Nextech AR Solutions (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a metaverse company and leading provider of augmented reality (“AR”) wayfinding technologies and 3D model services for the largest prime ecommerce platform, has released its financial and operating results for the third quarter 2022, or the period ended Sept. 30, 2022. Highlights of the report include technology services revenue totaling an estimated $920,000, increasing more than 66% from the same quarter in 2022; 3D modeling revenue increasing more than 192% compared to Q2 2022; and a 110% increase in 3D model production from last quarter. In addition, the report noted that the gross profit margin for technology services over the quarter improved to more than 60% compared to the 37% reported last quarter.“Q3 was a transformational quarter for Nextech AR as demand, production and our revenue from 3D modeling has significantly ramped up. This is evident with our sequential production of 3D models up by over +110% and our sequential revenue of 3D models up by over +192% over Q2,” said Nextech AR Solutions CEO Evan Gappelberg in the press release. “Our Q3 figures are showing that our 3D modeling revenue is now growing exponentially. With the 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. 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.”
To view the full press release, visit https://ibn.fm/dHiPH
About Nextech AR Solutions Corp.
Nextech AR Solutions is the engine accelerating the growth of the metaverse. Using breakthrough artificial intelligence (“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, and giving creators at every level all the essential tools they need to build out their digital AR vision in the metaverse. The company’s platform-agnostic tools allow brands, educators, students, manufacturers, creators and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments; compose AR experiences; and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D commerce, education, events and industrial manufacturing, Nextech AR is in a unique position to meet the needs of the world’s biggest brands and all metaverse contributors. On Oct. 2022, Nextech AR spun out its spatial computing platform, ARway, as a standalone public company. Nextech AR retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake. ARway is disrupting the augmented reality wayfinding market with a no-code, no-beacon spatial computing platform enabled by visual marker tracking. For more information about the company, please visit www.NextechAR.com.
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