Nextech3D.ai Reports Q1 2024 Revenue of $1,024,000 with Gross Profit Margin of 51% or $526,212 A +70% Jump Over 2023

Q1 Highlights

Multiple Breakthrough Generative AI Patents Issued

Year Over Year Margin Improved by + 70%

Cost cutting measures reduced operating loss by 47%

Company is Exclusively focusing on large enterprise contracts which is anticipated to have a major impact on the business future quarters https://www.sedarplus.ca/landingpage/

TORONTO, ON / ACCESSWIRE / May 24, 2024 / Nextech3D.AI (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a frontrunner in generative AI-powered 3D modeling technology for major e-commerce entities such as Amazon, Miele, P&G, Kohls, and Wesfarmers Group's "Bunnings," other major e-commerce retailers reports its unaudited financial and operating results for its first quarter ended March 31, 2024.

CEO Evan Gappelberg comments " I am pleased to present our financial and operational performance for the first quarter of 2024. Despite a slight year-over-year decline in revenue to $1,024,000, we have made significant strides in improving our profitability and operational efficiency through strategic cost-cutting measures and investments in technology. He continues " in Q1 2023 we had operational expenses of $1.7 mill per month while in Q1 our operational expenses showed a dramatic improvement as it dropped to about $850,000. We are seeing additional operational improvements in Q2 which again will increase our profitability as we drive towards bringing in additional deals and becoming cash flow positive in 2024".

Financial Performance

Revenue: Our revenue for Q1 2024 stood at $1,024,000 million. While this represents a decrease compared to the same period last year, it is important to note the transformative steps we have taken to enhance our business model which will have a material impact on profitability the rest of the year 2024 and beyond.

Profit Margins: The most notable achievement this quarter has been the remarkable improvement in our profit margins. Through a combination of rigorous cost-cutting initiatives and strategic investments, particularly in AI technology and our operational move to India, we have seen our margins increase from 30% in 2023 to 51% in Q1 2024. This represents a 66% improvement.

This positive trend continues into Q2 2024, where we are projecting margins to reach 70-80%, a +166% improvement compared to 2023. This significant increase in profitability underscores the effectiveness of our strategies and our commitment to operational excellence.

Operational Highlights

3D Modeling Business: We continue to excel in our core 3D modeling business, delivering thousands of high-quality 3D models to our largest customer, Amazon, on a monthly basis. While Amazon remains our biggest client, we have diversified our customer base and are not solely reliant on them.