ARHT Media Announces Record Q3 2022 Results: Achieves Over 90% Quarterly Revenue Growth
09 November 2022 - 12:30AM
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.
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Record Q3 2022 revenues of $2.02M vs $1.05M in Q3 2021, an increase
of 92%, with significant momentum continuing into Q4 2022.
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Record revenue of $5.4M for the nine-months ended September 30,
2022, an increase of 58% compared to the same period of 2021.
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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.
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Very high level of repeat business from Fortune 500 companies with
73% of Q3 event revenue generated by repeat clients.
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11 new clients were added during Q3 from different global
geographies, most of whom are Fortune 500 companies, leading
universities, or new strategic partners.
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Hired Palash Ghosh as the Company’s CTO to lead ARHT Media’s
technology growth plans and the continued development of its
product roadmap.
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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.
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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.
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Increased activations continue to lead to new and expanded revenue
from NATO and other Defense Agreements.
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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.”
Investor Presentation
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:
Link: https://event.webcasts.com/starthere.jsp?ei=1573287&tp_key=c6c1f93a6e
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.
Connect with ARHT Media:Twitter:
http://www.twitter.com/ARHTmediaFacebook:
http://www.facebook.com/ARHTmediaincLinkedIn:
http://www.linkedin.com/company/arht-media-inc-
For more information, please visit
www.arhtmedia.com or contact the investor relations group at
info@arhtmedia.com.
ARHT Media trades under the symbol
"ART" on the TSX Venture
Exchange.
ARHTSalman AminARHT
Mediasamin@arhtmedia.com
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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