NXT-ID announces significant earnings gains in 2017
NXT-ID more than tripled its revenue for full year 2017 to $23.3 million, and the company’s adjusted EBITDA improved from a loss of nearly $5 million in 2016 to more than $1.9 million, buoyed by the strength of its voice communication subsidiary LogicMark, according to an announcement.
The company’s gross profit increased by over 350 percent to over $11.6 million, and its operating loss was cut nearly in half, to $3.6 million, or a $0.70 net loss per share.
Gino Pereira, Chief Executive Officer of NXT-ID said that deliveries of its “flye” smartcard were down in the second half of 2017, but NXT-ID expects to onboard more customers in 2018.
“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,” said Periera. “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.”
NXT-ID acquired Fit Pay in 2017 to expand its digital payments and IoT portfolios.
Pereira also said that he expects the company’s first “Flip” product offering to be available in the first half of 2018.