Nextech3D.AI Corporation (NEXCF) Earnings Call Transcript & Summary

Well, good morning or good afternoon, depending where you are, and welcome to another Proactive live stream event. I'm Steve Darling from our worldwide broadcast studio in Vancouver, British Columbia, Canada. Excited to have you once again and excited to have Nextech3D.ai with a pretty interesting and revolutionary new update coming from the Map D platform, and we'll talk about that in just a second. But again, if you'd like to be a part of the conversation, you can do that by using the chat function at the side of the screen, and I'll try to put those questions to our 2 guests. Coming up in just a couple of minutes, the Vice President of Product Innovation at Nextech, Rob Christie, will be joining us. And as always, Evan Gappelberg, the CEO. Again, so use the chat feature, send your questions along to me and I will pass them through to our 2 guests. So let's begin now and bring in the CEO of Nextech3D.ai, Evan Gappelberg. And Evan, it's great to see you again for another Proactive live stream event. How are you?

Great. Great to see you, Steve.

Yes. It's an exciting time for the company and more importantly, the Map D program. And so let's take a step back here and let's talk about Map D. And maybe you can give people a bit of a history lesson on Map D and how it's sort of brought to where it is today?

Sure. So we actually acquired Map D all the way back, going back to the days of COVID. And prior to COVID, it was a live event platform. And then during COVID, obviously, its live events just kind of stopped. And so we acquired the business and we've spent the last couple of years building the technology that really supports this ad network. And we've finally been able to launch it. The good news is that we already have customers. So unlike a lot of the other pioneering work that we do, whether it's ARway or Toggle or even our 3D modeling business, which had no customers when we started, it was purely a pure start-up. Map D does about $1 million in annual revenue. The customers are repeat customers, there's something like a 90-plus percent retention rate and they've been customers for like a decade. These are long-term customers that have been coming back year after year. And those customers are now being offered an opportunity to use our technology for free, essentially our app. And what we're getting in return is the ability to sell and offer their exhibitors advertising at the event. And this is a very novel, very unique way of doing business. We are taking a page out of the Facebook book. If you look at Facebook, it's a very interesting parallel. People think that Facebook started with big funding. No, they started with big ideas. They had a big idea, and they only actually raised about $0.5 million from Peter Thiel all the way back in 2004. So think about that. Nextech, I mean, we're just a small company. We're launching this. We're actually doing $1 million in revenue on the Map D platform. We've been investing in this ad network. And if you, again, go back to Facebook's early days, they only raised $0.5 million year 1. And then 12 months later, they raised $12 million. And then the company grew and the rest is history. I see a lot of parallels, because if you look at our ad network, we essentially are going to be offering banner ads, interstitial ads, which we're going to demo in a few minutes. But there is an enormous amount of upside because I've been an exhibitor at a trade show. I've been at a booth. And the thing that I want is more traffic. I want people to find me. And sometimes I'm in the center aisle, and sometimes I'm all the way in the corner tucked away. And if you're not in the center aisle, you're going to have a tough time getting people to your booth. With this advertising capability that we are now launching in the app, that every attendee is going to use, we are going to see those exhibitors have more traffic, and they're willing to pay for that. And we're basically offering this at a low price point advertising. At $250, let's say, you get an ad, and that could go as high as $1,000, even $2,000 if you're doing a video ad. But the point is, is that for a small amount of money, an exhibitor can advertise now at the same event that they're at. That has never been offered before in an app. The only thing that events have previously offered is sponsorship, where you might have to pay $2,500, or $5,000 or $10,000 to put your name on the napkins or on some banners or some, I don't know, the badge, get sponsored, maybe the lanyard gets sponsored. And so there's literally only maybe 3 companies at an event that does sponsorship. It's a small elite group. But now there's an opportunity for everybody at the event, Steve, to be able to advertise, and that's game-changing. And we'll get into it in a minute, I have a little bit of a deck.

Yes. Let me ask you just a couple of quick questions on that. First off, in the news release I was reading, it talks about margins. And because you're offering this within an app, the margins are quite substantial.

