ARHT Media Announces Q3 2019 Interim Financial Results
TORONTO, Dec. 24, 2018 (GLOBE NEWSWIRE) — ARHT Media Inc. (“ARHT” or “the Company”) (TSXV:ART), a global leader in the development, production and distribution of high quality hologram content through its patented Augmented Reality Holographic Telepresence technology, announces the Company’s financial results for the three month interim period ending October 31, 2018. ARHT reported revenue of $450,574 in Q3 2019 compared to $330,762 for Q3 2018. A net loss of $1,246,612 ($0.04/share) was reported for Q3 2019, compared to $1,386,724 ($0.14 share) for Q3 2018. The company signed new deals worth $708,902 in the quarter. Cost savings in research and development and rent expenses were offset by increased spending in sales and marketing activities during the quarter as the Company continues to move from product development and proof of concept to monetization of its proprietary tech stack.
ARHT conducted a significant number of prospect and client demos of the Company’s technology in Q3 2019 relative to prior years, which has led to the biggest prospective sales funnel in the history of the Company. As importantly, the Company successfully sold its technology to third parties, to operate as permanent installations or rental programs for events, each with recurring revenue streams.
Highlights for the quarter include:
- Revenue of $450,574 in Q3 2019 compared to $330,762 during Q3 2018, representing an increase of 36%;
- Net Loss of $1,246,912 ($0.04/share) in Q3 2019 compared to $1,386,724 ($0.14/share) during Q3 2018;
- New booked deals worth $708,902 for the quarter
- Revenue was generated from deals in Switzerland, UK, Italy, Japan, China, US and Canada;
- Significant growth in sales funnel from all major vertical markets worldwide;
- First sale of company tech to global leading AV company Dorier Inc., in Geneva;
- First sale of capture and display suites at a university, Imperial College London;
- First permanent capture and display at shared workspace facility, SCI Innovation Centre Toronto;
- First permanent capture and display at shared workspace in China, SCI Innovation Shenzhen; and
- First permanent capture studio for an international speaker, Peter Diamandis, Los Angeles.
“The momentum around our new business model, teaching others how to use our technology to deliver amazing experiences for themselves and their clients, and providing ARHT Media recurring revenues and repeat business, is really taking hold,” says ARHT Media CEO Larry O’Reilly. “We are well positioned to see significant increases in revenue and EBITDA in the coming year. By owning our technology our partners can recoup their capex in as few as three events, which delivers much greater value to them and recurring revenues to us.”
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/63ea1a61-1438-4452-aafb-082267c1dee2
All amounts in Canadian $
About ARHT Media
ARHT’s patented Augmented Reality Holographic Telepresence technology is the world’s first complete end-to-end solution for the creation, transmission, and delivery of lifelike digital human holograms, known as HumaGrams™. The Company’s technology is protected by U.S. Patent No. 9,581,962.
Connect with ARHT Media
For more information, please visit http://www.arhtmedia.com/ or contact the investor relations group at email@example.com.
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
ARHT Media Press Contact
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited 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 HumaGram™ 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.