TORONTO, April 10, 2019 (GLOBE NEWSWIRE) -- ARHT Media Inc. (“ARHT” or “the Company”) (TSXV:ART, Financial), 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.
ARHT Media Announces Its Financial Results For the Two and Eleven Months Ended December 31, 2018
Apr 10, 2019
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