The margins are massive. Again, I just want to point to you to Facebook, I could point you to Google, I could point you to Instagram. Ad networks generate huge margins. It's programmatic, AI-driven ads. You basically set it and forget it. It does its thing, right? And so once it's set up as a self-serve platform, once you invest in the platform, the cost for us is incremental, not exponential, meaning if we do 1 event or we do 100 events with advertising or 1,000 events with advertising, it doesn't cost us any more to do 1 versus 1,000. The tech is the tech. Sure, there's a little bit of back-end setup that needs to happen, but it's relatively insignificant. So that's the magic of having a platform is that you could scale, Steve.

So is this also then, Evan -- because I've been in trade shows, obviously, as well as you had, so you mentioned a bit earlier where you show up and like, oh, fill out the draw, you win something here. But what you're suggesting is that all that can be done on someone's phone, and you can draw them towards the particular booth by offering a number of different things. Am I on the right track there?

Yes. I mean we -- I think I can show you more again with the deck and Rob actually has a demo.

Okay. Well, let's do that now. Let's -- because I think how it works, I think, is a key part of this. So let's bring in the Vice President of Product Innovation, Rob Christie with Nextech. Rob, it's great to see you again. How are you?

I'm well, I'm well. Thank you, Steve.

Yes. So as Evan mentioned, pretty exciting time around the company with Map D. So Evan, I'll let you take it over. What did you want to -- you're going to show up a couple things here?

Yes. So I wanted to just show my deck. It's literally just a couple of pages, and then we could go into Rob's demo. So the deck is -- we're calling this the Boost Program. So it's boost your sponsorship revenue, boost your attendees' experience, boost your exhibitors' results, right? So lots of ways to boost your event. If you look at the screen, you're seeing essentially 50 of our notable top kind of existing customers across the United States. There's lots of different events that we manage, the Home Builders Association, American Distilling Institute, Toy Con. I'm just naming a few. CannaCon, these are cannabis shows, Tradeshow Logic, [ Rochester Area Builders ], on and on and on. It's just a ton of these shows. This screen shows you how the apps get placed -- how the ads get placed in the app. So you'll be at the Home Builders Association show and you see [ Killeen ], and it'll say there'll be a call-to-action button that will basically say, chat with me now or set an appointment, something like that, which is going to drive people to the booth. If you look at this slide, you'll see that we've already had an app in market for quite a while now with ads, but we've had an app. And so we've seen a 45% increase in booth traffic from attendees that use the app, 3x more increase; 80% match rate; 55% increase in engagement rate; and basically 2.5x higher brand recognition; 70% of the app users recall featured exhibitors brands. So there's a real value built in the app. If you look at this screen, you kind of see the potential business revenue per month. Again, we put on roughly 40 to 50 events a month. I'm saying, hey, if 50% of them, if half of our existing events sign up where they get a free app. Let's be clear, the app normally is as much as $5,000. Here, we're saying to them, "Hey, you get the app for free," which is a better user experience, better attendee experience, better exhibitor experience. And then we get to sell your exhibitors our ads. If 50% say yes to that, which we -- I actually think it's going to be more like 80%, then the average number of exhibitors at events is about 150, so if you do the math, if you have a $250 ad for the event times 150 exhibitors times 20 events per month and this is monthly, that's $750,000 per month in revenue or you're closing in on like $10 million annually. If you look at the mid, which would be we offer more than just a $250 banner, they can get better placement, have an interstitial ad with video. So it goes up to actually as much as $2,000. But for this purpose, we're showing the $1,000. If that's the average ad buy, you're talking about $3 million per month, and that's at 50% of the events sign-up. At $625, which is the mid, you're talking about $1.875 million. These are not insignificant numbers, Steve. These are very big numbers. To put it into perspective, we're clocking in, in 2023 with $5 million in revenue without any of this business at all. This is on top of our existing revenue stream. And if you think beyond our existing customers, we only, again, have 500 customers, and that's how much business we can generate. The previous slide showed off of just our existing customers. If you want to go beyond our existing customers and think about the expansion, well, here's kind of an iceberg that shows you that this is just the tip of the iceberg. We have 500 customers. There's 180,000 associations and 1.8 million events held annually. So this is literally the tip of the iceberg. And then just to add more fuel to the fire, we integrated ARway, our indoor navigation system, into the Map D app. So it's not only just the ad network, it's an immersive experience for attendees where they can wayfind from wherever they are to the booth. And I'll just show a quick video of how that works. You could see the red path, that's an augmented reality experience. I'll just play it for a second. [Presentation]

