YTD revenue of $3.4M up 117% YoY and beats entire 2019 pre-covid revenue
86% of event revenue from repeat clients, 76% from online VGS platform
WeWork partnership opens 9 locations to date and expanding
First events with NATO expected to lead to additional permanent locations
TORONTO, Nov 10, 2021 — 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 digital content, today announced its financial results for the third quarter that ended on September 30, 2021.
Third Quarter 2021 Financial Update
- Revenues for the third quarter of 2021 were $1.058 Million, compared to $1.097 Million in the third quarter of 2020;
- The Company has made several investments supporting future revenue growth, including adding staff in Sales, Business Development, Operations and Marketing, undertaking a website re-design, and engaging Public Relations, Social Media and Investor Relations firms.
- Net loss for the third quarter of 2021 was $1.24 million compared to $678 thousand for the same period in 2020;
- Cash and cash equivalents were $2.7 million as of Sep 30, 2021, with an additional $920 thousand from exercised warrants in October and an expected $866 thousand of in the money warrants to be exercised in November.
Third Quarter 2021 Business Updates
- The Company executed 19 events which included revenue from 6 global healthcare brands, 5 of which were repeat clients. 86% of event business was generated from repeat clients
- The Company’s online mainstage presentation solution, Virtual Global StageTM (VGS) contributed 73% of event revenue and included deals that will generate recurring revenue
- Singapore’s Ministry of Communication, previously an event client, purchased the Company’s HoloPresenceTM technology to use on an ongoing basis
- To date WeWork locations that utilize the Company’s HoloPresenceTM technology include Los Angeles, San Francisco, Boston, New York, Miami, Montreal, London and Singapore. The partnership agreed to increase the number in the first phase of rollout to 18 locations as international locations come on-line.
- The Company worked with NATO on two important events in September which is expected to add additional permanent locations beyond current installs at Allied Strategic Comand in Norfolk Virginia and NATO’s largest training facility in Germany
- In October the Company beamed US Undersecretary of Defense, Heidi Shyu, from Washington to deliver the keynote address at the Singapore Defense Technology Summit
- The Company added California based Metro AV as a strategic partner with a focus on activations throughout the Americas
- The Company was featured in media globally in Q3 including Forbes, CTV’s The National, Global National News, The New York Times, BBC, The Strait Times (Singapore), The Daily Mail (UK), Science Times, Dubai Vibes Magazine, Global radio and more
“Despite the pandemic, we continue to grow both the number of permanent locations that will generate recurring revenue and our online and hybrid events featuring the Virtual Global Stage and we have already surpassed our pre-pandemic full-year revenue from 2019,” stated ARHT CEO Larry O’Reilly, “our relationships with both NATO and WeWork continue to expand, with the official demo and media launches at WeWork just getting underway now. The media coverage of ARHT globally has brought in new leads from all corners of the world and our recently launched new website is getting rave reviews. Prior to the pandemic, we had doubled revenue from 2018 to 2019 and we believe we are back on track to do the same, or possibly better, as we head into 2022.”
About ARHT Media
ARHT Media’s patented HoloPresenceTM 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 HoloPresenceTM displays to deliver rich holographic experiences. Add to this our capability to stream the same content online on our premium Virtual Global Stage™.
Connect with ARHT Media
For more information, please visit www.arhtmedia.com or contact the investor relations group at [email protected]
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
KCSA Strategic Communications
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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