Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) has said revenue spiked by over 50% in 2023 after the firm moved operations to India and that next year will bring even stronger growth.
Revenue climbed by 56% to US$5 million over the course of the year, the generative artificial intelligence (AI)-powered 3D model supplier reported on Thursday.
Some 70,000 models had been created by the firm as of December meanwhile, including for the likes of Amazon, P&G, Kohls and other major e-commerce retailers.
“While 2023 was a solid year of growth for our company, we are expecting even stronger gains in 2024 as the 3D modelling revolution gains steam and our business gains more economies of scale,” chief executive Evan Gappelberg commented.
“Moving operations to India was a major positive for our production capability, but especially our profits, as we are now seeing consistent profit margins of over 50%.”
Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) guided for revenue to more than double in 2024, with several new contracts expected to be agreed during the first quarter.
Contract values are also anticipated to jump, as Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) said it had targets to produce over 250,000 models come 2025.
“We are currently negotiating multiple major contracts for our 3D modelling business while simultaneously building important AI technology that will continue to drive our revenue and profits forward,” Gappelberg added.
“We are seeing a convergence of augmented reality (AR) and AI technology begin to drive the adoption of all our portfolio of technologies including 3D modelling, spatial computing and AI texturing.”