So as you can see, it's truly an end-to-end platform solution. The ad network is where we generate potentially an enormous amount of revenue and profits. But there's all these features and functionality that support the app and support people coming back for more and more and more. And again, the expansion opportunities are just massive. We have 500 customers and the potential is just endless. So...

And there are literally thousands of trade shows, right? I mean it's -- and we're just talking about the United States, we haven't gone any further than overseas or Canada or anywhere else, right? So there's trade shows happening literally every day in every city and usually multiple ones, right?

Yes. Exactly, exactly. And that's really the end of my presentation. Rob is going to demo a live demo of the actual back end of the platform and then also show an app that has the ad in it. And if we're lucky, he might even be able to dynamically switch out an ad and show us like in real time how it works.

Yes. Rob, just the way this was set up, are you -- were you hearing from your trade show customers saying, "Hey, I like what you're doing, but we need this, we need this. This is important. This is something we have to have. This would help us." Like was there a lot of back and forth with people you already deal with?

There was a lot of conversation about the requirements moving forward of an app. And we actually went through very recently a full upgrade of our existing app structure to meet some of those requirements. This newborn idea of having ads placed within the app using our internal ad tools is kind of a new layer on top of that. It's a build on top of what was being requested by the industry, but this is very well industry supported. This is something people are looking for and definitely for their side, our customer is a trade show manager, and they want to keep their costs down. They want to keep their costs down, their profits up. So this is definitely a very welcome piece of the puzzle for them, a welcome offering, and we're really looking forward to seeing it bloom.

Okay. Well, let's get some of the back end, tell me a bit about what you have to show us and how you put this whole thing together.

Sure thing. I'll share my screen, and I'll walk you through it. Basically, what we're going to see is this is sort of the experience that our customer, the trade show manager, would experience. This is the platform that they kind of get access to as a customer of ours. And it's a mature settings-driven, configuration-based platform that allows them to manage their trade show and all the things that surround the trade show. So one of the most important things to most trade show managers is how do I sell my expo booth space, so we have tools for that. Starting with editing the actual trade show floor map. I'll just kind of give a quick view of that. We have a kind of drag-and-drop WYSIWYG tool that lets you kind of draw booths, name them, give them all kinds of details. There's panels and panels of settings and configurations to make those booths come to life and to really specify what they're about and how...

Sorry, Rob, just want to confirm, you called that a WYSIWYG?

WYSIWYG, yes.

Great. Just wanted to make sure that I got that right. Okay, good.

Okay. Yes, that's a bit of an old-fashioned engineering term for pathology without an interesting name. But essentially, what you see is what you get. It's a visual editor. We can do a lot of things in here to create that, basically a dynamic map of the expo space. And then other tools that we have in here are the show manager can set up their booths, they can set up the types of booths, they can set up the numbering of the various booths for recordkeeping and for identification. We've got other kind of tools and products that can be run. It's a full-featured mature platform. The most important part at the beginning of our project is this registration settings. We have sellable services. So these are extra things that once you've bought your booth space you have available to you like extra chairs, the Wi-Fi, rentals, things like that as well as anything else the show manager thinks would be important, like ads in their brochures and swag bags, things like that. Next, we have our kind of comprehensive registration settings. You choose your types, online payments through Stripe or through any one of our integrated payment processors, and a lot of this can be set up directly by the show manager so that the money ends up with them. Sorry, let's go through -- yes, we've got discount codes and all the things you'd expect in an e-commerce platform. Now this all kind of results in our e-commerce registration system. This is where it's an embeddable component or a linkable component that can be shown on the trade show website. This lets the exhibitors come in and literally just click to purchase their booths and then walk through that e-commerce platform flow for checkout. While they're doing that, they have the option to create their exhibitor account on the platform. And I apologize if I'm going very quickly, but it's very dense, the number of settings and configurations in here. But essentially, they joined the list...

