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Be the first with the news that moves the market- ARHT Media announces record Q3 2022 results, achieving over 90 per cent quarterly revenue growth
- Record Q3 2022 revenues of $2.02M vs $1.05M in Q3 2021, an increase of 92 per cent
- 11 new clients were added during Q3 from different global geographies, most of whom are Fortune 500 companies
- The company has signed agreements valued at $1.3M since introducing its new CAPSULE Display in late May 2022
- Continued rollout of the World’s First Holographic Network through the WeWork partnership. On track to deliver 25 of the first 30 locations by the end of December
- ARHT Media (ART) is trading at C$0.16 as of 3:38 pm EST on November 7
ARHT Media (ART) has announced its financial results for the third quarter, which ended in September.
Revenues in the third quarter increased by 92 per cent, with momentum not slowing down.
ARHT signed many agreements valued at $1.3M, all since the CAPSULE Display technology came out in late May this year.
The sale of CAPSULE displays includes agreements with each unit generating high-margin recurring revenue.
The company has also cited its success to a high level of repeat business from Fortune 500 companies, with 73 per cent of Q3 event revenue generated by repeat clients.
There continues to change with the continued rollout of the World’s First Holographic Network through the WeWork partnership, with 18 locations currently deployed.
ARHT will deliver 25 of the first 30 locations by December 31, 2022.
As for net loss in the third quarter of 2022, it amounted to $1.59M vs a Net loss of $1.24M in Q3 2021, an increase attributed to additional staff and increased sales and marketing spending to support growth.
“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,” said ARHT CEO Larry O’Reilly.
“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,” said O’Reilly.
The company expects CAPSULE to reach $50M in annual sales in the coming years.
ARHT is a pioneer in the live hologram industry, and its HoloPresenceTM technology offers capture, transmission and display of live holograms for in-person, hybrid, and online events.
ARHT Media (ART) is trading at C$0.16 as of 3:38 pm EST on November 7.
