Nextech3D.ai Reports $5 Million or +56% Growth in 2023 Revenue Unaudited Results

TORONTO, Feb. 08, 2024 (GLOBE NEWSWIRE) -- via IBN -- Nextech3D.ai (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers announces its preliminary unaudited financial and operating results for the full year 2023, ended December 31, 2023. These preliminary unaudited results show strong annual revenue growth of +56% to $5 million compared to $3.2 million in 2022. Annual gross profit margin for 2024 is estimated at 30% which with the company's pivot to India in Q4, 2023 and improvements in its AI is projected to increase dramatically in 2024.

CEO Commentary
Nextech3D.ai CEO and founder Evan Gappelberg commented, "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. 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." He continued, "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…we are excited for releasing the technology we are building and for record results in 2024!"

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 & Highlights

• Several significant enterprise 3D modeling contracts expected to close in Q1
• MapD anticipates a jump of 51% or more in the average contract value due to increased pricing which has already been implemented and accepted by many customers. The Company is also projecting another 50% growth in new business leading to a projected 100%+ growth in 2024 revenue.

3D Model Report and Projection
Nextech3D.ai has created a total of 70,000 3D models to date, and it is expected to surpass 250,000+ models by 2025. This achievement is projected to be reached due to the Company's AI-powered technology enabling the scale of production of 3D models, as well as its contracts with enterprise clients.