But Rob, just on that, just really on that -- sorry, I want to grab you real quick on that point because you just mentioned what I find fascinating is the fact that you're going -- you've used it a lot, you're going through it. But the ease of it, I think, is what you're trying to get across to people as well as there's a lot of features. But it's like any app, you play with it and things come that you may not even know were there, right?

Oh, absolutely. And anything that you want to do as a show organizer might be different than the next guy. We have the settings and configurations to let you do things in multiple different ways and augment that experience for a maximum benefit to you. So that's another kind of thing about our system. It's also quite easy to use. All the screens kind of follow the same methodology and allow us to kind of -- once you've learned how one screen works, you pretty much know how the whole platform works. And you simply just navigate through your left menu and figure out exactly what it is that you want to do. So once you sold your booth space, you've got your exhibitors in, now we're ready to see the web-based environment, and we will get to the app. But basically, with the data that's in the system, the settings and configurations of the individual show, we can generate a dynamic website based on all of that content. So that's kind of part one of the experience, and that's an offering that you get as a show manager in our platform. You've got your dynamic map. This is not the e-commerce version, but this is the viewer version, this is the consumable version, which basically just shows all the same booth spaces in a dynamic fashion. However, at this time, it's going to show you which exhibitors are in which spots. And of course, we've got an agenda, a list of speakers, sponsors called out, exhibitors by category, the things that you would expect from a platform of this size. As well, we have advertising in here as well. So there's an opportunity for ads here. Moving along, we have the app. So our app is actually dynamically generated from data. We control the settings that create the app so we can brand it ever so slightly for the users' use case. We can change all kinds of settings and the logo, the theme, color styles, things like that. And what we result in is we've got these little previews here because we don't have an actual app to show you on the main screen. But we can show you -- and I'm wondering why that's not showing up. There must be something blocking it perhaps. The app itself is -- yes, it's generated from the content. We control how many of these tiles, which tiles show up, and we control sort of that content layer of things and of course, the navigation throughout the app using our back end. So you can see here, I can move things around. If I wanted to move tiles around on the main screen, I have that capability. I'll run back to the app at this point.

Yes. And there's the ads.

And there's the ad. And what I'll do now is I'll just show you how easy it is on our side or how simple it is from a self-serve perspective to change one of those ads. Just go to our Ads Center, we go to our ad library, and we add a new ad. Let's add one for ARway just to keep it in the family. We'll choose what type of ad. We'll choose what we're going to do with that. We add our actual ad, and then we link it to an exhibitor in the system. So there's our ARway exhibitor. And presto, we have an ad inventory, and now we just place it on the screen. This home page is actually controlled through this block, which is our welcome page navigation block. Now we simply add our new ad to that block. And when we hit refresh, as the ads cycle through in a random order, random selection, they will -- we will inevitably see our new ARway ad.

There it is.

Yes, there it is.

Wow, that's very -- it took you at about 18 seconds.

Yes, exactly. And our future road map is to have that as a user-based experience where the exhibitor can simply upload their ad, dictate how often they want it to be seen by the package, so to speak, that Evan was talking about earlier; whether they want the interstitial, whether they just want banners, they can make those choices, pay and then the ads will automatically be served up.

Okay. A couple of questions coming through. I just want to ask you while we're looking at this and while you're doing this. First off is, can you sell the Boost Program to non-Map D customers? Or is it dependent on -- is Map D dependent on the use of the Boost Program? I guess they kind of work hand in hand. Is that right, Evan?

