Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) said it has won multiple new 3D modeling deals for e-commerce, providing the company with a growing base of annual and monthly recurring revenue.
The new contracts are for hundreds of additional 3D models, on top of the 1,500 and additional 400 SKUs announced in the last several weeks.
"We are seeing an acceleration in demand for our suite of Web3 products by simultaneously signing on new clients to ARitize 3D (and) expanding into new industries, while renewing with existing clients for more 3D models, which means our 3D/AR product offering is now being recognized as providing a high ROI for the global ecommerce ecosystem," Nextech AR CEO Evan Gappelberg said in a statement.
WATCH: NexTech AR Solutions seeing very strong uptake with numerous contracts signed for 3D Models
"We have positioned ourselves as the lowest cost, most scalable and highest quality 3D model provider by leveraging our AI and ML technologies which are patent pending. We believe 3D models will become the standard in e-commerce and that 3D models are estimated to have a TAM (total addressable market) of $100 billion, which we are going after day by day through these customer wins,” he added.
In the first six weeks of Q2 2022, the company exceeded the contracts signed for 3D models in 1Q. To-date, Nextech has served a total of 4,596,667 3D AR model views, with 870,433 3D AR models served in Q1 alone.
Among others, Nextech said it has signed a renewal 3D modeling deal with MGI Golf for additional SKUs and has signed a 3D modeling deal with Marker Deutschland, a ski apparel manufacturer for their line of helmets. Additionally, Artika, an online retailer of home lighting solutions, has signed on for a monthly subscription for 3D models.
Separately, the company said it has canceled an aggregate of 15,004,152 share purchase options previously held by certain directors, officers, consultants and employees. It now has 2,015,845 share purchase options remaining.
Contact the author at jon.hopkins@proactiveinvestors.com