects to be cash-flow positive by the fourth quarter of the 2019 calendar year and expects revenue to increase tenfold in 2020.
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To get there, the company has six quarterly product launches planned, which began in September with the unveiling of its do-it-yourself augmented reality platform for businesses.
Overall, the company is targeting three verticals in the AR sector - an industry expected to be worth $120 billion by 2022, according to Statista.
NexTech’s “ARitize” verticals include E-commerce, which allows business clients like Budweiser, Walther Arms and Mr. Steak to show its customers their projects projected into their own space; University, which is designed to facilitate interactive education and workplace training experiences; and Hollywood Studios, a proprietary entertainment venue producing immersive content.
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