Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) has announced unaudited first-quarter 2023 revenue of $1.3 million, up 40% sequentially, as its 3D model revenue climbed 550% year over year.
The diversified augmented reality and artificial intelligence (AI) technology company also saw its gross profit for the quarter increase to 41% from 39% in 4Q and is projected to increase again in 2Q.
“Our first quarter 2023 results only represent the early days of the megatrend for 3D models in e-commerce and marks a new beginning of our growth curve,” Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) CEO Evan Gappelberg said in a statement.
“With our breakthrough generative AI we are perfectly positioned to ride the $100 billion 3D modeling wave for the next decade,” he added.
Gappelberg also noted that the company’s $10 million acquisition of AI startup Threedy.ai is now starting to pay dividends for shareholders and he said he expects to report additional growth in the coming quarters on the back of Nextech’s continuing investment in its breakthrough generative AI.
The company added that it delivered 20,000 3D Models to Amazon and filed multiple breakthrough generative AI patents during the quarter.
Nextech3D.ai ended 1Q with more than $3.5 million in cash and cash equivalents.
Nextech3D.ai is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. The company’s main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers.
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