Nxt-ID Reports Revenues of US$4.4 Million in Third Quarter

Nxt-ID (NASDAQ:NXTD) announced the third quarter results along with the results for first nine months of 2018 with the company reporting revenue increase from continuing operations for the third and nine months period ended September 30, 2018.

The company said that the revenue from operations was approximately US$4.4 million as compared to US$3.7 million for the same period in 2017. Similarly, Nxt-ID said that its revenues for the nine months was approximately US$13.1 million as compared to US$11.7 million for the same period in previous year.

As quoted in the press release:

Three and nine-month highlights:

• Gross profit from continuing operations for the first nine months of 2018 was approximately $9.5 million compared to $8.2 million for the same period in 2017.
• Gross profit from continuing operations for Q3 2018 was approximately $3.2 million compared to $2.6 million for the same period in 2017.
• Operating income from continuing operations for the first nine months of 2018 was approximately $0.9 million compared to an operating loss of $(0.6) million for the same period in previous year.
• Operating income from continuing operations for Q3 2018 was approximately $0.2 million compared to an operating loss of $(1.1) million in Q3 2017.
• Non GAAP Operating income from continuing operations for the nine months ended September 30,2018, adjusted for depreciation, amortization and non-cash charges was approximately $2.3 million compared to $1.5 million for the same period in previous year.

“Our results for the nine months ended September 30, 2018 and the three months ended September 30, 2018 have been presented to reflect the proposed spin-off of the Fintech business as a discontinued operation for Nxt-ID,” said Gino Pereira, Chief Executive Officer of Nxt-ID. “LogicMark continues to perform strongly. We continue to make investments in R&D for new products within LogicMark as well as working to build new distribution channels for its core offerings to grow what has been a reliably consistent contributor to our financial performance.”

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