TORONTO, May 30, 2023 (GLOBE NEWSWIRE) -- 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 Contact
Salman Amin
ARHT Media
samin@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.
