MELBOURNE, Florida,
April 2, 2018 /PRNewswire/ --
NXT-ID, Inc. (NXTD) ("NXT-ID" or
the "Company"), a provider of payment, credential management, and
authentication platform services, announces its financial results
for the year ended December 31,
2017.
2017 Year Highlights:
- Revenue for 2017 was $23,316,969 compared
to $7,736,320 for the previous year.
- Gross Profit for 2017 was $11,631,522 compared to Gross
Profit of $3,301,452 in 2016.
- Operating expenses were $15,270,469 in 2017 compared to $10,011,540 in 2016.
- Operating Loss for 2017 was reduced
to $(3,638,947) compared to $(6,710,088) in
2016.
- Net Loss Per Share was reduced to $(0.70) in 2017 from ($2.24) in 2016.
- *Adjusted EBITDA for the year ended December 31, 2017, adjusted for non-cash charges,
was $1,947,839 compared to a loss of
($4,969,313) in 2016.
- Business combination with Fit Pay, Inc.
was completed in May
2017.
*Adjusted EBITDA is defined as earnings before interest, taxes,
depreciation and amortization adjusted to exclude non-cash equity
compensation, and other special non-recurring charges. Adjusted
EBITDA is commonly used by management and investors as an indicator
of operating performance and liquidity. Adjusted EBITDA is not
considered a measure of financial performance under GAAP and it
should not be considered as an alternative to net income (loss), or
other financial statement data presented in accordance with GAAP in
our consolidated financial statements.
Gino Pereira, Chief Executive
Officer of NXT-ID said, "Our annual results for 2017 show strong
continued growth following the significant progress we reported in
2016. Revenue in 2017 was more than 3 times the level of 2016."
"LogicMark continues to perform strongly. It has posted record
revenues annually since we acquired the company in mid-2016. Our
deliveries of the flye card to WorldVentures slowed
significantly in the second half of 2017, as they had sufficient
inventory on hand. We do not expect significant deliveries to them
until the second half of 2018. We are at a stage of development
where the performance of a single customer can cause choppiness in
our revenues, but we expect that to decrease as we onboard more
customers in 2018. For the first time in 2017 we recorded positive
EBITDA of almost $2 million after
adjusting for non-cash charges."
"As pleased as I am with the progress we made in 2017, I am even
more excited about the coming year as our technology platforms
continue to be commercialized. Our new addition, Fit Pay, now has
two smartwatches in market made by Garmin featuring our NFC payment
technology, with several more to come in 2018. As a credential
management and authentication company, we are embracing blockchain
technology as part of our product offerings and looking at
applications in payments as well as healthcare. Our first product
offering 'Flip' will be available in the first half of 2018.
"I expect 2018 to build on the growth of 2017 as our company
continues to mature and bring cutting edge technologies to
market."
In conjunction with the release, the Company has scheduled a
conference call, which will be broadcast over the Internet, on
Monday, April 2, 2018 at 9:00 AM EDT. Following management's discussion,
there will be a Q&A session with several Wall
Street analysts.
To participate in the conference call, please sign up
at https://edge.media-server.com/m6/p/6hqabmet.
The webcast will be archived and available at this address for a
limited time and will also be available on the company's website
following the event.
Full financial results and Management's Discussion and Analysis
can be found in the Company's Form 10-K for the year ended
December 31, 2017, which will be
filed with the Securities and Exchange Commission ("SEC") today,
April 2, 2017.
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
Wocket™, 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. FitPay
and the FitPay Payment Platform are the sole property of Fit Pay,
Inc. For NXT-ID Inc. corporate information contact:
info@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.
Media Contacts:
Chris Orlando
chris.orlando@nxt-id.com
+1-760-468-7273
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID Inc.