Next Technology Holding secures $12.59 million in AI service contracts

Next Technology Holding Inc. (NASDAQ:NXTT) announced Friday that it entered into four commercial customer agreements between June and August with clients in the hotel management, smart water-system management, and crypto mining industries. The aggregate committed contract value of these agreements is approximately $12.59 million, according to a statement released in a Securities and Exchange Commission filing.

Under the agreements, Next Technology Holding will provide AI-enabled monitoring and management systems, as well as tailored training and support services. The contracts include recurring subscription and service fees to be paid in installments over the contract terms. Each agreement contains service-level commitments, performance acceptance criteria, data security and confidentiality covenants, payment terms, and termination rights.

As of the date of the filing, the company reported it has received about $5.09 million in service fees under these agreements and recognized revenue of approximately $1.79 million in accordance with ASC 606 revenue recognition standards.

The company, which operates primarily in Hong Kong, Singapore, and other Asian markets, provides software development services under a SaaS and AI model. Its platforms are designed for industry-specific solutions, including AI-enabled security monitoring for the hospitality industry, smart water-energy systems for the water sector, and integrated liquid cooling hardware and management systems for the Bitcoin mining industry.

Next Technology Holding currently employs 21 people, including an R&D team of about 10 engineers, and plans to expand its workforce to around 30 employees by the end of 2025.

In the filing, the company also disclosed it is negotiating additional SaaS and AI contracts with a potential aggregate value of approximately $40 million.

All information is based on a statement released in a Securities and Exchange Commission filing dated Friday.

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