Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is pleased to announce the closing of multiple new 3D modeling deals for ecommerce, providing the Company with a growing base of ARR (annual recurring revenue) and MRR (monthly recurring revenue). These new contract wins are for hundreds of additional 3D models, on top of the 1500 and additional 400 SKUs announced in the last several weeks. The company is experiencing accelerating demand for its state-of-the-art AI-powered ARitize 3D and ARitize CAD technologies. In the first 6 weeks of Q2 2022, the Company has exceeded all contracts signed in Q1 for 3D models.
To date Nextech has served a total of 4,596,667 3D AR model views, with 870,433 3D AR models served in Q1 alone.
Nextech AR CEO Evan Gappelberg commented, “We are seeing an acceleration of in demand for our suite of Web3 products by simultaneously signing on new clients to ARitize 3D expanding into new industries, while renewing with existing clients for more 3D models which means our 3D/AR product offering is now being recognized as providing a high ROI for the global ecommerce ecosystem.” He continued, “We have positioned ourselves as the lowest cost, most scalable and highest quality 3D model provider by leveraging our AI and ML technologies which are patent pending. We believe 3D models will become the standard in e-commerce and that 3D models are estimated to have a TAM of $100 billion which we are going after day by day through these customer wins.”
Winning new contracts, combined with renewals and expansion of existing contracts is driving the rapid growth for the company’s 3D model and augmented reality business in ecommerce.
- Sports Equipment
Nextech has signed a renewal 3D modeling deal with MGI Golf for additional SKUs and has signed a 3D modeling deal with Marker Deutschland, a ski apparel manufacturer for their line of helmets. This follows multiple sports related ARitize 3D deals, including Head, Himibike, Salamander Paddle Gear, Never Summer, The Perfect Mound, Source for Sports, Joyride Bikes and others.
Artika, an online retailer of home lighting solutions has signed on for a monthly subscription for 3D models, contributing to Nextech’s MRR. This signing follows Nextech’s recent announcement of Lighting Plus extending their original contract for more 3D SKUs, reflecting increasing demand and positive ROI in the lighting market for 3D models.
- Partner Agencies
Nextech expanded its reach and now partners with marketing and other agencies to provide models for 3rd party clients. The latest signing in this area is for a niche product, marathon medals, as well as a partnership for a Smirnoff Ice product. These signings highlight that more and more retailers are asking for 3D models in the ecommerce space, and their marketing agencies are reaching out to Nextech for solutions for their clients.
The company continues with expanding its reach through partner advertising agencies and through integrations with Shopify, Big commerce, and soon to be WooCommerce and Magento.
- Shopify Customers
Nextech’s Shopify integration and app continues to pay dividends with signing of multiple deals including Bolt, a home goods online retailer. Shopify customers are adopting Nextech’s 3D modeling technology, and looking to the Company to propel their products into the Augmented Reality space. Nextech is preparing to launch a number of new apps for Shopify and WooCommerce.
The Company has cancelled an aggregate of 15,004,152 share purchase options (the “Cancelled Options”) previously held by certain directors, officers, consultants and employees of the Company. The cancelled options were approved by the option holders. After giving effect to the Cancelled Options, the Company has 2,015,845 share purchase options remaining outstanding under its stock option plan.