Nextech Ar Solutions Corp (OTCMKTS:NEXCF) just announced that it has begun a major expansion of its AR ecommerce business. In the past 60 days the company has signed new distributor deals with major brands such as Dyson, Philips Norelco, MR. Coffee, VitaMix, MetroVac, Breville, and Cuisinart.
According to the release, these new distribution deals position the company to take full advantage of the new SFH (shop from home) paradigm shift in e-commerce as well as leverage its full augmented reality technology stack into these brands, which includes its WebAR, ARitize360 app and it’s 3D/AR advertising network. The company expects these new products to have a significant impact on future revenues.
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 it has begun a major expansion of its AR ecommerce business. In the past 60 days the company has signed new distributor deals with major brands such as Dyson, Philips Norelco, MR. Coffee, VitaMix, MetroVac, Breville, and Cuisinart.
The chart shows 43% added to share values of the name over the past month of action. Furthermore, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 34% beyond its prior sustained average level.
Evan Gappelberg, Chief Executive Officer, NexTech AR noted “Up until 60 days, Miele accounted for the majority of our AR ecommerce business. Now with seven major new brands and more in the works, we are exponentially increasing our AR e-commerce revenue potential.”
At this time, carrying a capital value in the market of $341M, NEXCF has a chunk ($2.3M) of cash on the books, which must be weighed relative to about $1.1M in total current liabilities. One should also note that debt has been growing over recent quarters. NEXCF is pulling in trailing 12-month revenues of $2.6M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 5677.6%. We will update the story again soon as developments transpire. 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.