- Record revenue of $7.5M in 2022 (+58% YoY), including $2.1M in Q4
- Introduction of CAPSULE display technology
- World’s largest network of holographic studios grows to over 50 locations
- Permanent installations take over events as main source of revenue showing growing demand for holograms
TORONTO, April 18, 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 operating results for the fourth quarter and fiscal year ended December 31, 2022.
2022 Financial Update
- Revenues for Fiscal Year 2022 reached $7.5M, a 58% increase compared to $4.8M in Fiscal Year 2021
- Q4 2022 revenues rose to $2.1M, a 61% increase from $1.3M in Q4 2021
- Cash balance as of Dec 31, 2022, was $4.2M, compared to $3.1M as of Dec 31, 2021
2022 Business Updates
- In February 2022, the Company announced the completion of a $10 million financing at $0.275 per unit. Proceeds were used to accelerate the rollout of the Company’s hologram technology, broaden the addressable market through the introduction of the CAPSULE Holographic Display for Retail, and increase investment in infrastructure, sales, and marketing.
- In May 2022, the Company introduced CAPSULE, a new self-contained holographic display that provides consumer-facing holographic experiences ideal for retail, tradeshow and locations with high ambient light. This new product generated over $1.7M since launching and is a large part of the current sales pipeline.
- In June 2022, the Company beamed Ukrainian President Zelenskyy simultaneously from Kiev into the four largest European technology conferences in the UK, Sweden, Netherlands and France.
- In August 2022, 7,411,539 common share purchase warrants with a $0.18 strike price were exercised, contributing $1,334,077 in cash to the Company.
- Clients love ARHT’s holographic technology with repeat customers accounting for over 76% of the Company’s 2022 event revenue.
- ARHT added 46 new clients in 2022, including Fortune 500 companies, leading universities, and new strategic partners, proving that the Company’s technologies are suitable across a wide range of industries, including healthcare, entertainment, professional services, education, healthcare and defense.
- In February 2022, the board of directors welcomed technology executives Jonathan Pollack (AcuityAds, Kaboose) as Vice Chairman and Director, and Deborah Beatty (PointClickCare, Apple) as Director.
- In June 2022, Hanna Ayyad was named CFO of the Company. Hanna was most recently CFO of Silfab Solar Inc., the North American manufacturing leader in the design and development of ultra-high-efficiency, premium-quality solar panels.
- Several strategic hires, including new CTO, Palash Ghosh whose experience includes technology leadership roles with AVIDA, Impac Media, and JCDecaux, Jeanne Weber an education sales executive most recently with Dell, Gorana Seeley, a retail executive most recently with Dufry and Hermes; and Roger Pollock, an entertainment executive formerly of IMAX, Paramount, and Universal Studios.
- ARHT manages the world’s largest holographic network of permanent locations surpassing 50 locations, with 19 locations in partnership with WeWork.
“2022 was a pivotal year in the growth of ARHT with investments in personnel, technology infrastructure, the launch of the CAPSULE display technology and numerous strategic partnerships setting up the Company for continued revenue growth in 2023,” stated ARHT CEO Larry O’Reilly, “I am very proud of our high level of repeat business and excited that so many new clients are embracing our technology.”
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 21 locations from Toronto to Sydney, as well as a large network of partner studios in every region.
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ARHT trades under the symbol “ART” on the TSX Venture Exchange.
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 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.
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