The onboarding of major new customers is expected to show a meaningful ramp-up in the Web3.0 and 3D modeling revenue in the final two quarters of 2022, Nextech said Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) has reported its financial and operating results for the second quarter ending June 30, 2022, showing continued record growth in 3D modelling for eCommerce and its Web3.0 business.
The provider of augmented reality (AR) solutions said revenue from Web3.0 and 3D modelling grew 40% quarter-on-quarter in the three months to June 30, 2022. It added that annual recurring revenue and repeat revenue was $1.6 million, also a record for the company.
Looking into the third quarter, Nextech said its newly-implemented shares for services plan will reduce its monthly burn from about $1 million per month to approximately $500,000 per month, extending its cash runway for at least 12 months.
The company noted that the wind-down of its eCommerce business is expected to add $1-2 million in cash to its cash balance and is expected to be completed in 3Q/4Q 2022.
The onboarding of major new customers in the third quarter is expected to show a meaningful ramp-up in its Web3.0 and 3D modeling revenue in the final two quarters of the year, it noted.
The ARway spinout and listing on the Canadian Securities Exchange (CSE) by the company is expected to take place in the third quarter of 2022 and will provide a stock dividend of 4,000,000 shares for all Nextech AR shareholders on a pro-rata basis. Management changes
Nextech said Paul Duffy will be stepping down from the company’s board of directors and will be transitioning from president to the Chief Metaverse Officer for ARway.
The company said it sincerely thanked Duffy for all his dedication and hard work as both a board member and president at Nextech AR […]
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