Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) said it expects a “breakout” third quarter after it released 2Q results that confirmed the strong growth it has been enjoying.
Nextech, whose customers include Amazon, P&G, Kohls and other major e-commerce retailers, said its 2Q results were in line with preliminary numbers released in early August, showing a 155% surge in sales to a record $1.4 million. Sales for the six months to June 30 came in 157% higher at $2.7 million.
“Based on the current order flow from Amazon and others, we are projecting a breakout Q3 quarter with revenue of $1.7 million,” CEO Evan Gappelberg said in a statement.
"In Q3 we are not only seeing our revenue accelerate but our focused team has been successful in reducing our burn down to a minimum level that I have not seen in years.”
Gappelberg noted that the company's cash burn has been reduced to $300,000. Combined with its recent capital raise, he said he was confident it wouldn’t need to raise additional capital for the next 12 months.
“Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF)’s groundbreaking generative-AI technology positions the company as a leading AI solution globally for scaling 3D model production in the thriving e-commerce, gaming, and manufacturing industries,” he added.
“Furthermore, thanks to our latest funding round, our cash position is now robust enough to accommodate the increased demand we anticipate in the second half of 2023 and beyond."
The company ended June with cash and cash equivalents of $3.8 million.
Contact the author at stephen.gunnion@proactiveinvestors.com