Q2 Highlights
Now Amazon Certified 3D Content Provider
Launches AI Generated Digital Photography studio
Record 74% Profit Margin Achieved
Issued 2D-3D Patent #11,948,248
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TORONTO, ON / ACCESSWIRE / August 29, 2024 / Nextech3D.AI (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a frontrunner in generative AI-powered 3D modeling technology for major e-commerce entities such as Amazon, Miele, P&G, Kohls, other major e-commerce retailers reports its unaudited financial and operating results for its second quarter ended June 30th, 2024.
Financial Performance
Revenue: $1,108,000 with Record Gross Profit Margin of 74% or $820,000 A 45% Increase Over Q1, 2024 and an 80% increase over Q2 2023.
Profit Margins: The most notable achievement this quarter has been the significant improvement in our profit margins as we have seen our margins increase from 30% in 2023 to 51% in Q1 2024 to 74% in Q2 2024 This represents an 80% improvement.
This significant increase in profitability underscores the effectiveness of our strategies and our commitment to operational excellence.
Operational Highlights
3D Modeling Business: We continue to innovate and push our AI technology forward in our core 3D modeling business, delivering thousands of high-quality 3D models to our diverse customer base on a monthly basis.
Strategic Initiatives
Our strategic move to India in late 2023 has been instrumental in enhancing our cost structure and scalability. The investment in AI technology has not only streamlined our operations but also positioned us at the forefront of innovation in the 3D modeling industry. These initiatives are critical to our long-term growth and competitive edge.
In conclusion, while Q2 presented challenges in terms of revenue, our proactive measures have substantially strengthened our profitability and market position. The company is optimistic about the future.
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For further information, please contact:
Nextech3D.ai
Evan Gappelberg /CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for manufacturers with CAD files and for E-COMMERCE merchants. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology.
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.
SOURCE: Nextech3D.ai
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