Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF, NEO:NTAR) has announced the closing of multiple new 3D modeling deals for eCommerce, providing the company with a continuously growing base of annual and monthly recurring revenue.
The company said it has been contracted to produce around 400 3D models from the new deals, on top of 1,500 announced last week, highlighting the demand for Nextech's state-of-the-art AI-powered ARitize 3D and ARitize CAD technologies.
“I believe that 3D models are a must have in 2022 and beyond and that it will become increasingly difficult and eventually impossible to compete and do business online without 3D models when your competitors are adopting this technology,” Nextech AR CEO, Evan Gappelberg, said in a statement.
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“Due to a high ROI we’re seeing a rapid market adoption, which is evident through our consistent flow of ARitize 3D deal signings across various industries as reported here. We’re pleased to keep announcing deals because we keep signing deals! It is a very exciting and dynamic time at Nextech as 3D models and really all our metaverse technology that we have spent the last four years building is being adopted. I believe that our current share price is not reflecting our potential," he added.
The company said it believes that a significant ramp-up of orders will continue from existing and new customers, driving revenue. Nextech charges its ARitize 3D customers a recurring monthly fee between $10-$50 per model under a 12-month contract that renews automatically.
Recently signed deals include furniture 3D modeling contracts with Habitt as well as Surplus Furniture & Mattress Warehouse.
Returns from ecommerce sales cost $1.47 trillion annually, as reported by Shopify (TSX:SH., NYSE:SHOP), and 3D models can lower returns by as much as 40%, the company said. Nextech AR also makes many 3D models of artwork and wall decor for major enterprise clients Kohls, Pier 1, and Kmart Australia as as well as Artography Limited, Art Millwork Design, Eden Gallery, Maple Leaf Auctions and others.
Contact the author at jon.hopkins@proactiveinvestors.com