The roller coaster ride continues for shares of Nextech Ar Solutions Corp (OTCMKTS:NEXCF). The stock has been all over the map in recent action, but sits up nearly 200% in the past two months at present levels. To help push the matter, the company just announced that JumpBall, a progressive urban basketball apparel retailer, has signed a deal for the company’s webAR eCommerce solution.
According to the release, “The global apparel industry has been looking for a solution to the challenge of creating photo realistic 3D objects at scale at a reasonable cost. NexTech, with its recently announced revolutionary CaptureAR, makes the capture of 3D clothing objects easy. Anyone can do it with 4K video capture from a cell phone combined with their proprietary tech platform, no special training or skills required, giving the company a major industry advantage.”
Nextech Ar Solutions Corp (OTCMKTS:NEXCF) bills itself as a company that engages in the acquisition and development of augmented reality (AR) technology.
The company offers ARitize eCommerce, the browser-based and Web enabled AR shopping platform; ARitize Retail Showroom that provides choice, convenience, ratings, and reviews with the benefits of being in-store; ARitize App that allows to sell, learn, communicate, and share product, service, or experience through AR; and ARitize University, an AR learning system.
It also provides ARitize Studios, which enables customers to beam in to 3D volumetric space as a hologram, and create an interactive yet intimate connection with audiences from all over the world; and Hoot 3D eCommerce solution that shows 3D and 360 degree product photography.
In addition, the company sells vacuum cleaners and parts through retail stores and online sales channels; and pet supplements through online sales channels. NexTech AR Solutions Corp. was incorporated in 2018 and is based in Vancouver, Canada.
According to company materials, “NexTech is a leader in the rapidly growing AR industry, estimated to hit $120 billion by 2022, according to Statista. NexTech, the first publicly traded “pure-play” AR company, began trading on the CSE on October 31st, 2018. NexTech has a two-pronged strategy for rapid growth including growth through acquisition of eCommerce businesses and growth of its omni-channel AR SaaS platform called ARitize™. NexTech has an exclusive license to a portfolio of patents 7,054,831, 7,266,509 and patent-pending applications 15351508, 62457136, 62559487, related to interactive gaming, interactive advertising, and augmented reality (“AR”) technology. The company is pursuing four multi-billion dollar verticals in AR.”
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As noted above, NEXCF just announced that JumpBall, a progressive urban basketball apparel retailer, has signed a deal for the company’s webAR eCommerce solution.
Recent action has seen 39% tacked on to share pricing for the company in the past month. In addition, the company has seen interest climb, with an increase in recent trading volume of nearly 240% beyond its prior sustained average level.
Evan Gappelberg, CEO of NexTech AR, agrees. “We are excited to welcome JumpBall Apparel as a client. By investing into augmented reality, JumpBall has positioned itself as an apparel leader. From enhancing customer engagement with their products, dramatically increasing add to cart rates and by lowering product returns, we are confident that JumpBall will benefit greatly from our AR technology.” He continues: “With our new CaptureAR technology, NexTech has moved augmented reality into the forefront as an essential tool for online apparel retailers allowing them to sell more product. Today’s announcement reflects NexTech’s deepening commitment to the fashion and apparel sector, a $1.5 trillion marketplace which we intend to dominate.”
Earning a current market cap value of $78M, NEXCF has a chunk ($1.4M) of cash on the books, which is balanced by about $1M in total current liabilities. NEXCF is pulling in trailing 12-month revenues of $3.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 6612.2%. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $NEXCF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $NEXCF, either long or short, and we have not been compensated for this article.