NXT-ID Inc.
(NASDAQ: $NXTD) Releases Financial Results for the Year Ended December 31, 2017
MELBOURNE,
Florida - April 2, 2018 – (investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:
NXTD),
a provider of payment, credential management, and authentication platform
services, announces its financial results for the year ended December 31, 2017.
Read this release
in full at http://www.investorideas.com/CO/NXT/news/2018/04021FinancialResults.asp
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; FitPay, 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: . NXT-ID Inc. Corporate 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.
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