Nextech3D.ai Lands $1.8 Million 3D Modeling Deal with NASDAQ 100 Technology Company
TORONTO, Feb. 13, 2024 (GLOBE NEWSWIRE) -- via IBN -- () () (FSE: 1SS), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohl's and other major e-commerce retailers is thrilled to announce a significant $1.8 million 3D modeling contract with a major enterprise client. This deal provides significant revenue for the Company to be delivered in 2024, and showcases Nextech3D.ai's position as an industry leader for 3D modeling in the [1]
Nextech3D.ai CEO Evan Gappelberg commented, "Nextech3D.ai has been at the forefront of the massive shift from 2D static images to 3D immersive experiences, utilizing augmented reality and cutting-edge generative AI technology to create photo-realistic 4K 3D models that cater to the specific needs of major e-commerce companies. Nextech3D.ai is seeing demand from around the globe and is currently negotiating with three additional enterprise clients that are in the six and seven figure range." He continued, "This $1.8 million deal is not just a testament to Nextech3D.ai's technological prowess but also to the rapidly growing importance of 3D modeling in e-commerce, and demonstrates the scalability and adaptability of Nextech3D.ai's technology. We are focused on large enterprise deals in an effort to ramp up our revenue base and solidify Nextech3D.ai's position as a leader in the field of 3D and AI for e-commerce."
New AI-Powered 3D Model Search Tool
. This advanced search engine integrates AI and computer vision technologies to refine and expedite the process of 3D modeling. With this groundbreaking AI-powered technology, the Company will enhance and quicken its internal 3D model creation workflow significantly. Additionally, Nextech3D.ai plans to release this search engine for public use, potentially leading to substantial increases in revenue and profits by licensing the AI technology to others.
This new AI-powered 3D model search engine . This report was based upon research of Nextech3D.ai's own internal usage of thousands of searches over several weeks, and significantly impacts and increases the scalability and profitability of the production of 3D models.
2023 Financial Results
The Company also recently , ended December 31, 2023. These preliminary 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-powered 3D modeling technology, is projected to increase dramatically in 2024.
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About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB: TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
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Investor Relations Contact
Julia Viola
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.
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