Nextech3D.ai Reports $5 Million or +56%Growth in 2023 Revenue Unaudited Results
08 Fevereiro 2024 - 12:00PM
InvestorsHub NewsWire
Nextech3D.ai
Reports $5 Million or +56%Growth in 2023 Revenue
Unaudited Results
TORONTO, ON, Canada
-- February 8, 2024 -- InvestorsHub NewsWire
-- Nextech3D.AI
(OTCQX:
NEXCF) (CSE:
NTAR) (FSE: 1SS), a Generative AI-Powered 3D model supplier for
Amazon, P&G, Kohls and other major e-commerce retailers
announces its preliminary unaudited financial and operating results
for the full year 2023, ended December 31, 2023. These preliminary
unaudited results show strong annual revenue growth of +56% to $5
million compared to $3.2 million in 2022. Annual gross profit
margin for 2024 is estimated at 30% which with the company's pivot
to India in Q4, 2023 and improvements in its AI is projected to
increase dramatically in 2024.
CEO
Commentary
Nextech3D.ai CEO and
founder Evan Gappelberg commented, "While 2023 was a solid year of
growth for our Company, we are expecting even stronger gains in
2024 as the 3D modeling revolution gains steam and our business
gains more economies of scale. Moving operations to India was a
major positive for our production capability, but especially our
profits as we are now seeing consistent profit margins of over 50%
in our businesses, which is approximately an 80% improvement over
2023." He continued, "We are currently negotiating multiple major
contracts for our 3D modeling business while simultaneously
building important AI technology that will continue to drive our
revenue and profits forward. We are seeing a convergence of AR and
AI technology begin to drive the adoption of all our portfolio of
technologies including 3D modeling, spatial computing and AI
texturing…we are excited for releasing the technology we are
building and for record results in 2024!"
Preliminary Annual
2023 Financial Highlights
-
2023 Annual revenue
growth of 56%
-
2023 Annual revenue of $5 million
compared to $3.2 million in 2022
-
70,000 3D models created to
date
2024 Outlook & Highlights
-
Several
significant enterprise 3D modeling contracted expected to close in
Q1
-
MapD anticiaptes a jump of 51% or more in the average contract
value due to increased pricing which has already been implemented
and accepted by many customers. The Company is also projecting
another 50% growth in new business leading to a projected 100%+
growth in 2024 revenue.
3D
Model Report and Projection
Nextech3D.ai
has created a total of 70,000 3D models to date, and it is expected
to surpass 250,000+ models by 2025. This achievement is projected
to be reached due to the Company's AI-powered technology enabling
the scale of production of 3D models, as well as its contracts with
enterprise clients.
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About
Nextech3D.ai
Nextech3D.ai or the
"Company," (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), is a versatile
augmented reality and AI technology company that utilizes its
proprietary artificial intelligence (AI) to craft immersive 3D
experiences at scale for E-COMMERCE. The Company's primary focus
lies in creating high-quality 3D WebAR photorealistic models for
Amazon and various other online retailers. Nextech3D.ai has adopted
a unique approach to creating shareholder value beyond its
operating business of creating 3D models.
The Company also develops
or acquires disruptive AI-technologies, which are subsequently spun
out to shareholders as standalone public companies. This spin-out
strategy allows Nextech3D.ai to issue stock dividends to its
shareholders while maintaining significant ownership in the public
spin-out, without dilution to the parent company
Nextech3D.ai.
Notably, Nextech3D.ai
successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65
) its spatial computing platform, as a standalone public company on
October 26, 2022. The Company retains a 49% stake with 13 million
shares in ARway Corp. while distributing 4 million shares to
Nextech shareholders.
Similarly, Nextech3D.ai
accomplished its second spin-out launching Toggle3D.ai, (OTCQB:
TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed
at competing with Adobe. The Company retains a 44% stake with 13
million shares in Toggle3D.ai Corp.
To learn more, please
follow us on Twitter, YouTube, Instagram, LinkedIn,
and Facebook,
or visit our website: https://www.Nextechar.com.
For
further information, please contact:
Investor Relations
Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan
Gappelberg
CEO and
Director
866-ARITIZE
(274-8493)
Forward-looking
Statements
The CSE
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Certain
information contained herein may constitute "forward-looking
information" under Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as, "will be" or variations of
such words and phrases or statements that certain actions, events
or results "will" occur. Forward-looking statements regarding the
completion of the transaction are subject to known and unknown
risks, uncertainties and other factors. There can be no assurance
that such statements will prove to be accurate, as future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Nextech
will not update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.
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