VANCOUVER, British Columbia, Jan. 16, 2023 (GLOBE NEWSWIRE) — Nextech AR Solutions Corp. (OTCQX:NEXCF) (CSE:NTAR) (FSE:N29), a Metaverse Company and leading provider of augmented reality experience technologies and 3D model services, released preliminary financial numbers for the year ended December 31, 2022. The company reported preliminary total revenue of $10.3 million for fiscal 2022, with $7.2 million from the legacy eCommerce business.
Technology services generated $3.1 million in revenue, with gross margins increasing from 28% in 2021 to 43% in 2022, an increase of 53%. Growth in the company’s surging 3D Modeling sector was a big factor, contributing approximately $1,500,000 to the technology services revenue, an increase of 266% when compared to the approximately $400,000 for fiscal year 2021.
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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 a new US patent titled “Generating Three-Dimensional Models by Part”.
The company is actively using this breakthrough, part-based 3D model creation technology and has expanded its library to more than 100,000 3D model parts. These parts are used to create a 3D model as most 3D models are composed of several individual parts. Every time a new 3D model is created, the parts are harvested into Nextech’s AI powered 3D parts library, thus expanding the library, which in turn makes it both easier and quicker to create new 3D models.
The company has been a favorite with investors, particularly following the highly successful spinoff of ARway in October. With ARway currently trading at $1.15, Nextech’s holdings of 13 million shares are contributing about $15 million to Nextech’s market capitalization.
On December 15th, the company announced plans to spinoff of Toggle3D which enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models without any technical or 3D design knowledge. Management anticipates that Toggle3D will be approved for listing on the CSE in the first half of 2023. The record date for this spinoff has not yet been set.
This software will address the global computer aided design market, which is expected to grow from US$9.89 billion in 2022 to US$17.47 billion by 2030, a compound annual growth rate of 6.9%, according to a recent report by Research and Markets, the world’s largest market research store.
The shares are trading at $0.85. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 Ext 7201 or by email at [email protected].
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