AI Company Sees Results as Industry Booms
Source: Streetwise Reports
August 21, 2023 (Investorideas.com Newswire) Nextech has hit major milestones as the AI industry sees developments that catapult its value skyward. Read on to see how Nextech has become a player in the industry.
Nextech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) has reached a major milestone: it has delivered over 50,000 3D models to customers. 2023 was defined by a major surge in both production and demand for the company, driving it toward record-breaking preliminary results of CA$1.4 million, up to 55% in the second quarter of 2023, and to forecast CA$1.7 million to CA$1.9 million in Q3, up to 200% year over year. This forecast is driven by accelerating demand.
Nextech is focused on the growing 3D modeling industry, using generative artificial intelligence technology to create photorealistic 4K 3D models that cater to major e-commerce giants like Amazon. E-commerce is estimated to be a CA$5.5 trillion global industry, and Amazon alone has over 300 million products. 3D models make up less than 1% of that total, which gives the industry room for substantial growth. The industry has also done well due to immersive and interactive shopping experiences, which Nextech delivers.
According to Even Gappelberg, CEO and founder of Nextech3D.ai, "We are thrilled to have achieved this significant milestone of delivering over 50,000 3D models to our valued clients. The accelerating demand for our immersive 3D models is a testament to our commitment to Generative AI innovation and exceptional customer satisfaction.
Nextech3D.AI remains committed to providing exceptional services to its growing and diverse clients, including the e-commerce giant Amazon, while embracing advanced Generative AI technology to stay ahead in the ever-evolving e-commerce landscape. With a strong focus on AI-powered innovation and customer satisfaction, the Company is poised to achieve its goal of becoming the dominant 3D modeling company."
The company has also made a major breakthrough in generative AI technology that facilitates the generation of 3D materials from text prompts. This breakthrough is key to driving the company forward toward becoming the dominant 3D model supplier for e-commerce.
Nextech AR Solutions Corp. will announce the audited financial results from the second quarter of 2023 after markets close on August 22, 2023. Evan Gappelberg, CEO, and Andrew Chan, CFO, will hold a conference call, followed by a question-and-answer segment to discuss the results at 5:00pm on the same day.
The details of the call are as follows:
- Title: Nextech3D.ai 2023 Second Quarter Earnings and Conference Call.
- Call Date: Tuesday, August 22, 2023.
- Time: 5:00 PM (GMT-04:00) Eastern Time (US and Canada).
- Participant Toll-Free Dial-In Number: +1 (888) 330-2024. Participant Toll Dial-In Number: +1 (646) 960-0187. Earnings Call ID: 7778367.
- Webcast Attendee URL: https://events.q4inc.com/attendee/996074403
An Industry Taking Off
Artificial intelligence has been a driver behind a resurgence in the tech industry this year. According to eToro market analyst Josh Gilbert, AI could be a lifeline for the floundering tech market, with "the broader Nasdaq rising by 30% as the AI-fueled tech rally takes Wall Street by storm . . . Investor opportunities lie with companies powering this AI boom worldwide, but also within industries that stand to benefit the most from embracing AI, such as marketing, finance, and healthcare." Gilbert warns, however, that AI is a new technology and is likely to take years to reach maturity, with plenty of ups and downs along the way.
Google has been a major player in developing AI and is set to roll out AI products for its search engine, Gmail, Google Photos, and other apps. The developments in AI corresponded with a 4% rise in shares in May and a 26% rise in 2023.
Alexander Boulden of Wealth Daily reports that he has been "buying AI companies hand over fist since the start of the year" because of "rumors floating around that an AI-powered personal assistant could be on the horizon." AI could see big breaks on the horizon.
Technical Analyst Clive Maund rated Nextech as an excellent opportunity for investors in a June newsletter.
According to Maund, who commented on Nextech's spinout Toggle3D.ai Inc. (TGGLF:OTCMKTS), "What is thought likely to happen is that Toggle shares will maintain upside momentum for a while longer, perhaps for a week or two, although there will probably be some air pockets before then going into a protracted reaction as the market loses interest and early buyers cash in their gains. So we should look out for that and will have to play it by ear."
Maund predicts that Nextech itself will continue to move above the 200-day moving average.
Lisa Thompson from Zacks Small-Cap Research was also optimistic about Nextech. The report noted that "Nextech could be worth an enterprise value as high as US$74 million or a market value of US$76 million" and that "Nextech's ownership of ARway of 13 million shares adds US$6.4 million to the valuation as an asset and adding 13 million shares of Toggle3D.ai adds another US$10.9 million. With those two, the stock is worth at least US$0.78 per share."
Ownership and Share Structure
Management and insiders own 13.26% with 14.53 million shares of Nextech.
CEO Evan Gappelberg owns 10.19% with 11.16 million shares, John Paul Duffy owns 2.96% with 3.25 million shares, Belinda Tyldesley owns 0.06% with 0.07 million shares, and Andrew Chan owns 0.05% with 0.05 million shares.
As for Toggle 3D.ai Inc., Nextech owns 45.45% of the company.
The company has 109.51 million shares outstanding, with 94.98 million free-float traded shares. The company has a market cap of CA$32.64 million. It trades in the 52-week period between CA$0.37 and CA$1.31.
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