Q3 2023 Financial Update
- Revenue for Q3 2023 was
$1.4M compared to$2.0M for Q3 2022. The decrease reflects our strategic shift to product sales from event rentals, which has a longer sales cycle but drives higher customer lifetime value and overall revenue. In addition, several customer sales agreements were pushed from Q3 into Q4 of 2023. - Gross Margin increased to 57% in Q3 2023 vs. 51% in Q3 2022.
- Q3 2023 Adjusted EBITDA loss of -
$1 .8M vs -$1.4M in Q3 2022. - Cash as of Sep 30, 2023 was
$0.5M as compared to$0.5M onJune 30, 2023 .
“During the third quarter,
“While third quarter financial results were below our expectations, I am optimistic about the performance of the company going forward and we expect revenues to end 2024 on a strong note.” Mr. O’Reilly commented.
Q3 2023 Business Updates
- In
July 2023 , ARHT began to roll out the ARHT 2.0 ISO software platform, the world’s most advanced holographic software platform. This system was designed to increase ease of use, improve reliability, and provide scalability to service large scale global clients. Featuring AE Quick Connect, AE Live Advance Mode, AE CMS, AE RMS, AE Analytics and AE Kiosk – backed by the Azure Cloud and the only 24/7 holographic NOC – this new platform is designed for enterprise clients and has unlimited scale. - In
July 2023 , the Company (i) signed its first CAPSULE Subscription agreement with Paradise Lagardère, one of the world’s largest travel retailers, (ii) had CAPSULE event activations with a leading luxury brand inNew York ,Tokyo , andShanghai , and (iii) was featured at the 3M Open inMinneapolis . - In
August 2023 , the Company successfully closed a private placement of secured subordinated debentures of approximately$2.0 million . The majority of which was subscribed by management, directors, and insiders. - In
August 2023 , ARHT’s technology was featured on the main stage in Panama City for the 400,000 memberIEEE Global Conference and had its first long-term installation at a major convention center. ARHT also expanded its channel sales network with L’Antenne inParis , Newtonlab Space inBarcelona , and Africa Union Technologies inJohannesburg .
- In
September 2023 , the Company announced the appointment ofJack Bensimon , a recognized leader in the world of advertising, to its board of directors. - In
September 2023 , the Company received CE, CB, UL, CSA and additional country specific certifications for its CAPSULE hologram display allowing it to be sold in an extensive list of locations worldwide.
Q3 2023 Subsequent Events
- The Company installed its CAPSULE holographic display in an experience center at the headquarters of one of the largest companies in
India , and at airports inCharlotte, NC , andToronto, ON , and was featured at several events including a global oil and gas company inIndia , one of the largest banks inEurope and with Amazon at TwitchCon inLas Vegas .
About ARHT
ARHT is a pioneer and the global leader in live and pre-recorded 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 and brands and retailers can engage their clients with cutting edge 3D interactive content.
ARHT was founded in 2014 and is publicly traded on the
Connect with ARHT:
LinkedIn: https://www.linkedin.com/company/arht-tech
Instagram: https://www.instagram.com/arht.tech
Facebook: https://www.facebook.com/arht.tech
Twitter: https://twitter.com/arht_tech
Youtube: https://www.youtube.com/@arht-tech
For more information, please visit www.arht.tech/about/investors or www.arht.tech.
Alternatively, email us directly at info@arht.tech.
ARHT trades under the symbol “ART” on the
Press Inquiries:
kspence@arht.tech
ARHT
Chief Financial Officer
+1 (416)-782-8042 (head office)
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
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