Nextech3D.ai Reports Q2 2024 Performance with Significant Revenue Growth and Improved Profit Margins
Vancouver, Canada
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July 30, 2024 10:47 AM Eastern Daylight Time
Nextech3D.ai CEO Evan Gappelberg joined Steve Darling from Proactive revealing the company's preliminary unaudited financial and operational results for the second quarter of 2024, which ended on June 30, 2024. The results showcased a notable revenue increase to $1.2 million, up from $1 million in the first quarter of 2024.
Gappelberg highlighted the company's impressive operational leverage, with a substantial gross profit margin of 70% in Q2, a significant rise from 50% in Q1 and 30% for the entire year of 2023. He attributed this growth to the company's strategic shift towards the Indian market in the fourth quarter of 2023 and advancements in its AI technology. These initiatives are expected to further enhance the company's gross margin, potentially reaching 80% in 2024.
Additionally, Gappelberg announced that Nextech3D.ai recently achieved certification as a 3D modeling partner for Amazon, the world's largest e-commerce platform. This partnership opens new avenues for growth, as Amazon's data suggests that listings featuring 3D models experience a twofold increase in purchase conversions on average. Nextech3D.ai is poised to capitalize on this opportunity, anticipating substantial new business prospects.
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