Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) has announced preliminary third-quarter results, revealing record sequential quarterly growth in 3D modeling revenue.
Revenue for the quarter was approximately $3 million, and total profit clocked in at about $1.25 million. Within that, 3D modeling revenue surged 170% compared to the second quarter.
"Q3 was a transformational quarter for Nextech AR, as demand, production and our revenue from 3D modeling has significantly ramped up,” CEO Evan Gappelberg said in a statement. “This is evident with our sequential production of 3D models, up by over 110% and our sequential revenue of 3D models up by over 170% over Q2. Our preliminary Q3 figures are showing that our 3D modeling revenue is now growing exponentially."
READ: Nextech AR sees ‘dramatic’ increase in 3D model demand in Q4 2022 and FY 2023
Nextech also announced an enterprise customer order of $700,000 in 3D models to be delivered in the fourth quarter.
"With today's announcement of a $700,000 3D model order to be delivered in Q4, we are confident that Q4 will be another record quarter for Nextech,” Gappelberg said. “As it is still quite early in Q4, we do expect to announce additional significant orders in the coming weeks as demand and our production capabilities will only continue to increase into Q4, 2023 and beyond."
Looking forward, the ramp-up of 3D model production is meant to meet the growing demand from the largest prime e-commerce marketplace, as well as re-orders. This sets the stage for a substantial increase in 3D model production in the quarter, the company said.
Meanwhile, Nextech's spin-out company ARway received shareholders' approval at an annual general meeting on October 12, and trading in ARway is expected to happen later this month. Nextech will retain a majority share ownership in ARway after the spinout.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel