ARHT Media Announces Q3 2020 Financial Results; Revenue Increases 133% Year Over Year; Strategic Partnerships Added in USA, Canada & Brazil; HoloPod Permanent Display Deployed in October
October 30, 2020 08:30 ET | Source: ARHT Media Inc.
Third Quarter and Post Quarter 2020 Highlights:
- Q3 revenues of $1,097k vs $470K, increase of 133%
- Q2 loss of $678k vs $1,423k, decrease of 52%
- Cash position at end of Q3 of $1,258k vs $521k at end of Q2, increase of 141%
- Company adds Digital Nation (US), Matrix CC (Canada) & Innova (Brazil) as Strategic Partners
- Highly anticipated HoloPod Display production models received, 1st location deployed in October
- Two Virtual Global Stage (VGS) activations result in repeat orders from both clients for Q4
- Company was cashflow positive in September 2020
- Over 50% of current sales funnel will result in recurring revenues
TORONTO, Oct. 30, 2020 — ARHT Media Inc. (“ARHT” or the Company”) (TSXV:ART), the global leader in the development, production and distribution of high-quality hologram content through its patented ARHT Engine software technology, today announced its third quarter results for the period ended September 30, 2020. For the three-month period ended September 30, 2020 ARHT reported revenue of $1,097k compared to $470k for the comparable period in 2019 an increase of 133% and a loss of $678k vs $1,423k a decrease of 52%.
Continuing the growth of the channel sales strategy the Company added strategic partners in the US, Canada and Brazil, with the first activation from Digital Nation being the AT&T 5G sponsored NBA playoff pregame interviews for both the East and West Finals on TNT and ESPN.
ARHT received the first five production units of its much anticipated permanent display, the HoloPod, in October with the first installation happening at a hospital on October 30, 2020. HoloPods are an in-person holographic display with two-way communication capabilities designed specifically for corporate meeting and boardrooms, university lecture halls and other permanent installations.
“ARHT bounced back in a major way in Q3 and has set the stage for the growth trajectory we were on prior to COVID-19,” stated Larry O’Reilly, ARHT Media President and CEO. “In fact, in many ways we are in a better position as organizations have embraced technology to improve communication with employees and customers. The streaming services have been a blessing in the short term, but our clients are telling us that they are ‘Zoomed out’, and are looking for more engaging and impactful communication, which is what we deliver. However, as with most other businesses, in the short-term COVID-19 is expected to continue to adversely affect the Company’s business. Going forward I am very encouraged by the early Q4 numbers in terms of the university and healthcare sales for in-person HoloPresence in China and we expect those results to be replicated in other markets once COVID-19 is no longer restricting business activity.”
ARHT Media would like to remind everyone that their AGM will take place at 10:00 AM EST on Nov 4, 2020. The meeting will be audio-cast live and can be accessed by conference call at 1-866-261-6767 using participant code 76817627#. The AGM will be followed by an Investor Presentation that will take place at 1:00 PM EST on Nov 4, 2020. To register for the presentation please visit: https://www.arhtmedia.com/investorpresentation
About ARHT Media
ARHT Media’s patented HoloPresence technology is a complete end-to-end solution that creates a sense of presence for audiences – as though the holographic presenter was actually live in the room. With no noticeable latency, ARHT Media makes two-way live communication with a 3D holographic presenter anywhere in the world possible. We can also playback pre-recorded content and 3D animations on our HoloPresence displays to deliver rich holographic experiences. Add to this our capability to stream the same content online on our premium Virtual Global Stage™.
For more information, please visit www.arhtmedia.com or contact the investor relations group at firstname.lastname@example.org.
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, 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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