Revenue increases 260% vs Q1 2018
Signed global sales contracts of $1.3 mil in Q1
Third straight quarter with growing year over year revenues - + 36%, +165%, +260%
TORONTO, May 08, 2019 (GLOBE NEWSWIRE) -- ARHT Media Inc. (“ARHT” or “the Company”) (TSXV:ART), a global leader in the development, production and distribution of high-quality hologram content through its patented Augmented Reality Holographic Telepresence technology announces its financial results for the three months ended March 31, 2019. ARHT reported revenue of $794k for the three months ended March 31, 2018 compared to $303k for Q1 2018. A net loss of $885k ($0.02/share) was reported for Q1 2019, compared to a net loss $2.1mil ($0.08 share) for the prior year’s three-month period. The Company, including ARHT Asia, signed new deals worth $1.3mil in Q1 2019.
On May 2, 2019 the Company announced that it would raise up to $800k in secured debentures through a private placement financing to provide the Company with working capital to continue its ongoing sales and operational activities. The Company anticipates the debenture financing will close on or around May 9, 2019. The Company intends to raise additional funds during the year in response to the growing global demand. ARHT’s quarterly revenue grew in each of Q3 2018 (+36%), Q4 2018 (+165% in a two-month quarter vs. prior year 3-month 4th quarter) and Q1 2019 (+260%).
Highlights for the quarter end include:
- Revenue of $794k for the three months ended March 31, 2019 compared to $303k for the three months in the prior year, representing an increase of 260% and equal to nearly 50% of all last year revenue
- Net Loss of $885k ($0.02/share) for the three months ended March 31, 2018 compared to a net loss of $2.1mil ($0.08/share) for the three months in the prior year, a loss reduction of 58%
- Selling, General & Administrative expenses reduced by 50% versus Q1 2018
- New booked deals of $1.3mil signed in Q1, including deals booked through ARHT Asia
- Produced the content and hologram of Crown Prince of Dubai, His Highness Sheikh Hamden bin Mohammed bin Rashid Al Maktoum, to bring to life his vision of the 7 Shifts Shaping Future Cities at this year’s World Government Summit in Dubai.
- Presented the host of the PyeongChang Forum 2019, the Governor of Gangwon, Mr. Choi Moon-Soon, as an ARHT hologram to give his welcome address.
- Installed for a five-year term the first interactive ARHT Media Holographic Cube at Newark International Airport for the New Jersey Hall of Fame
- Provided the cornerstone technology in the China Unicom "5G + Smart Education" Industry Application Conference in Wuhan, China
- Supported ATCO CEO, Nancy Southern in her keynote address to a prestigious group of American CEOs at the Four Seasons Hotel, Scottsdale, Arizona
- Signed an agreement with Ericsson Malaysia for the Malaysian 5G Showcase event featuring the Prime Minister of Malaysia
“Aside from the 260% year-over-year increase in revenue in Q1 we signed new agreements worth $1.3 million and successfully launched our first non-manned interactive holographic kiosk, the ARHT Media Holographic Cube - a product that we are seeing significant demand for,” stated ARHT CEO Larry O’Reilly, “With a combination of repeat events to showcase the benefits of 5G technology and a growing list of clients looking to purchase our products for fixed network and mobile activations we are very encouraged with the prospects for the remainder of 2019 and expect the trend of significant year-over- year revenue increases to continue. ”
About ARHT Media
ARHT’s patented Augmented Reality Holographic Telepresence technology is the world’s first complete end-to-end solution for the creation, transmission, and delivery of life-like digital human holograms. We create Presence. The Company's technology is protected by U.S. Patent No. 9,581,962.
Connect with ARHT Media
Twitter: http://www.twitter.com/ARHTmedia
Facebook: http://www.facebook.com/ARHTmediainc
LinkedIn: http://www.linkedin.com/company/arht-media-inc-
For more information, please visit http://www.arhtmedia.com/ or contact the investor relations group at info@arhtmedia.com.
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
ARHT Media Press Contact
Salman Amin
samin@arhtmedia.com
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company’s financial results; anticipated revenues, the projection for break even, the Company’s sales funnel; the Company’s plans to raise additional funds, 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 HumaGram™ 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.