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Thursday, February 08, 2024 10:49:55 AM
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.
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.
Recent NEXCF News
- Nextech3D.ai Lands $1.8 Million 3D Modeling Deal with NASDAQ 100 Technology Company • InvestorsHub NewsWire • 02/13/2024 03:00:00 PM
- Nextech3D.ai Reports $5 Million or +56%Growth in 2023 Revenue Unaudited Results • InvestorsHub NewsWire • 02/08/2024 03:00:00 PM
- Nextech3D.ai Signs New 3D Modeling Contract with Enterprise Giant Global Industrial Company • InvestorsHub NewsWire • 01/30/2024 03:00:00 PM
- AI-Powered 3D Model Search Engine Delivers a 500% Productivity Increase • AllPennyStocks.com • 01/18/2024 05:30:00 PM
- Nextech3D.ai's Breakthrough AI Powered 3D Model Search Engine Now Delivering a 500% Increase in Productivity • InvestorsHub NewsWire • 01/18/2024 03:00:00 PM
- Apple's Vision Pro Release Driving Demand For ARway.ai's Spatial Computing Platform As it Signs New Deal with F3Geomatic • InvestorsHub NewsWire • 01/17/2024 03:00:00 PM
- Nextech3D.ai's AI Powered Search Engine Reports a Breakthrough 80% Increase In 3D Modeling Productivity • InvestorsHub NewsWire • 01/11/2024 03:02:41 PM
- Nextech3D.AI Expanding AI Patent Portfolio and Announces Six New 3D Modeling Contracts & Renewals • InvestorsHub NewsWire • 01/09/2024 03:00:00 PM
- Nextech3D.ai Builds Breakthrough AI Powered Search Engine To Scale 3D Model Production • InvestorsHub NewsWire • 01/04/2024 03:00:00 PM
- Nextech3D.ai Granted First in a Series of AI Patents for Generating 3D Models from Computer Aided Design (CAD) Data • InvestorsHub NewsWire • 12/13/2023 03:00:00 PM
- Nextech3D.ai Signs 3D Model Expansion Contract With Vornado Air LLC Bringing Its 3D Models Onto Amazon's Seller Central • InvestorsHub NewsWire • 12/11/2023 03:00:00 PM
- Nextech3D.ai Launches AI AD Network For Its Event Tech Platform Map DCEO to Demo Ad Network in Livestream TODAY at 2pm ET • InvestorsHub NewsWire • 12/07/2023 03:00:00 PM
- Nextech3D.ai Obtains New AI Tool Through Technology Transfer From Its Largest Customer • InvestorsHub NewsWire • 12/06/2023 03:04:56 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 12/01/2023 08:05:33 PM
- Nextech3D.ai Announces New Production Record Having Delivered More Than 50,000 3D Models • InvestorsHub NewsWire • 08/09/2023 12:00:00 PM
- Nextech3D.ai Reports Record Preliminary Q2 Revenue Up +155% To $1.4Mill & Guides Towards Breakout Q3 Revenue +200% of $1.7Mill - $1.9Mill Amid Surging 3D Model Demand • InvestorsHub NewsWire • 08/01/2023 11:04:07 AM
- Nextech3D.ai Announces $2.2 Million Expansion Contract From Its Largest Enterprise Customer Driving A Surge In 3D-Modeling Demand in Q3 • InvestorsHub NewsWire • 07/27/2023 12:00:00 PM
- News Brief: Nextech3D.AI • AllPennyStocks.com • 07/11/2023 02:19:00 PM
- Nextech3D.ai Files to Uplist on NASDAQ Capital Market and Signs Large Enterprise Renewal and Expansion Contract With Major Retailer For Over 1000 3D Models • InvestorsHub NewsWire • 07/11/2023 11:47:18 AM
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