Nextech AR Solutions Corp. (CSE: NTAR, OTCQB: NEXCF) said it has won several new e-commerce 3D modeling contracts, providing the company with a growing base of annual and monthly recurring revenue.
The new contracts are for hundreds of additional 3D models, in addition to the additional 1,500 and 400 SKUs announced over the past few weeks.
“We are seeing an acceleration in demand for our Web3 product suite by simultaneously signing new customers for ARitize 3D (and) expanding into new industries, while renewing with existing customers for more 3D models, which means that our 3D/AR product offering is now recognized as delivering high ROI for the global e-commerce ecosystem,” Nextech AR CEO Evan Gappelberg said in a statement.
WATCH: NexTech AR Solutions sees very strong adoption with many contracts signed for 3D models
“We have positioned ourselves as the cheapest, most scalable and highest quality 3D model provider by leveraging our patent-pending AI and ML technologies. We believe 3D models will become the norm in e-commerce and that 3D models are estimated to have a TAM (total addressable market) of $100 billion, which we are chasing day after day through these customer wins,” he added.
In the first six weeks of Q2 2022, the company exceeded signed contracts for 3D models in 1Q. To date, Nextech has served a total of 4,596,667 3D AR model views, with 870,433 3D AR models served in the quarter alone.
Among other things, Nextech said it has signed a 3D modeling renewal contract with MGI Golf for additional SKUs and has signed a 3D modeling contract with Marker Deutschland, a skiwear manufacturer for its helmet line. Additionally, Artika, an online retailer of home lighting solutions, has taken out a monthly subscription for 3D models.
Separately, the company said it canceled a total of 15,004,152 stock options previously held by certain directors, officers, consultants and employees. He now has 2,015,845 stock options left.
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