MELBOURNE, Florida,
July 31, 2017 /PRNewswire/ --
NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID" or the "Company"), a
security technology company, announces selected preliminary results
for the Six Months and Quarter Ended June
30, 2017.
Second Quarter and Six Month Highlights:
- Revenue for the first six months of 2017 was approximately
$14.3 million compared to
$80,795 for the same period in
previous year.
- Revenue for Q2 2017 was approximately $7.6 million compared to $38,493 for the same period in previous year and
approximately $6.7 million for Q1
2017.
- Gross profit for the first six months of 2017 was approximately
$7.3 million compared to a gross loss
of $(58,374) for the same period in
previous year.
- Gross profit for Q2 2017 was approximately $3.8 million compared to a gross loss of
$(25,251) in Q2 2017 and a gross
profit of $3.5 million for Q1
2017.
- Operating expenses were approximately $5.5 million for the first six months of 2017
compared to $4.6 million for the same
period in previous year.
- Operating expenses were approximately $3.0 million in Q2 2017 compared to $2.3 million in Q2 2016. Operating expenses were
approximately $2.5 million in Q1
2017.
- Operating income for the first six months of 2017 was
approximately $1.8 million compared
to an operating loss of $(4.6)
million for the same period in previous year.
- Operating income for Q2 2017 was approximately $0.7 million compared to an operating loss of
$(2.3) million in Q2 2016. The
operating income in Q1 2017 was approximately $1.1 million.
"Our second quarter results for 2017 show continued growth
following the significant progress we reported in Q1 2017," said
Gino Pereira, Chief Executive
Officer of NXT-ID. "LogicMark continues to perform strongly and
flye card deliveries to World Ventures continued at a strong pace
as they have increased their distribution of the flye card.
Revenues from Q2 included minimal revenues from FitPay and we
anticipate that consistent revenues from FitPay will commence in Q4
2017. Expenses for the six months and Q2 2017 increased due to
increased overhead from the FitPay acquisition. After a successful
first half of 2017 we are looking forward to the rest of the year
with continued growth from our existing business and new
capabilities from FitPay coming to market."
Preliminary Results
The results provided in this press release are preliminary and
subject to completion of NXT-ID's financial statements for the
quarter and six months ended June 30,
2017 in conjunction with the Company's Form 10-Q filing for
the same period, and therefore they are subject to
change. NXT-ID intends to report final results for the quarter
and six months ended June 30, 2017 on
or about August 15, 2017, after
market close.
About NXT- ID, Inc.
NXT-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of
technology products and services that enable the Internet of Things
(IoT). With extensive experience in access control, biometric and
behavior-metric identity verification, security and privacy,
encryption and data protection, payments, miniaturization and
sensor technologies, NXT-ID develops and markets groundbreaking
solutions for payment and IoT applications. Its industry-leading
technology products and solutions include MobileBio®, a suite of
biometric solutions that secure consumers' mobile platforms, the
Wocketâ„¢, a next-generation smart wallet and the Flye, a digital
credit card developed in collaboration with WorldVentures.
NXT-ID includes three mobile and IoT-related subsidiaries:
LogicMark, LLC, a manufacturer and distributor of non-monitored and
monitored personal emergency response systems ("PERS") sold through
dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that
delivers end-to-end solutions to device manufacturers for
contactless payment capabilities, credential management,
authentication and other secure services within the IoT ecosystem,
and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about NXT-ID at www.nxt-id.com.
Forward-Looking Statements for NXT-ID: This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of the Company's business
strategy. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; the Company's ability to implement its long range
business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition,
the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology;
and management of growth and other risks and uncertainties that may
be detailed from time to time in the Company's reports filed with
the Securities and Exchange Commission.
NXT-ID Inc. Contact:
Corporate info: info@nxt-id.com
Media:
Chris Orlando
chris.orlando@nxt-id.com
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID, Inc.