Yes. So I'll answer that. So right now, we are selling this to our existing customer base, as I mentioned. But the goal is to open this up to everybody. And so that's going to be happening in early 2024. But the first thing is we want to control the environment, control the ads and make sure that everything goes off without a hitch. Once we see that it's working, then we open it up and we invite everybody onto the platform that wants to get on to the platform. We think it's going to be very, very popular that pretty much everybody is just going to want to use our platform because, a, we're going to give it away for free eventually where right now, you're paying thousands of dollars for this event platform and rightfully so. But once our ad network is fully formed, we're going to make so much more money off of the ads that we're just going to give this platform away for free. And that is when I think the floodgates open and all the other show organizers and exhibitors and everybody says," "Hey, we're in. We want the Map D app, and we want the Map D platform for free," and we'll happily give you access to sell our exhibitors.

Okay. There's also a question here about how do you get this in the hands of event managers? You obviously mentioned you have a large client base right now, but -- and a lot of those trade shows that are operating work with like one promoter may do 500 trade shows, right? I mean there's ways to get in this to people's hands, I would imagine.

So again, we have 500 customers that use the platform that Rob just demoed for you. And so they already are on our platform. They're already our customer. We already talked to them on a regular basis. And so we've had -- we've sent out a number of emails offering this program. We've reached out and we literally have dozens of conversations going right now. We've signed up a number, multiple of these event organizers have already agreed to do this with us. And it's really just you get a dozen, you get 2 dozen, you get 3 dozen. It just keeps on kind of going. And so right now, we're just getting started with this. But again, we're going to turn it into a self-serve platform in 2024, and that's when this goes into overdraft.

Okay. Rob, do you have some more you want to show us?

No. That was about it. Yes.

Yes. Okay. So let me give this question, Rob, while I've got you here. So you obviously show what's happening right now, and Evan said, there's advancements coming like as it goes. So will this be a process where you tweak as you go? People are using it, much like you did using Toggle3D, where there was things that, oh, that's actually a really good feature. We need to develop that. Is that the way this platform is going to work as well, Rob?

Absolutely. We are going to iterate through the design process, getting data and feedback along the way to perfect this product over time. Because it's a single platform and it's a SaaS-based offering, our ability to make these small iterative modifications along the way is unlimited.

Right. And Evan, that's the key to the technology, right, is it's easy to manipulate, easy to use and then obviously easy to change as well down the road.

Yes. I mean look, the bottom line for our investors is that all the billion-dollar businesses that are out there have achieved scale by having a platform that allows them to scale. This is what this platform is. It's a -- it allows us to scale. We're doing 500 events, but it could do 5,000, it could do 50,000 events, it could do 1 million events. And obviously, we're going to have to continue to scale up with our servers and with the back end, but the tech is built. And now it's just about getting that scale, which is going to happen through this ad network and through the self-serve. But this is the path to building a billion-dollar company. I mean that's what we've always been after. And this is what this is about, really.

Okay. A couple of more questions. Just on -- so as I said before, you're talking about just in the United States right now, where there's a number of trade shows, but there are trade shows around the world. How ease would it be to transfer this into another language, let's say, if you want to -- yes. I think that's...

So it's not about language. What we've learned because we've been in the event industry for a while is the language translation actually isn't the problem. It's not the biggest problem anyway. It's something called GDPR, which is like the -- some kind of governmental regulatory oversight and especially with an ad network, capturing people's data, those types of things. Exporting this, bringing this outside the U.S., it's totally doable. It's just a bit of a lift, and would it be something that we'd be focused on until late 2024. But there's plenty of opportunity here. I don't know if you saw the slide, Steve, but there's 1.8 million events that go on annually in the U.S., 180,000 associations. The Map Dynamics platform has 500 of those right now. So the opportunity for growth just in America is massive.

Yes. And I asked that question because of interest of moving it beyond this after 2024. But you're right, privacy laws and things you have to get through in other countries. Sometimes you use the old term, is the juice worth the squeeze, right?

