Breakthrough Generative AI Positions Company For Breakout Revenue Growth in 2023
Generative AI Driving Exponential Growth For Web3.0 Portfolio of Technologies for Ecommerce
AI is Enabling Scaling of 3D Model Production
TORONTO, Jan. 12, 2023 –— Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies, wayfinding technologies and 3D model services is pleased to report its preliminary annual growth in 3D modeling revenue surges over 266% compared to 2021.
Also, 2022 technology services gross profit margin expands by 53% jumping up to 43% in 2022 compared to 28% in 2021.
Evan Gappelberg, CEO of Nextech commented, “2022 was a great year and has built a solid foundation of ever expanding 3D model customers in the ecommerce space for Nextech. As we enter 2023 we are leveraging the game-changing power of generative AI which we believe gives us a major competitive advantage in the 3D model market. With generative AI we are creating an increasingly wider exponentially growing moat: the more models we make, the larger that part library gets, and the easier it gets to make new 3D models. I believe that we are at the point where our business creates a virtuous cycle of growth and value.” He continued, “2023 is going to be the year of AI and a breakout year for growth in our 3D modeling business as we have already announced multi-million dollar enterprise contacts with even more expected to land in Q1 2023.”
2022 Annual and Q4: 3D Model and Technology Services Financial Highlights (unaudited)
- Preliminary total revenue for fiscal 2022 was $10.3 million
- Technology services generating $3.1 million
- Legacy ecommerce business generating $7.2 million
- 3D modeling revenue increased +266% compared to 2021 contributing $1.5 million 2022
- 2022 technology services gross profit margin expands by 53% jumping up to 43% in 2022 compared to 28% in 2021 on $3.1 million total revenue
2023 Q1 Outlook
- Several quotes have been issued for large 3D model RFPs, which could close in Q1, 2023
- The Company plans more updates for its second spin-out, of 3D Design Studio “Toggle3D” after the successful spin-out debut of ARway
- ARway is rapidly moving multiple pilot projects forward which are expected to be announced shortly
- Nextech Event Solutions is becoming the go-to Tech Event platform for the $50billion Events industry combining: MapD, HoloX, ARitize3D and ARway into one event platform.
Earlier this week, the Company reported that this proprietary AI-based technology for 3D model creation using through composition of deformable parts is now covered under: US patent application # 17/874,992.
ARitize 3D has built a substantial library of 3D models to date, and most of the 3D models created are composed of several individual parts. For example, a chair is composed of legs, a seat back and cushions. Every time a new 3D model is created, the parts are harvested into Nextech’s AI powered 3D part-library. Nextech is in the process of significantly expanding this large library and its utility, which is expected to eventually hold upwards of 1,000,000 individual, unique parts. This massive parts library enables Nextech to create new 3D models by searching, assembling using this part library, allowing for a significantly increased speed of 3D model creation. Instead of starting from scratch, these parts are retrieved and assembled first, reducing 3D model creation time. The more models the Company makes, the larger that part library gets, and the easier it gets to make new 3D models and the more revenue the Company can generate.
Watch a video demonstrating this breakthrough innovation: view below or click here