NexTech3D AI Corp (NEXCF)

[mr green239]

NEXCF/NTAR way overvalued. "Microsoft sales partnership" just a pump, anyone with a product can partner with Microsoft.

No unique technology here.

Just bad technology.

CEO only cares about the stock since the day he came up with the idea for this company.

Way overvalued products, losing customers, losing money...

Net Income (TTM):
2021/05: -17.99M
2020/12: -11.76M
2020/09: -6.994M
2020/06: -4.969M

selloff continues...
Date: High, Low, Gain, Volume
2020-08: 4.9, 3.5, -39%, 6,254,700
2020-09: 4.7, 3.2, -45%, 5,779,900
2020-10: 6.9, 4.2, -66%, 8,316,300
2020-11: 6.5, 4.5, -45%, 7,064,300
2020-12: 6.0, 4.7, -26%, 6,471,100
2021-01: 5.4, 3.7, -47%, 7,904,700
2021-02: 5.4, 3.8, -41%, 7,085,300
2021-03: 4.6, 3.1, -45%, 4,657,000
2021-04: 3.7, 1.7, -111%, 7,135,700
2021-05: 2.3, 1.7, -36%, 1,445,200
TOTAL: 6.9, 1.7, -310%, 62,114,200

ARitize reviews:

https://play.google.com/store/apps/details?id=com.NexTechAR.ARitize&hl=en_US&gl=US&showAllReviews=true

Primary purpose of app (qr codes and augmented reality) did not work during a conference. While it did work for some overall it wasn't reliable for everyone.

Could be a fun experience, but it's not. There is no showroom. So you have to watch models from advertisers. And most of those models are horrible. There are many 360 degree photos and of course you can't walk around in them. There is one dinosaur, a T-Rex, but of course the model can't get position...

This app needs a lot of fixing

Glassdoor reviews:

https://www.glassdoor.ca/Overview/Working-at-NexTech-AR-Solutions-EI_IE3756958.11,31.htm

Pros

Some good people working really hard.

Cons

I speak on behalf of MANY employees... The COO needs to go.
Unapproachable personality.
Dictatorship leadership.
Threats of consequences or departures if not done his way.
Everyone's scared of him and he's lost the faith of employees after 5 major strikes.

Strike 1: Grew the company from 60 people to 250 +. Many would view this as a positive... but not when overhead costs have multiplied 5x and sales have plummeted.

Strike 2: Spent 3 month in silence consulting with an outside firm. End result = a new logo change, branding colors and a new tagline. Cost company unrecoverable time and money to re-vamp presentation materials, website, etc. Unnecessary at the time given extensive product, sales and delivery issues.

Strike 3: Hired an outside agency to re-think pricing and proposals. Didn't consult 1 single person on the sales team for advice but demanded sales use the new pricing or they'll be fired. Result = Months of confusion, and lost deals due to price.

Strike 4: Launched a new virtual event platform and told everyone to abandon the old platform or there would be consequences. The new platform was the worst product rollout I've ever seen. It's not even 20% complete. Imaging trying to market, sell and deliver a car with no engine, no steering wheel, no tires, no oil and no drivers manual. DISASTER!!!

Strike 5: Had a public facing Airshow Hologram launch which was a complete disaster. 70% of employees couldn't get it to work - let alone customers. Unacceptable to be a publicly traded company and not do proper testing before showing to the public.

Advice to Management

Don't hire executives from SAP, IBM, Salesforce, etc.... companies like SAP don't let good employees go. Leaders from large and structured organizations can't manage small, nimble ones. Promote from within or find people who know the start up environment.

Listen to everyone in the company. Understand what they're doing to succeed. Stop with your small silent group of executives who make big decisions without talking to those in the trenches.

Top talent is keeping the company afloat but exhausted from going above and beyond during extremely chaotic times performing well but not being rewarded or recognized properly.

Stop promoting and trying to sell products that haven't generated any revenue. The company likely spends 1,000 hours a week on AR opportunities and we have close to $0 revenue to show for it.

Put the customer first. Put the product first. Stop trying to increase price and force products or solutions no one is asking for.

Create a mission statement with the product and customer in mind.

Don't try and fool people with the fake positive comments below all from March 18th. Continues to show your true colors and the fact you don't put employees or customers first. Take these negative comments to heart and act on them.

Pros

Attracted high profile hires due to AR play, but they get smart fast and leave

Cons

Inferno events product is way behind competitors on networking and learner experience tools, they oversell and under-deliver regularly (they have less than 10% of customers willing to give a reference). Map dynamics is too basic to even compete - Mickey Mouse. They are really an e-commerce platform for vacuum cleaners and like products. Even their AR team is weak (most software and holograms will blow up on your phone in minutes). They really only do 3D desktop imaging of products -nothing special. They also follow the red dot...no strategy. There is no soul or ethics.

Advice to Management

The President lacks morals and is a terrible leader. Get rid of him.

Pros

The only pro I could actually speak to is leaving this toxic environment.

There are a lot of great people still stuck here and I will miss working with them.

And it's a job. That's about all I can say.

Cons

My best suggestions are:

1. Read the CEO's review. That will tell you what tone really exists at NexTech. They are winging it and hoping no one figures out that they don't know what they are doing. That's not building the plane as you fly it... it's bs'ing and hoping clients aren't savvy enough to smell what they stepped in.

2. The glowing reviews seem to have been solicited by the sales and management team and are, at least from my experience, utterly false.

3. Just look at the stock price today compared to last fall. This company is on the decline.

Pros

Loved the dev team, a lot of exciting things happening at the company, great insurance, Vivian Chan was probably the best high level leader there.

Cons

I never knew what was going on in the company, no projection transparency, Funding seems low, no retirement,

Pros

Almost none. Poor leadership and structure.

Cons

Low integrity. Stressful work environment. Do not treat employees well.