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.
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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.
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