Nextech AR
Solutions Reports Preliminary 2022 Revenue For 3D Modeling Surges
+266%
Breakthrough
Generative AI Positions Company For Breakout Revenue Growth in
2023
Generative
AI Driving
Exponential Growth For Web3.0 Portfolio of Technologies for
Ecommerce
AI
is Enabling Scaling of 3D Model Production
TORONTO, O.N,
Canada -- January 12, 2023 -- InvestorsHub NewsWire
-- Nextech
AR Solutions Corp.
("Nextech" or the
"Company") (OTCQX:
NEXCF) (CSE:
NTAR) (FSE: EP2), a Metaverse Company and leading provider of
augmented reality ("AR") experience technologies, wayfinding
technologies and 3D model services is pleased to report its
preliminary annual growth in 3D modeling revenue surges over 266%
compared to 2021.
Also, 2022 technology
services gross profit margin expands by 53% jumping up to 43% in 2022 compared to
28% in 2021.
Evan
Gappelberg, CEO of Nextech commented, "2022 was a great year and has built
a solid foundation of ever expanding 3D model customers in the
ecommerce space for Nextech. As we enter 2023 we are leveraging the
game-changing power of generative AI which we believe gives us a
major competitive advantage in the 3D model market. With generative
AI we are creating an increasingly wider exponentially growing
moat: the more models we make, the larger that part library gets,
and the easier it gets to make new 3D models. I believe that we are
at the point where our business creates a virtuous cycle of growth and value."
He continued, "2023 is going to be the year of AI and a breakout
year for growth in our 3D modeling business as we have already
announced multi-million dollar enterprise contacts with even
more
expected to land in Q1
2023."
2022
Annual and Q4: 3D Model and Technology Services Financial
Highlights (unaudited)
-
Preliminary total revenue
for fiscal 2022 was $10.3 million
-
Technology services generating $3.1
million
-
Legacy ecommerce business generating
$7.2 million
-
3D modeling revenue increased +266%
compared to 2021 contributing $1.5 million
2022
-
2022 technology services gross profit
margin expands by 53% jumping up to 43% in 2022 compared to
28% in 2021 on $3.1 million total
revenue
2023 Q1 Outlook
-
Several quotes have been
issued for large 3D model RFPs, which could close in Q1,
2023
-
The Company plans more updates for
its second spin-out, of 3D Design Studio "Toggle3D" after the
successful spin-out debut of ARway
-
ARway is rapidly moving multiple
pilot projects forward which are expected to be announced
shortly
-
Nextech Event Solutions is becoming
the go-to Tech Event platform for the $50billion Events industry
combining: MapD, HoloX, ARitize3D and ARway into one event
platform.
GENERATIVE
AI
Earlier this week, the Company reported that this proprietary AI-based
technology for 3D model creation using through composition of
deformable parts is now covered under: US patent application #
17/874,992.
ARitize 3D has built a
substantial library of 3D models to date, and most of the 3D models
created are composed of several individual parts. For example, a
chair is composed of legs, a seat back and cushions. Every time a
new 3D model is created, the parts are harvested into Nextech's AI
powered 3D part-library. Nextech is in the process of significantly
expanding this large library and its utility, which is expected to eventually hold
upwards of 1,000,000 individual, unique parts. This massive parts
library enables Nextech to create new 3D models by searching,
assembling using this part library, allowing for a significantly
increased speed of 3D model creation. Instead of starting from
scratch, these parts are retrieved and assembled first, reducing 3D
model creation time. The more models the Company makes, the larger
that part library gets, and the easier it gets to make new 3D
models and the more revenue the Company can generate.
Watch a video
demonstrating this breakthrough innovation: view below
or click
here
To learn more, please
follow us on
Twitter,
YouTube,
Instagram,
LinkedIn,
and
Facebook, or
visit our website:
https://www.Nextechar.com.
For further information,
please contact:
Investor Relations
Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493)
Ext 7201
Nextech AR
Solutions Corp.
Evan
Gappelberg
CEO and
Director
866-ARITIZE
(274-8493)
About
Nextech AR
Nextech AR Solutions
(OTCQX:
NEXCF) (CSE:
NTAR) (FSE: EP2) is a diversified augmented reality, AI
technology company that leverages proprietary artificial
intelligence (AI) to create 3D experiences for the metaverse. Its
main businesses are creating 3D WebAR photorealistic models for the
Prime Ecommerce Marketplace as well as many other online retailers.
The Company develops or acquires what it believes are disruptive
technologies and once commercialized, spins them out as stand-alone
public Companies issuing a stock dividend to shareholders while
retaining a significant ownership stake in the public
spin-out.
On October 26, 2022
Nextech AR spun out its spatial computing platform, "ARway" as a
stand alone public Company. Nextech AR retained a control ownership
in ARway Corp. with 13 million shares, or a 50% stake, and
distributed 4 million shares to Nextech AR Shareholders. ARway is
currently listed on the Canadian Securities Exchange (CSE:ARWY),
in USA on the (OTC:
ARWYF) and Internationally on the Frankfurt Stock Exchange
(FSE: E65). ARway Corp. is disrupting the augmented reality
wayfinding market with a no-code, no beacon spatial computing
platform enabled by visual marker tracking.
On December 14, 2022
Nextech AR announced its second spinout of Toggle3D, an AI-powered
3D design studio to compete with Adobe. Toggle3D is expected to be
public in the first half of 2023.
To learn more about
ARway, visit
https://www.arway.ai/
Forward-looking
Statements
The CSE
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Certain
information contained herein may constitute "forward-looking
information" under Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as, "will be" or variations of
such words and phrases or statements that certain actions, events
or results "will" occur. Forward-looking statements regarding the
completion of the transaction are subject to known and unknown
risks, uncertainties and other factors. There can be no assurance
that such statements will prove to be accurate, as future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Nextech
will not update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.
