Nextech3D.ai (NTAR.C) is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. Nextech is a generative AI-powered 3D model supplier for Amazon, Kohls, P&G and other major e-commerce retailers. The Company develops or acquires disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.
Nextech3D.ai announced that a large enterprise customer that is part of the Wesfarmers (WFAFY), one of Australia’s largest listed companies whose business include Bunnings, Kmart Group, Officeworks and others, has renewed and expanded its contract for over 1,000+ 3D models.
This comes after the renewal and expansion contract with a major ecommerce brand for 3000 3D models, and an enterprise contract with an S&P 400 company for over 5000 3D models.
Today, the Company announced a significant increase in demand from its largest customer, Amazon. These new 3D model orders amount to $2.2 million in additional revenue, expanding the Company’s profit margin significantly and rapidly progressing towards achieving positive cash flow.
The expansion contract just shows how Nextech’s generative AI technology is perceived, and positions Nextech as the globally dominant AI solution for scaling the production of 3D models in the booming e-commerce industry, gaming and manufacturing.
Evan Gappelberg, CEO of Nextech3D.ai commented:
“Due to our experienced team and our AI’s ability to scale to meet and even exceed the very strict 3D model requirements of Amazon, they have expanded and dramatically increased volumes resulting in a significant surge in 3D model demand from Amazon starting in Q3, 2023.”
“As we move into the 2nd half of 2023 and beyond, the shift from 2D photos to 3D models in e-commerce and various industries is rapidly gaining momentum and becoming the standard for commerce. This kind of transformation has occurred throughout history, with some companies reaping significant rewards while others face challenges. Just as digital pictures replaced Kodak film in the 1990s, today, in the 2020s, 3D models are replacing digital pictures in commerce. Today about 12-Trillion digital pictures exist globally. Our latest news is welcome for our shareholders, as we are positioning ourselves with this latest $2.5mill capital raise in anticipation of exponential growth in demand and revenue from the millions of Amazon merchants that have yet to purchase 3D models from Nextech. Having been a supplier for the past 12 months and delivering over 25,000+ 3D models to Amazon, the largest ecommerce site, positions us at the forefront of this cutting-edge technological revolution, we are focused on profitability and enthusiastic about driving innovation in the 3D modeling industry.”
At time of writing, the stock is up 2.63% for the day and sits at a market cap of $42.85 million.
Nextech stock rejected a major resistance zone at $0.81 and then broke below a trendline triggering a downside move. The stock actually retested this trendline on July 14th 2023 which saw a huge influx of sellers. The stock then broke below the $0.50 zone and gapped down. Now, the stock is about to retest a major support zone at $0.36. It is definitely a zone to watch for buyers. Signs of selling exhaustion would be a range and large green candles. A break below this support would mean Nextech could head down to the $0.25 zone.
Today’s candle so far is showing a green body candle. Yesterday’s daily candle printed a wick. There are some signs that there are buyers stepping in at this major support zone.
