Nextech reports preliminary 2022 revenue for 3D modeling up over 266%

Nextech AR Solutions reports its preliminary annual growth in 3D modeling revenue surges over 266% compared to 2021. Also, 2022 technology services gross profit margin expands by 53% jumping up to 43% in 2022 compared to 28% in 2021. Evan Gappelberg, CEO of Nextech commented, "2022 was a great year and has built a solid foundation of ever expanding 3D model customers in the ecommerce space for Nextech. As we enter 2023 we are leveraging the game-changing power of generative AI which we believe gives us a major competitive advantage in the 3D model market. With generative AI we are creating an increasingly wider exponentially growing moat: the more models we make, the larger that part library gets, and the easier it gets to make new 3D models. I believe that we are at the point where our business creates a virtuous cycle of growth and value. 2023 is going to be the year of AI and a breakout year for growth in our 3D modeling business as we have already announced multi-million dollar enterprise contacts with even more expected to land in Q1 2023." 2022 Annual and Q4: 3D Model and Technology Services Financial Highlights: Preliminary total revenue for fiscal 2022 was $10.3M; Technology services generating $3.1M; Legacy ecommerce business generating $7.2M; 3D modeling revenue increased +266% compared to 2021 contributing $1.5M 2022; 2022 technology services gross profit margin expands by 53% jumping up to 43% in 2022 compared to 28% in 2021 on $3.1M total revenue.