Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) has announced the closing of multiple new 3D modeling deals for eCommerce, providing the company with a fast-growing base of annual recurring revenue (ARR) and monthly recurring revenue (MRR).
The company said it is experiencing rapidly accelerating demand for its state-of-the-art AI-powered ARitize 3D technologies. In addition, its Map D software solution has signed on with a number of event providers, furthering Nextech's reach into the event technology space.
In a statement, Nextech AR CEO Evan Gappelberg commented: "We are in negotiations for a record number of contracts with the biggest names in eCommerce for 3D models that total hundreds of thousands of 3D models with delivery dates starting in 2022 Q4 extended into 2023, which is unprecedented."
READ: Nextech AR Solutions says 3D model production surged over 110% in 3Q; sees continuing strength
“We see an acceleration of demand for our entire suite of Web3 products. We are simultaneously signing on new clients to ARitize 3D, expanding into new industries, while renewing with existing clients for more 3D models. Our 3D/AR product offering is now being recognized as providing a game-changing ROI for the global eCommerce ecosystem," he added.
Gappelberg said the company has positioned itself as the lowest cost, most scalable and highest quality 3D model provider by leveraging its AI and ML technologies, which are patent pending.
“We believe 3D models are now accepted as the standard in eCommerce. 3D models are estimated to have a TAM [total addressable market] of $100 billion which is going to keep us very busy producing 3D models for the foreseeable future," he noted.
Winning new contracts, combined with renewals and expansion of existing contracts is driving the rapid growth for the company's 3D model and augmented reality business in eCommerce, Nextech said.
It highlighted growth in the following industries:
- Clothing: Nextech has signed a contract with Vaqra, a unique online fashion retailer to create 3D models of their top-selling fashions
- Electronics: Vu3D Tours, an immersive technology experiences provider has signed with Nextech to provide 3D models for laptops, TVs, phones, and more
- Outdoor Furniture/Equipment: Nextech has signed with Bunnings, a large Australian hardware retailer to do 3D models of BBQs along with a variety of other stock-keeping units (SKUs); Everdure by Heston Blumenthal has contracted for SKUs of their top-line BBQs; Ezooza, an Italian outdoor home goods store has renewed for a large number of SKUs; North by North, a bamboo furniture manufacturer has renewed their contract with Nextech for additional SKUs
- Furniture: Office Group, an office furniture retailer in South Africa, has renewed their contract for 3D models with Nextech
- Specialty Items: As Good As Gold Australia has contracted with Nextech for 3D models of gold bars; Top Meteorite has signed a contract for a 3D model of a meteorite; a premier provider of fans, Vornado, has signed on for additional 3D model SKUs; William Wood Mirrors, a specialty UK mirror manufacturer, has increased its contract for complex mirror SKUs with Nextech
- Sports Equipment: Nextech has signed a renewal 3D modelling deal with City Grounds, a bicycle retailer; multiple sports-related ARitize 3D deals have been signed with MGI Golf, Marketer Deutschland, Head, Himibike, Salamander Paddle Gear, Never Summer, The Perfect Mound, Source for Sports, and Joyride Bikes
- Lighting: Artika, an online retailer of home lighting solutions has renewed a monthly subscription for 3D models
In addition, Nextech has expanded its reach and partners with marketing and other agencies to provide models for third-party clients. The latest signing in this area is with Indonesia's leading eCommerce enabler for a variety of SKUs for their clients, reflecting the growing demand for 3D models worldwide.
Meanwhile, Nextech said its self-serve event management software solution, Map D, has seen rapid growth in new and renewal business in the event space, having contracted with events such as Rampartcorp - Range Day 2023, Texas ASLA 2023 Annual Conference, Uniform Retailers Association (URA) - URA 17th Annual Trade Show, and many more.
Contact the author at jon.hopkins@proactiveinvestors.com