MELBOURNE, Florida,
November 14, 2017 /PRNewswire/ --
NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID" or the "Company"), a
security technology company, announces results for the nine and
three months ended September 30,
2017.
Third Quarter and Nine Month Highlights:
- Revenue for the first nine months of 2017 was approximately
$18.9 million compared to
approximately $3.2 million for the
same period in previous year.
- Revenue for Q3 2017 was approximately $4.5 million compared to approximately
$3.1 for the same period in previous
year.
- Gross profit for the first nine months of 2017 was
approximately $10.1 million compared
to approximately $1.3 million for the
same period in previous year.
- Gross profit for Q3 2017 was approximately $2.8 million compared to approximately
$1.3 million for the same period in
previous year.
- Operating income for the first nine months of 2017 was
approximately $50K compared to an
operating loss of approximately $(6.1)
million for the same period in previous year.
- Operating loss for Q3 2017 was approximately $(1.7) million compared to an operating loss of
approximately $(1.5) million for the
same period in previous year.
- Adjusted EBITDA for the nine months ended September 30,2017, adjusted for non-cash
charges was approximately $2.4
million compared to adjusted EBITDA of approximately
$(4.9) million for the same period in
previous year.
- Adjusted EBITDA for Q3 2017, adjusted for non-cash charges was
approximately $(316K) compared to
adjusted EBITDA of approximately $(894K) for the same period in previous
year.
"Revenue for the third quarter of 2017 slowed as World Ventures
still has significant inventory of Flye cards for distribution. Our
expectation is for this to continue into the fourth quarter of
2017," said Gino Pereira, Chief
Executive Officer of NXT-ID. "LogicMark continues to perform at
record levels. As we announced previously, Garmin's new vívoactive
3 smartwatch includes NFC payment technology powered by FitPay. We
expect meaningful revenues from this partnership, and others, early
in 2018. Operating expenses for the nine months and Q3 2017
increased due to the acquired overhead from the FitPay acquisition.
We have a number of significant business development opportunities
that we are pursuing in Q4 2017 and remain confident that the
Company is poised for continued significant growth in 2018."
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
http://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.