Right, right.

You really -- it's really going to happen. So Rob, talk to me a little bit about the process of setting this up as well. Like just I know you've been working on this for quite a while. But just to have the app sort of ready to go and people are using it and the excitement around it. Are you seeing that within the team and within the people that you work with?

Absolutely, absolutely. And we've been running an app program, as Evan mentioned, a provisioned app program where a trade show or a trade show organizer and association could have their own app, and we've been selling that at a cost of between $3,500 and $5,000 a piece. We have about 74 of those apps currently in the market. Those are exciting. They've undergone a rebrand, so we have 2 different brands. But at the end of the day, this new component where it's a container app, it's more controlled. It gives us the opportunity to give even more to those trade show attendees and give their -- like elevate their experience in such a way that is just not quite feasible under the current app structure. So there's a lot of excitement that this is going to bring an additional layer of interest to the product. And as well, it's going to be a lot more fun for us to simply go in and add new things and elevate that experience and just get that feedback, get that feedback, get some data and make some good changes.

Yes. Evan, what's the plan for Map D rolling on in 2024? What's sort of the schedule that you and the team have come up with in order to sort of get this launched, get it out to people? I know people are using it right now, but sort of that full-scale launch, so to speak. And also the fact that trade shows work on a pretty long time frame. They don't organize them a day out-type thing. So are you still happy with what you would see in 2024 or compared to what you may see in 2025?

Yes. So it's grow, baby, grow. We're going to be growing this platform big time in 2024. But 2024 is just the beginning, meaning we're going to grow our business off of the back of our existing customers in 2024, primarily. And then as you mentioned, the trade shows book out 6 months a year in advance. And so in 2024, we are going to open up our platform and turn it into a full-on self-serve Facebook-like platform, where you just go on, you log in, you create your show and then the exhibitors go in and choose their advertising package. And we just keep on building the platform to support all of that business. But for the first half of the year, it's primarily just focusing on our existing business while we're building the platform in the back end. And then as we go along, we are going to open this up to everybody to be able to use in 2024, just not in like Q1. We want to make sure that the platform is stable and secure enough to handle the kind of volume we think that's going to hit the platform. Also, let's not forget, one of the new hires is a guy that we've spoken about, and he's been on the show before, Hareesh Achi. Hareesh came from Microsoft, and he spent 10 years managing their ad network. So we have some really, really smart, experienced people already on the team that come from ad land. It is a different kind [indiscernible]. And so we are going to expand our team with more executives, more people that come from that market. And so it really is an exciting new business opportunity for us. This is on top of our 3D modeling business that we do for Amazon. As everybody should know by now, we have multiple businesses that we own and operate, and we're constantly trying to figure out how to scale them, how to get from doing $1 million or $5 million to doing $50 million or $500 million and even $1 billion. And so this is a scale play. There's no other way to describe this. And again, just going to reiterate, you can look at a Facebook and say, that's -- like there's no way that they can get to be that big. Well, Facebook started out with $0.5 million investment, and look at -- it's worth $900 billion or whatever today. Obviously, it's 20 years gone by. So I'm not saying this is all going to happen in a year. But what can happen is in 2024, we can see $10 million or $20 million in new revenue come in. That is not out of the question. And once that happens, that's going to set the stage for much, much bigger revenue streams coming in. And ultimately, we see this really dominating and disrupting the $50 billion events industry because not just the ad network piece, not just that we're offering this for free, but there's going to be better functionality, functionality that nobody has experienced before. That means it's going to just stand head-and-shoulders above all the competition. Augmented reality is the next big thing. Indoor wayfinding doesn't exist at events. And I don't know how many times you've been to a show, Steve, but finding the right aisle, finding the right booth, it's not so easy when they're packed with people. And so having an indoor augmented reality wayfinding experience like we saw in my demo at the event makes that experience a 10 out of 10. And then we're going to add lead retrieval capabilities to the app so that it's this all-in-one end-to-end solution. You have one platform and you're done. And that's really something that doesn't exist again in the events industry, which is kind of begging for some new technology, and that's what this is.

