Nextech AR Solutions Corp. (CSE:NTAR, OTCQB:NEXCF) said it has received its single largest purchaser order to date, a $6.7 million order from a NASDAQ 100 technology company, with the 3D models to be delivered in 2023.
Along with a previously announced $700,000 3D model order to be delivered in the fourth quarter of 2022, total new orders recently announced equal $7.4 million, the company said.
It added these new 3D model orders set the stage for record growth in its 3D modeling business for the foreseeable future.
READ: Nextech AR Solutions reports surging 3D modeling revenue in preliminary 3Q results
In a statement, Nextech CEO Evan Gappelberg commented: “The transformation from 2D online shopping to 3D is only in the first or second inning, similar to Artificial Intelligence, Robotics, Energy Storage, DNA Sequencing, Blockchain Technology, and other disruptive technologies.
"We are very fortunate to be positioned as one of the leaders in 3D technology transforming the $5.5 trillion e-commerce industry. We are now delivering mass quantities of 3D models to the highest standards, for the most demanding customers.
“We expect that global demand for 3D models will rapidly grow and then accelerate at a breakneck pace from 2023 into 2024. We see this massive demand for 3D models accelerating now because large enterprise e-commerce businesses have seen a positive ROI for 3D models and know that to remain competitive they will need 3D models," the CEO added.
Nextech AR said that while $6.7 million is the most substantial 3D modeling order the company has received to date, it is still in negotiations for additional significant 3D modeling contracts from large enterprise customers, which it expects to announce shortly.
The company said it anticipates that its proprietary AI and computer vision expertise will play a major role in the growth of its future production of mass quantities of 3D models, which it estimates to be in the hundreds of millions.
Using breakthrough AI, Nextech AR is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level all the essential tools they need to build out their digital AR vision in the metaverse.
Contact the author at jon.hopkins@proactiveinvestors.com