TORONTO, April 10, 2019 (GLOBE NEWSWIRE) -- ARHT Media Inc. (“ARHT” or “the Company”) (TSXV:ART), a global leader in the development, production and distribution of high quality hologram content through its patented Augmented Reality Holographic Telepresence technology, announces the Company’s financial results for the two and eleven months ended December 31, 2018. ARHT changed its year-end from January to December to better align with the industry. ARHT reported revenue of $342 thousand for the two months ended December 31, 2018 compared to $129 thousand for the three months ended January 31, 2018 of the prior year. A net loss of $1.1 million ($0.02/share) was reported for Q4 2018 two months, compared to a net loss $2.1 million ($0.20 share) for the prior year’s three-month period. The Company signed new deals worth $331 thousand in the two months of Q4, 2018. For the eleven months ended December 31, 2018 the Company reported revenue of $1.6 million and a net loss of $5.8 million ($0.19/share). For the twelve months ended January 31, 2018 (the prior reporting year) the Company reported revenue of $4.0 million and a net loss of $6.0 million ($0.60/share). The reduction in the full year revenue reflects the Company’s decision to exit the high-risk event production business and concentrate efforts on building out third-party operated networks that produce recurring revenues, as well as acting as a supplier to producers of corporate and government events. Cost savings in rent expenses and numerous cost control initiatives and policies were offset by increased spending in sales and marketing activities throughout the year as the Company continues to move from product development and proof of concept to monetization of its proprietary technology stack.
Highlights for the quarter end include:
- Revenue of $342 thousand for the two months ended December 31, 2018 compared to $129 thousand for the three months in the prior year, representing an increase of 165%
- Net Loss of $1.1 million ($0.02/share) for the two months ended December 31, 2018 compared to a net loss of $2.1 million ($0.20/share) for the three months in the prior year, a loss reduction of 50%
- New booked deals of $331 thousand in the two month period
- The 2019 Event Producers Award Winning Women in Tech Conference was conducted with speakers beaming from Los Angeles and New York into Imperial College London
- Aquaman star Jason Momoa was beamed into fan events in Mexico City and Sao Paulo, Brazil, between rehearsals for Saturday Night Live in New York City
- UBS beamed Asian CIO, Min Lan Tan, into their Year Ahead 2019 media event at the Four Seasons Hotel New York
“It was a historic year for ARHT Media. We have a new business model, a new management team, a new sales team, a new board of directors, numerous new products and now after a great deal of work are poised for significant growth in revenue and EBITDA in 2019. Revenue grew from $1.1 million to $1.6 million in 2018 excluding the high-risk production business included in the results for the prior year. And sales momentum has continued into Q1, 2019,” says ARHT Media CEO Larry O’Reilly. “I want to thank everyone involved in the evolution of the business. Our new business model is working.”
About ARHT Media
ARHT’s patented Augmented Reality Holographic Telepresence technology is the world’s first complete end-to-end solution for the creation, transmission, and delivery of lifelike digital human holograms. We create Presence. The Company's technology is protected by U.S. Patent No. 9,581,962.
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 http://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.
ARHT Media Press Contact
Salman Amin
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, the Company’s financial results; 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 HumaGram™ 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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