Okay. Just a few more minutes here, but I want to get caught up on a couple of questions here. We have -- this question, I think, is a really good one is, David asked, is ARway optional or central to Map D?

Well, right now, it's optional. It eventually will be central. But today, it's just optional. So it's kind of important for our investors to understand that you got to roll things out slowly with new technology so that you don't end up face planting with your customers. There's always the potential for glitches. If you make it -- if you go global, if you go big with something too early, it could end up biting you in the butt. And so what we try and do is we bring it out. We use it a number of times. We make sure it's stable. We fix whatever needs to be fixed. And then it becomes the standard for the platform. And that's kind of how we see ARway.

Okay. And then another question. What is the learning curve? And I think we talked about that a little bit earlier, but I think it's worth mentioning one more time, Rob, maybe from you, just the ease of use that you did earlier in just putting the ad networks, the ads in. I mean that's what you want to do, is make sure that anyone who puts that thing up can use it right away.

Yes. It's -- we've really put this platform together focused on ease of use, the user experience. So I don't know what I'm doing to -- I'm proficient in what I'm doing. There's an integrated help system within the platform like you would expect. But also, we offer an intro tutorial from the point of sale. So some of those things will be, in the future, automated. So a small e-learning tutorial and then you should be good to go to set up your show and get moving. And as I said before, once you've learned one screen, the method that any other piece of data is altered in the system is identical. So keeping that stream the same, keeping that user experience and the user expectation on the outcome of a certain action consistent across the platform, has been really successful in keeping this platform as a very easy-to-use piece of equipment. We often hear from our customers from that original 500 base of customers how easy to use this platform really is, considering it's massive complexity. There are many, many, many forms. However, once you've learned one, you pretty much know them all.

Yes. It's a really good point. Well, Rob, I really appreciate you joining us, and thank you very much. Really appreciate it. And good to see you again, and congratulations on the new program. It looks really cool.

Thank you.

All right. There's Rob Christie. He is the Vice President of Product Innovation. And Evan, just a couple of minutes with you, I thought I'd give you the opportunity to sort of wrap up and the excitement surrounding having this out now finally. I know the team's been working on it for quite some time. So this is available now and really sets the company up for some really interesting times for next year.

Yes. And I would just say to our investors to take a step back and realize that we've been building this in the background while we're also servicing Amazon with 3D models for their e-commerce platform. We just got a technology transfer from Amazon of a QA tool that we talked about yesterday. And today, we're talking about this AI ad network for our Map D business. When you add it all together and you look at our market cap of $20 million, it is quite shocking that you can invest in these businesses at such a low valuation. We've never had this kind of a valuation. I was actually thinking about it the other day, when we went public back in 2018, our valuation wasn't much different than it is today. But our business is quite different, and our upside is absolutely different. And so when I look at Q1 2024, I look at that as being a breakout quarter for our businesses, meaning the ad network. We're going to get some revenue in Q1 from the ad network, meaning we were selling into shows that are going to be having this, using our ad network in Q1 of 2024. And as previously mentioned, Amazon opening up Seller Central is going to be a big deal for our business. And I'm told that, that is happening in Q1 as well. And so when you add that together, Steve, it's not just the ad network, it's not just the Map D platform, it's not just the 3D modeling business, it's not just ARway, it's all of that combined that makes me feel extremely excited and confident about our business in 2024 and beyond.

Evan, great to see you again. Thanks very much for updating us on this. It's a pretty exciting new update with Map D. And it'd be interesting to see how things roll out there again at the end of this year and obviously into 2024 as well. So we'll talk again very soon, I'm sure. Thanks, Evan.

Thanks, Steve.

All right. There's Evan Gappelberg. He is the CEO of Nextech3D.ai. And I'm Steve Darling, joining you from Vancouver for another Proactive live stream event. Thanks very much for your input. We'll see you down the road.