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
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 (GLOBE NEWSWIRE) -- 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.”
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