ARHT Media Announces Q1 2023 Operating Results
May 30 2023 - 8:00AM
ARHT Media Inc. ("ARHT" or "the Company") (TSXV:ART), (OTCQB:ARHTF)
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 March
31, 2023.
Q1 2023 Financial Update
-
Revenue for Q1 2023 was $1.3M compared to $1.4M for Q1 2022, a 8%
decrease. The decrease reflects the company’s sales focus
transition to fixed installations versus events given the longer
sales cycle which is expected to positively impact the Company's
financials in the remaining quarters of 2023.
-
Q1 2023 Net loss of $2.8M vs $1.3M in Q1 2022
primarily due to increased headcount as the Company continues to
invest for growth.
-
LTM Revenues was $7.4M an increase of 50% YoY when compared to the
prior twelve months reflecting continued positive momentum in the
growth of the business.
-
Cash as of March 31, 2023 was $1.8M as compared to $4.2- on
December 31, 2022.
Q1 2023 Business Updates
- In January 2023, the Company
participated in three international technology conferences – CES
(Las Vegas, USA), National Retail Forum (New York, USA) and ISE
(Barcelona, Spain). At CES, the Las Vegas Review Journal included
ARHT in their 5 Things You Need to See report.
- In January 2023, the Company
unveiled its new branding, logo, and website, which embodies its
commitment to prioritizing its customers and products. The
refreshed look and feel of the brand and website better reflect the
Company's values and vision, while showcasing its dedication to
providing high-quality products and exceptional customer
experiences.
- In February 2023, the Company
completed an activation for the NBA All-Star Weekend which beamed
in NBA players live for interviews.
- In March 2023, the Company was
contracted by the Singapore Defense Technology Summit (a repeat
client) to beam Service Now CEO Bill McDermott from San Francisco
into Singapore to deliver his keynote address.
- In March 2023, the Company
successfully supported Ontario Creates in their participation in
the South X South West event. Aside from presenting 6 major Ontario
performers throughout SxSW ARHT live streamed a performance by US
Girls which Rolling Stone Magazine described as "one of the best
things we saw."
- In March 2023, the Company signed
agreements with the Wharton School of Business at the University of
Pennsylvania for events hosted in Singapore and the Telfer School
of Business at the University of Ottawa for a permanent
installation of Capsule.
- In March 2023, IMD, an executive
education institution that is consistently one of the top ranked in
the world, began live beaming instructors between their Swiss and
Singapore campuses over the ARHT hologram network.
- In Q1 2023, the Company signed six
agreements for permanent installation of its hologram technology
that will produce ongoing recurring revenue.
- In March 2023, the Company signed
agreements for the first use of its CAPSULE display in a retail
location in China by a major fashion label.
Q1 2023 Subsequent Events
- In April 2023, the Company secured a $0.5 million contract with
a Global Fortune 50 customer to deliver prerecorded, live
holographic streaming services.
- In May 2023, The International Institute for Management
Development (IMD) installed ARHT Media’s live hologram technology
at its campuses in Lausanne, Switzerland and Singapore to expand
the scope and reach of its executive education programs while
minimizing climate impact.“ARHT’s performance in Q1 2023 was below
our expectations as several clients delayed their purchases due to
economic uncertainty as well as numerous events being rescheduled
to later in the year. While this impacted our revenues, we are
confident that the rest of 2023 will achieve strong sequential
quarterly growth as the Company shows the benefits of its
investments in staff and product capabilities,” stated Larry
O’Reilly, CEO of ARHT Media. “As our product offerings continue to
generate interest from some of the most recognizable global brands,
management has taken proactive steps to ensure that we capture the
most efficient revenue sources to seamlessly transition from a
growth company to a profitable enterprise.”
About ARHT Media
ARHT is a pioneer and the global leader in live
hologram technology. Thanks to its patented end-to-end technology,
executives, medical experts, educators, entertainers, and thought
leaders can travel at the speed of light to any destination.
ARHT was founded in 2014 and is publicly traded
on the TSX Venture Exchange. ARHT has offices in North America,
Europe and Asia and operates from its own studios in locations from
Toronto to Sydney, as well as a large network of partner studios in
every region.
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 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.
Press ContactSalman AminARHT
Mediasamin@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, 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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