Nextech3D.ai Reports Sales Surging +550% YoY & Record 3D Modeling Revenue For First Quarter 2023
Q1 Highlights
- Multiple Breakthrough Generative AI Patents Filed
- Delivered 20,000 3D Models to Amazon
- Year Over Year 3D Model Revenue Growth +550%
- Sequential Technology Revenue Growth +40%
TORONTO, ON Canada - May 18, 2023 - Nextech3D.ai (formally “Nextech AR Solutions Corp” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a generative AI-powered 3D model supplier for Amazon, P, Kohl's, and other major e-commerce retailers reports its unaudited financial and operating results for its first quarter ended March 31, 2023.
Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer after the close today May 18, 2023 at 5:00 P.M. ET where Nextech will host a conference call to discuss these financial results.
Evan Gappelberg - CEO Commentary:
“Our first quarter 2023 results are quite impressive with 550% year over year growth and 40% sequential growth over Q4, 2022. However, it only represents the early days of the megatrend for 3D models in e-commerce and marks a new beginning of our growth curve. With our breakthrough generative AI we are perfectly positioned to ride the $100 billion 3D modeling wave for the next decade.” He continued, “2023 is going to be the year of AI for Nextech3D.ai…and the world. Most importantly we have been working towards this moment by investing in AI going all the way back to 2019. However, we really ramped up our investment in the summer of 2021 when we put $10 million down to acquire AI startup Threedy.ai. Today, I’m happy to report that this investment is now starting to pay dividends for our shareholders and I expect to report additional growth in the coming quarters on the back of our continuing investment in our breakthrough generative AI”.
Unaudited 2023 Q1 Financial Highlights
- Total technology revenue sequential quarterly growth of +40% on $1.3 million of revenue
- 3D model revenue increased +550% compared to Q1 2022
- Gross profit increased to 41% from 39% in sequential quarters and is projected to increase in Q2
Condensed Consolidated Interim Statements of Financial Position
Condensed Consolidated Interim Statements of Comprehensive Loss
Condensed Consolidated Interim Statements of Cash Flows
Earnings Call Details
Title: Nextech3D.ai Announces 2023 First Quarter Earnings Conference Call
Call Date: Thursday May 18, 2023
Time: 5:00PM (GMT-04:00) Eastern Time (US and Canada)
Participant Details
Participant Toll-Free Dial-In Number: 1 (888) 330-2024
Participant Toll Dial-In Number: 1 (646) 960-0187
Conference ID: 7778367
Webcast Link: https://events.q4inc.com/attendee/768727107
For those unable to join the live event, a recording of the presentation will be posted on the Company's IR website.
Recent News
- Nextech3D.ai Receives $2 Million in Cash From $400 Million FinTech Ratio Tech
- Nextech3D.ai Signs Enterprise Renewal Contract with S&P 400 Company For Over 5000 3D Models
- Nextech3D.ai Achieves Major Generative AI Breakthrough In Text to 3D Material Generation
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
About Nextech3D.ai
(formally “Nextech AR Solutions Corp” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2 is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.
On October 26, 2022 Nextech3D.ai spun out its spatial computing platform, “ARway” as a stand alone public Company. Nextech3D.ai retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech AR Shareholders. ARway is currently listed on the Canadian Securities Exchange (CSE:ARWY), in USA on the OTCQB (OTC: ARWYF) and Internationally on the Frankfurt Stock Exchange (FSE: E65). ARway Corp. is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking.
On December 14, 2022 Nextech announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D is expected to be public in the first half of 2023. To learn more about ARway, visit https://www.arway.ai/
For further information, please contact:
Investor Relations Contact
Lindsay Betts
866-ARITIZE (274-8493) Ext 7201
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.
