Nextech3D.ai Reports Sales Surging +550% YoY & Record 3D Modeling Revenue For First Quarter 2023
Martech Outlook | Friday, May 19, 2023
Q1 Highlights
• Multiple Breakthrough Generative AI Patents Filed
• Delivered 20,000 3D Models to Amazon
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• Year Over Year 3D Model Revenue Growth +550%
• Sequential Technology Revenue Growth +40%
TORONTO, ON Canada – 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&G, 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
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