Nxt-ID, Inc. Announces Investor Call to Discuss the Financial Results for Second Quarter and Year to Date Results Ended June 30, 2021
Second quarter results ended
- Revenue for the second quarter was approximately
$2.8 million, up 14% from the prior quarter and up 12% from the same quarter last year.
- Gross profit for the second quarter was approximately
$1.8 million, compared to approximately $1.6 millionin the prior quarter and slightly favorable with the same quarter last year.
- Operating expenses for the quarter were approximately
$2.0 million, compared to approximately $2.3 millionin the prior quarter and $1.9 millionin the same quarter last year.
- Operating loss for the second quarter was approximately
$212,000. This compares to a loss of approximately $783,000in the prior quarter and a loss of approximately $103,000in the same quarter last year.
- Net loss for the quarter was approximately
$1.2 millionor $0.02per share, compared to a net loss of approximately $5.8 millionor $0.12per share in the prior quarter and a net loss of approximately $668,000or $0.02per share in the same quarter last year.
- During the quarter ended
June 30, 2021the Company paid down term debt by an additional $4.5 million.
Six months results for the period ended
- Revenue for the six-month period was approximately
$5.2 million, down $1.0 millionor 16% from last year.
- Gross profit for the six-month period was approximately
$3.4 million, down approximately $1.2 millionor 27% from last year.
- Operating expenses for the six-month period were approximately
$4.4 million, up approximately $691,000or 19% from the same period last year.
- Operating loss for the six-month period was
$1.0 millioncompared to operating income of $1.0 millionduring the same six months last year.
- Net loss for the six-month period was approximately
$6.9 millionor $0.14per share, compared to a net loss of approximately $280,000or $0.01in the prior year.
August 13, 2021the Company closed a private preferred stock investment from institutional investors, raising an additional $4.0 millionin working capital prior to expenses associated with the offering.
August 16, 2021the Company received written communication from the Nasdaq Hearings Panelthat it had granted the Company's request to continue to list on The Nasdaq Stock Marketsubject to the Company's achieving certain milestones, including holding a shareholder meeting prior to October 15, 2021and receiving shareholder approval by such date to effect a reverse split. If such approval is obtained on or prior to October 15, the Company will have to demonstrate compliance with the Nasdaq Rule 5550(a)(2), which will require the Company to maintain a minimum bid price of $1.00per share over 10 consecutive trading days prior to November 1, 2021.
"We expect to be in a transition period for some time as we become fit for purpose. This includes establishing the right team and tools needed to leverage our intellectual property, assessing our existing product mix and continuing development of innovative solutions to meet specific needs. I look forward to providing periodic updates on our progress," concluded
Investor Call and SEC Filing
Full financial results and Management's Discussion and Analysis can be found in the Company's Form 10-Q for the three and six months ended
For those wishing to participate by telephone, please use the following dial-in credentials:
Conference ID: 1558499
Forward-Looking Statements for
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; the Company's ability to maintain its Nasdaq listing for its common stock; 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
Investor Relations Contact:
A. Pierre Dubois
Lightspeed IR/M for
Public Relations Contact:
Lightspeed PR/M for
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