Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) announced that its 3D modelling business hit a gross profit of 80% in the second quarter of 2024, up 166% from 30% in the year-ago quarter.
The company said achieving this major milestone was only possible through its AI investments and its pivot to focus on Hyderabad, India, in the third quarter of 2023.
“The strategic shift to Hyderabad aligns perfectly with Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF)'s commitment to delivering top-tier 3D modeling and augmented reality solutions while maintaining a keen eye on profitability and fiscal responsibility for its valued shareholders,” Nextech3D.ai said in a statement.
The company said it believes it can become profitable in 2024 by scaling revenue with 80% profit margins while reducing its operating expenses through its patented AI investments.
It added that it is positioned to benefit from the megatrend of eCommerce businesses adopting 3D models to improve customer engagement and satisfaction.
The company highlighted that it creates tens of thousands of 3D models for eCommerce giant Amazon.com Inc (NASDAQ:AMZN) each month.
Nextech3D.ai’s client portfolio also includes P&G, Kohls, and Miele.