Nextech3D.ai (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), a generative artificial-intelligence (“AI”)-powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers, is reporting on its preliminary unaudited financial and operating results for FY 2023, ended Dec. 31, 2023. According to the report, the unaudited results show impressive growth, with annual revenue coming in at an estimated $5 million, a 56%-plus increase compared to $3.2 million in 2022; the report also noted 70,000 3D models have been created to date. The report also estimated annual gross profit margin at 30%, which the company is anticipating will increase dramatically in 2024, based on the company’s pivot to India and AI improvements. “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,” said Nextech3D.ai CEO and founder Evan Gappelberg in the press release. “Moving operations to India was a major positive for our production capability and 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. . . . 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.”
To view the full press release, visit https://ibn.fm/aAqJe
About Nextech3D.AI
Nextech3D.ai is a versatile, augmented-reality, artificial intelligence (“AI”) technology company that utilizes its proprietary 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 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 in 2022. The company retains a 49% stake with 13 million shares in ARway Corp. while distributing four million shares to Nextech shareholders. Similarly, Nextech3D.ai accomplished its second spinout, 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. For more information about the company, please visit www.NextechAR.com.
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