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NexTech AR Solutions soars to record November revenues on augmented reality e-commerce

The company raked in roughly $700,000 last month, nearly triple its November 2018 total of $241,000

Augmented reality rug
“We are in the midst of the fourth Industrial Revolution, and technology is evolving faster than ever,” CEO Evan Gappelberg said

NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) announced Tuesday that November saw record revenue for the company, fueled by sales in its augmented reality e-commerce division. 

NexTech raked in roughly $700,000 last month, nearly triple its November 2018 total of $241,000. Gross profit also surged, coming in 241% higher at $300,000 compared to $88,000 a year earlier. 

“I’m thrilled with our rapid growth trajectory and I am particularly excited that we were able to achieve $700,000 in sales in just one month compared to $1.5 million in all of last quarter,” CEO Evan Gappelberg said in a statement. “During the month of November, we saw an acceleration in sales growth across all business segments, especially our AR e-commerce division, which is now starting to scale.”

READ: NexTech AR Solutions says integration of AR solution with Magento 2.0. a "gamechanger"

Gappelberg believes the NexTech’s offerings, which include the ability to turn 2D images into 3D interactive AR assets that users can view in a web browser, puts the company in a prime position to be a leader in the sector.

“We are in the midst of the fourth Industrial Revolution, and technology is evolving faster than ever,” Gappelberg said. “This revolution is being led by AR, [artificial intelligence], [Internet of Things], Edge computing and the 5G network, all of which are converging and becoming increasingly ubiquitous for training, e-commerce, advertising, and entertainment. This convergence is stimulating a rapid market adoption environment similar to the internet in the 1990’s driving the creation of billion-dollar industries almost overnight, a market NexTech is uniquely positioned to capitalize on.”

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Nextech AR Solutions Corp.

Price: 1.7 CAD

CSE:NTAR
Market: CSE
Market Cap: $95.73 m
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