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par Nextech3D.ai (isin : CA65345C1005)

Nextech3D.ai Reports Fiscal Year 2023 and Fourth Quarter 2023 Audited Financial Results

2023 Annual revenue growth of + 56%

2023 Annual revenue of $5 million

TORONTO, ON / ACCESSWIRE / April 29, 2024 / Nextech3D.AI (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" and other major e-commerce retailers reports its Fiscal Year 2023 and Fourth Quarter 2023 Financial Results the year ended December 31, 2023.

Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer today after the close where Nextech3D.ai will host a conference call to discuss these financial results.

Evan Gappelberg - CEO Commentary:

Preliminary Annual 2023 Financial Highlights

2023 Annual revenue growth of + 56%

2023 Annual revenue of $5 million compared to $3.2 million in 2022

70,000 3D models created to date

2024 Outlook

New demand for 3D models expected to gain momentum throughout the year driven by large enterprise customers

2023-Cost cutting measures and pivot to India to reduce the company's burn in 2024 by as much as 75%

Q1 2024 Gross Profit margins estimated to be 50-55%

Q2 2024 Gross margin estimated to be 80%

Q2 Improved margins puts India 3D modeling business as a stand alone business unit projected to go cash flow positive

New 3D photography and AI driven product launches expected to drive additional revenue and growth in 2024

Multiple patents already issued in 2024 with additional patent issuances expected

Company is Launching Several Enhanced AI 3D Productivity Tools in Q2, Q3 2024

NexTech3D.AI Corporation
Statement of Financial Position
December 31, 2023

31-Dec-2331-Dec-22
ASSETS
Current
Cash & cash equivalents
907,8473,777,117
Receivables
357,398744,331
Contract asset
51,320589,015
Finance lease receivable on sublease CP
199,933-
Prepaid expenses
294,471310,906
Inventory
-45,289
Non current assets held for sale
-501,188
Total current assets
1,810,9695,967,846

Equipment
325,633278,463
Deferred consideration
206,850-
Right of use asset
-829,278
Finance lease receivable on sublease
642,983-
Intangible assets
-3,313,741
Goodwill
-6,746,378
Total assets
2,986,43517,135,706

LIABILITIES
Current
Accounts payable and accrued liabilities
3,531,4602,641,918
Deferred revenue
342,192437,746
Lease liability
143,722222,250
Liabilities associated with assets held for sale
-92,532
Total current liabilities
4,017,3743,394,446

Lease liability - non current
469,624582,586
Deferred tax liabilities
-29,974
Total liabilities
4,486,9984,007,006

Shareholders' Equity
Share capital
91,909,49583,271,707
Reserves
14,166,97212,754,706
Accumulated Other Comprehensive Income
678,143827,101
Shareholder's equity attributable to Nextech shareholders
(112,211,223)(85,898,862)
Total common shareholders' equity
(5,456,613)10,954,652
Non controlling interest
3,956,0502,174,048
Total equity
(1,500,563)13,128,700
Total liabilities and shareholders' equity
2,986,43517,135,706

NexTech3D.AI Corporation
Statement of Loss and Comprehensive Loss
December 31, 2023

YTD
31-Dec-2331-Dec-22
$$
Revenue
5,033,2023,224,791
Cost of sales
(3,586,162)(1,593,076)
Gross profit
1,447,0401,631,715

Operating expenses:
Sales and marketing
4,546,5025,013,367
General and administrative
9,362,61013,377,575
Research and development
3,249,7993,892,208
Stock based compensation
1,775,6951,715,690
Amortization
2,105,6892,655,652
Right of use amortization
55,72876,905
Depreciation
87,824122,930
Operating profit (loss)
(19,736,807)(25,222,612)

Other income (expense):
Gain on sublease recognition
120,626-
Loss on asset disposal
(85,679)-
Gain on liability
-381,019
Impairment of intangible assets and goodwill
(7,575,263)(476,113)
Foreign exchange gain (loss)
(14,393)1,345,593
Profit (Loss) before income taxes
(27,291,516)(23,972,113)

Current income tax expense
-(34,937)
Deferred income tax recovery
29,974672,148
Net income (loss) from continuing operations
(27,261,542)(23,334,902)

Income (loss) from discontinued operations
(452,814)(4,043,424)
Net loss
(27,714,356)(27,378,326)

Other comprehensive income (loss)
Exchange differences on translating foreign operations, continuing operations
(148,958)(432,845)
Comprehensive income (loss)
(27,863,314)(27,811,171)

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