TORONTO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- ARHT Media Inc. ("ARHT" or "the Company") (TSXV: ART), the global leader in the development, production and distribution of high-quality, low latency hologram and 3D interactive content, today announced its financial results for the third quarter ended September 30, 2022.
Record Q3 2022 revenues of $2.02M vs $1.05M in Q3 2021, an increase of 92%, with significant momentum continuing into Q4 2022.
Record revenue of $5.4M for the nine-months ended September 30, 2022, an increase of 58% compared to the same period of 2021.
The Company has signed agreements valued at $1.3M since introducing its new CAPSULE Display in late May 2022. The sale of CAPSULE displays includes ongoing service agreements associated with each unit generating high-margin recurring revenue.
Very high level of repeat business from Fortune 500 companies with 73% of Q3 event revenue generated by repeat clients.
11 new clients were added during Q3 from different global geographies, most of whom are Fortune 500 companies, leading universities, or new strategic partners.
Hired Palash Ghosh as the Company’s CTO to lead ARHT Media’s technology growth plans and the continued development of its product roadmap.
Warrants exercised during the quarter generated an additional $1.3M in cash from current shareholders, including ARHT Media’s CEO, CFO and most of the Company’s Board Members.
Continued roll out of the World's First Holographic Network through the WeWork partnership with 18 locations currently deployed. On track to deliver 25 of the first 30 locations by December 31, 2022.
Increased activations continue to lead to new and expanded revenue from NATO and other Defense Agreements.
Q3 2022 Net loss of $1.59M vs a Net loss of $1.24M in Q3 2021, increase attributed to additional staff and increased sales and marketing spend to support Company growth initiatives.
“I am very pleased that we continue to experience significant growth in 2022 and that this trend is expected to accelerate into 2023 and beyond,” stated ARHT CEO Larry O’Reilly. “During this quarter, we continued to prove the benefit of our technology to our corporate, government, healthcare, and education clients. We added 11 new significant global accounts while demonstrating the repeatability of our revenues with 73% event sales coming from existing clients. Our new CAPSULE Display, launched in late May, has been extremely well received for both purchase and rental, with 13 clients in all regions of the world purchasing units in Q3. We fully expect CAPSULE to make a significant impact on our plan to get to profitability in 2023 and reach $50M in annual sales in the coming years. With virtually no debt and a strong cash position, we remain very excited about our future.”
The Company will host a webcast investor presentation on Wednesday, November 9th, 2022 at 2:00 PM ET. During the webcast, Larry O’Reilly, Chief Executive Officer and Hanna Ayyad, Chief Financial Officer, will conduct a presentation that will cover key areas of ARHT Media’s business. After the formal presentation, investors will have an opportunity to ask relevant questions through an interactive Q&A portal. The Webcast will be available at the following link:
About ARHT Media
ARHT is a pioneer in the live hologram industry and their HoloPresenceTM technology offers a complete end-to-end solution for the Capture, Transmission and Display of live holograms for in-person, hybrid, and online events. They have a range of hologram display solutions to suit multiple use cases, including a premium online presentation solution, the Virtual Global StageTM, and the largest global Holographic Telepresence network of hologram Capture and Display locations, ensuring a presenter can beam into a meeting or event as a live hologram from virtually anywhere in the world.
For more information, please visit www.arhtmedia.com or contact the investor relations group at email@example.com.
ARHT Media trades under the symbol "ART" on the TSX Venture Exchange.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the intention to exercise convertible securities of the Company; disclosure related 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 ARHT Media 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.
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