Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) saw its quarterly revenue grow by 30% year-over-year in the third quarter of 2023, according to its latest financial results.
That translates into year-over-year growth of 97% in the first nine months of 2023, CEO Evan Gappelberg noted.
The firm is building towards its future, Gappelberg told shareholders in a statement accompanying the results.
Acknowledging the strong growth, the CEO did express dismay about Amazon not opening Seller Central during the quarter, which would have boosted revenue.
Sellar Central is a platform provided by Amazon that allows individuals and businesses to sell their products directly on the Amazon website.
“While I'm personally disappointed that we didn’t see Amazon open Seller Central in Q3 and consequently our revenue spike, I’m also confident that it is in motion and likely to happen in Q1, 2024,” Gappelberg said.
“In the fast-evolving world of technology, adaptability is key to sustained success. Our investment in our AI library of 3D meshes or parts is setting us up for success in 2024. We are on the cusp of a significant breakthrough that promises to have a materially positive impact on our business in 2024 and beyond.”
Nextech recorded $1.18 million in revenue during the quarter ended September 30, 2023, up from the $908,000 it reported in the comparable year-ago quarter.
In the nine months to end September, the company has generated over $3.88 million.
The firm posted a net loss of $5.46 million or $0.03 per share compared to the $4.4 million and $0.04 per share loss it recorded in 3Q 2022.
Separately, Nextech said it had closed the final round of a private placement Wenesday, raising a total of $1.1 million,