ARHT Media filed for bankruptcy laid off all employees and contractors, and officially ceased its operations last Friday.
Founded in 2014, ARHT Media positioned itself as a pioneer in live hologram technology, offering lifelike, real-time holographic solutions that were supposed to be telepresence communications displays.
The company faced increasing financial challenges over the years. While the company managed to grow its revenue from a pandemic low of C$2.22 million ($1.6 million) in 2020 to C$4.92 million ($3.2 million) in 2023, this growth came at the cost of mounting net income losses. By 2023, these losses had escalated to -C$11.26 million ($8.3 million).
In a statement released on Friday, the company acknowledged that it had “been successful in reducing its overall cost structure,” but ultimately failed to secure the necessary financing to sustain operations until a large-scale rollout of its holographic products could be achieved.
MNP Ltd. has been appointed as the licensed insolvency trustee and will oversee the disposition of ARHT’s assets, which include holdings in the United States, United Kingdom, Singapore, and Hong Kong.
