Nextech3D.ai Reports Significant Growth in Fiscal Year 2023

Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a leading generative AI-powered 3D model supplier, has reported a substantial increase in its annual revenue for the fiscal year ended December 31, 2023. The company announced a 56% growth in revenue, reaching $5 million, up from $3.2 million in the previous year. This growth is attributed to its expanding portfolio of major e-commerce clients, including Amazon, Miele, P&G, and others.

Throughout 2023, Nextech3D.ai focused on innovative cost-cutting measures, including a significant operational pivot to India, which is expected to reduce the company’s financial burn by 75% in 2024. The company also highlighted the creation of 70,000 3D models to date and forecasted a stronger demand for 3D models in 2024 driven by large enterprise customers.

The financial results indicate a strategic positioning for the upcoming fiscal year with the launch of new AI-driven 3D photography and productivity tools. Furthermore, gross profit margins for the first and second quarters of 2024 are projected to be between 50-55% and 80%, respectively, setting the stage for a possibly profitable year ahead.