This week, 3D and spatial data firm Nextech3D.AI revealed its Q2 2024 financial and operational results. The results highlighted how the firm successfully turned $1.2 million in revenue during the quarter, a slight increase from Q1 2024, which saw the Nextech3D rake in $1 million. Moreover, in Q2, Nextech3D recorded a gross profit margin of 70 per cent, up 20 per cent from Q2.
Evan Gappelberg the CEO and Founder of Nextech3D.AI added:
We are pleased with our Q2 preliminary results, especially our 70 per cent gross margin, which marks a new high for our company. As a newly certified 3D modeling partner for Amazon, the largest e-commerce platform, we anticipate significant new business opportunities from this pivotal certification.
The company’s growth is in part due to its growing partnerships that span the globe. Notably, the firm is focusing on a strategic pivot towards India regions leading into Q4 2024, with a gross margin forecast of 80 per cent.
Gappelberg said that focusing Nextech’s operations in India has “positively impacted our production capacity and profits, with consistent profit margins of 70 percent, a 133 percent increase compared to our 30 percent margins in 2023.”
The growth is also partly due to Nextech’s presence on Amazon. The firm noted that listings for its 3D experienced a 2X improvement in purchase conversion rates.
Gappelberg also added:
Our growth in 2024 is set to accelerate as we secure more enterprise deals and as Amazon promotes our 3D modeling services to their merchants. At the same time, we are developing crucial AI technology that will continue to drive our revenue and profits. We are witnessing a rapid convergence of AR and AI technology, which is beginning to drive the mass adoption of 3D modeling for e-commerce.
ARway Partners with AI Safer for AR Wayfinding Technology
The news comes after Gappelberg’s related firm ARway partnered with AI Safer to enhance customer experiences for visitors to Saudi Arabian museums and tourist attractions.
The region is implementing Saudi Arabia’s “Vision 2030” initiative to enhance its cultural and tourism sector. ARWay’s solution will assist the region’s leaders achieve this goal by offering an engaging and innovative approach to tourism and on-site customer experiences.
The innovative service from ARway.ai enables clients to create customized immersive wayfinding visuals that assist visitors in navigating spaces using their phone cameras. Additionally, ARway’s solutions showcase information visuals that correspond to specific locations.
The Agency of Record for The Royal Institute of Traditional Arts in Saudi Arabia owns AI Safer and plans to utilize the technology for visitors by March 2024.
