Revenue increases 20%, WeWork rollout expands from 16 to 30 locations, New Display Technology to be launched in Q2 2022 following very positive market testing
TORONTO, May 18, 2022 (Toronto) — 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 first quarter ended Mar 31, 2022.
Q1 2022 Financial Update
- Q1 2022 revenues of $1.4M vs $1.2M in Q1 2021, an increase of 20%
- Q1 2022 Net loss of $1.3M vs $0.8M in Q1 2021, an increase of 77% primarily due to increased headcount as Company invests for growth
- Cash as of Mar 31, 2022 of $10.3M compared to $3.1M as of December 31, 2021, an increase of 232%
Q1 2022 Business Highlights:
- The Company completed a $10M equity financing in February 2022 to support a significant investment in sales, marketing and new product technology.
- The Company amended its partnership agreement with WeWork. The new agreement includes expanding the number of locations in the first phase from 16 to 30 as well as improving the economics for ARHT.
- The Company welcomed two experienced technology company executives to the Board of Directors, Jonathan Pollack (AcuityAds, Kaboose) and Deborah Beatty (PointClick Care, Apple)
- 82% of total revenues in Q1 2022 were repeat customers.
- Strategic Partners added in Italy, South Africa and Australia
Q2 2022 Subsequent Events
- With the success of 3 recent events that displayed ARHT’s new display hologram technology, the Company plans to launch its new display product in Q2 2022 for the retail & corporate verticals
- The Company added sales team executives in Seattle, Boston, Berlin and Sydney as well as other important roles as it manages for growth while experiencing no turnover of existing employees
- Market testing of new display has been extremely well received
- “With pandemic restrictions loosening, in-person events and product demonstrations are increasing. This shift, coupled with our recently completed financing has provided ARHT with the opportunity to expand our client base. Given our extremely high levels of repeat business, this investment should result in significant revenue growth in 2022,” stated ARHT CEO, Larry O’Reilly. “The Q2 launch of our new display technology, which has now been market tested in events in Brussels (Military), Las Vegas (Movie Industry) and Toronto (Music Industry) is expected to propel unprecedented demand for our complete range of live hologram products and services.”
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 StageTM.
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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