NEXTECH3D.AI REPORTS FISCAL YEAR 2023 AND FOURTH QUARTER 2023 AUDITED FINANCIAL RESULTS
2023 Annual Revenue Growth of + 56%
2023 Annual Revenue of $5 million
TORONTO, O.N, Canada – April 29, 2024 - Nextech3D.AI (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" and other major e-commerce retailers reports its Fiscal Year 2023 and Fourth Quarter 2023 Financial Results the year ended December 31, 2023.
After markets close on Monday, April 29, 2024, the company will release its audited full-year and fourth quarter 2023 financial results.
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:
• New demand for 3D models expected to gain momentum throughout the year driven by large enterprise customers
• 2023-Cost cutting measures and pivot to India to reduce the company's burn in 2024 by as much as 75%
• Q1 2024 Gross Profit margins estimated to be 50-55%
• Q2 2024 Gross margin estimated to be 80%
• Q2 Improved margins puts India 3D modeling business as a stand alone business unit projected to go cash flow positive
• New 3D photography and AI driven product launches expected to drive additional revenue and growth in 2024
• Multiple patents already issued in 2024 with additional patent issuances expected
• Company is Launching Several Enhanced AI 3D Productivity Tools in Q2, Q3 2024
Bullish
