Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) has reported its financial results for the second quarter, notably achieving a significant improvement in its profit margin.
For the quarter ended June 30, the 3D model specialist saw its profit margin was 74%, up from 30% in 2023 and 51% in the first quarter.
“This significant increase in profitability underscores the effectiveness of our strategies and our commitment to operational excellence,” the company said in a statement.
The company also attributed its strategic move to India in late 2023 as key to enhancing its cost structure and scalability.
Revenue for Q2 was approximately $1.1 million, compared to about $1 million in Q1.
Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) narrowed its net loss quarter-over-quarter to about $1.7 million from $2.7 million.
Operational highlights from the quarter included being certified as an Amazon 3D content provider, the launch of its AI generated digital photography suite, and the addition of its AI 3D mesh search engine to its platform.
“In conclusion, while Q2 presented challenges in terms of revenue, our proactive measures have substantially strengthened our profitability and market position. The company is optimistic about the future,” the company said.
Nextech3D.AI leverages its proprietary AI to create immersive 3D experiences at scale for eCommerce merchants.