InvestmentPitch Media Video Discusses Nextech3D.AI’s Record Q2 Revenue Increase of 155% to $1.4m over Q2, 2022

Rhea-AI Summary

Nextech3D.AI (NEXCF) reports record revenue of $1.4 million for Q2 2023, up 155% from Q2 2022.

Positive

• Record revenue growth of 155% compared to the same quarter last year.

Negative

• None.

VANCOUVER, British Columbia, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Nextech3D.AI, formerly Nextech AR Solutions Corp. (OTCQX:NEXCF) (CSE:NTAR) (FSE:EP2), a Generative AI-Powered 3D model supplier to major e-commerce retailers, has reported record revenue for its second quarter ended June 30, 2023 in its preliminary unaudited financial and operating results. Revenues for the 2nd quarter ended June 30, 2023 were $1.4 million up 155% over the 2nd quarter ended June 30, 2022.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company along with video comments from Nextech AR’s CEO, Evan Gappelberg. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Nextech” in the search box.

Revenues for the 6 month period ended June 30, 2023 were $2.7 million, up 157% over the 6 month period ended June 30, 2022. Gross profit remained consistent at 38%, contributing $1.1 million year to date and $500,000 for the 2nd quarter. Management anticipates that gross margins with increase to 40 to 50% next quarter and further increase in the 4th quarter and into 2024 as its AI takes over.

Nextech3D.ai, a diversified, augmented reality, AI technology company, leverages proprietary artificial intelligence to create 3D experiences for the metaverse, focusing on creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as other online retailers.

The company has a history of developing or acquiring what management believes are disruptive technologies and after commercializing them, spins them out as stand-alone public companies by issuing a stock dividend to shareholders while retaining a significant ownership stake in the spin-out.

On October 26, 2022 Nextech3D.ai spun out its spatial computing platform, "ARway.ai". ARway.ai is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking.

Nextech3D.ai retained 13 million shares in ARway and distributed 4 million shares to its shareholders. ARway.ai is currently listed on the Canadian Securities Exchange under the symbol “ARWY”, in the U.S. on the OTCQB under the symbol “ARWYF”, and internationally on the Frankfurt Stock Exchange under the symbol “E65”.

On June 14, 2023, the company completed a spinout of Toggle3D.ai, a groundbreaking SaaS solution that utilizes generative AI to convert CAD files, apply stunning 4K texturing, and enable seamless publishing of superior 4K 3D models. Following the same plan, the company retained 13 million shares in Toggle3D.ai and distributed 4 million shares to its shareholders.

The company has appointed Anthony Pizzonia, CPA, to the Board of Directors and Audit Committee. Anthony has over 30 years of experience in operating, financing, and business development within the public markets and has a demonstrated ability to manage financial and operational challenges within dynamic and growing businesses and currently serves as Senior Director of Finance for GS1, a global standards organization. Previously, he held a variety of positions including CEO, CFO and Director over 24 years, at AlarmForce Industries, one of the largest residential security companies in North America.

The shares are trading at $0.39 on the CSE. For more information, please visit the company’s website at www.NextechAR.com, contact Evan Gappelberg, CEO, at 866-274-8493. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 Ext 7201 or by email at investor.relations@nextechar.com.

About InvestmentPitch Media

InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company’s story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.

Disclaimer

The information in this Investmentpitch Media Ltd video is for the viewers information only. Nextech3D.ai has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd, through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com

FAQ

What is the revenue reported by Nextech3D.AI for Q2 2023?

Nextech3D.AI reported a record revenue of $1.4 million for the second quarter of 2023.

How does the revenue for Q2 2023 compare to Q2 2022 for Nextech3D.AI?

The revenue for Q2 2023 is up 155% compared to Q2 2022 for Nextech3D.AI.

What is the ticker symbol for Nextech3D.AI?

The ticker symbol for Nextech3D.AI is NEXCF.

What does Nextech3D.AI specialize in?

Nextech3D.AI is a Generative AI-Powered 3D model supplier to major e-commerce retailers.

Where is Nextech3D.AI based?

Nextech3D.AI is based in Vancouver, British Columbia.