Nxt-ID Inc. (NXTD) shares jumped 6.35% in after-hours on Friday, July 30, 2021, and closed the weekly session at $0.048 per share. in the regular trading session on Friday, NXTD’s stock lost 0.16%. NXTD shares have risen 65.97% over the last 12 months, and they have moved down 2.99% in the past week. Over the past three months, the stock has lost 13.77%, while over the past six months, it has declined 39.30%.
Let’s have a look at NXTD recent news and developments.
New NXTD CEO appointment
On June 17, 2021, NXT-ID, Inc. (NXTD) announced that Chia-Lin Simmons joined the company as Chief Executive Officer and a member of the Board of Directors, effective June 14, 2021. Ms. Simmons will be responsible for performing the services and duties customarily associated with a Chief Executive Officer position.
NXTD financial results announcement
On May 19, 2021, Nxt-ID, Inc (NXTD) reported its financial results for the three months ended March 31, 2021.
Q1 2021 financial highlights
- NXTD reported revenue of approximately $2.4 million in Q1 2021, compared to approximately $3.7 million for the same 2020 period.
- It earned a gross profit of approximately $1.6 million in Q12021, compared to approximately $2.8 million for the same 2020 period.
- Total operating expenses were $3 million in Q1 2021, compared to approximately $1.8 million in Q1 2020.
- It suffered an operating loss of approximately $783,000 in Q1 2021 compared to approximately $1.0 million operating loss in Q1 2020.
- Non-GAAP net loss was approximately $312,000 in Q1 2021, compared to net income of approximately $860,000 in Q1 2020.
- As of March 31, 2021, the company had a cash balance of approximately $8.5 million.
Senior Secured Term Loan Facility payment
On May 03, 2021, Nxt-ID, Inc. (NXTD) announced today that it had prepaid an additional $3.0 million of its Senior Secured Term Loan Facility.
On this occasion, the CEO of NXTD, Vincent S. Miceli said that the company did not incur a prepayment premium related to this prepayment. At current interest rates, the Company expects that this prepayment will save the Company approximately $400 thousand in interest expense on an annual basis.
NXTD regained NASDAQ compliance
On January 04, 2021, Nxt-ID, Inc, (NXTD) received written notice from the Office of General Counsel of The Nasdaq Stock Market LLC confirming that the Company has regained compliance with the applicable Nasdaq minimum bid price continued listing requirement and the matter is now closed.
Conclusion
Well, as of this writing, there are no recent developments for its early loss on Friday and later good performance in the after-hours. We hope that it will continue its positive momentum in the new week as well.
