NXT-ID Inc (NASDAQ:NXTD) To Power Vivoactive Payment Capabilities

NXT-ID Inc (NASDAQ:NXTD) To Power Vivoactive Payment Capabilities

NXT-ID Inc (NASDAQ:NXTD) wholly owned subsidiary, FitPay, has inked an agreement to power payment capabilities of Garmin Ltd. (NASDAQ:GRMN)’s new Smartwatch, Vivoactive 3. Investors reacted to the news by sending the stock up 4% to $2.08 a share in Thursday’s trading session.

NXT-ID Inc (NASDAQ:NXTD)
One month NXTD stock price chart

Stock performance

Shares of NXT-ID Inc (NASDAQ:NXTD) gapped to highs of $2.40 a share before retreating to the $2.08 mark. The stock continues its bounce back from the $1.50 mark as it closes in on a key resistance level at the $2.50 mark. However, the stock has underperformed the overall industry for the better part of the year as it continues to trade in a downtrend.

The stock is currently trading in a $2.01 – $2.31 trading range and traders are waiting to see if a collaboration with Garmin is the catalyst that will push the stock higher. The new payment capabilities to be installed in Garmin wearables will enable customers to make contactless payments at point of sale (POS) locations.

Dubbed Garmin Pay, the new feature runs on FitPay’s proprietary technology to deliver payment, credential management, and authentication among other secure services to the Internet of Things (IoT). The feature uses NFC technology to interact with over 10 million retail POS terminals worldwide, which will allow Vivoactive 3 users to pay for goods wherever they are.

“We are incredibly excited to work with FitPay to offer our customers an easy way to make purchases while on the move,” said Dan Bartel, Garmin vice president of worldwide sales. “With Garmin Pay, you now have the freedom to leave your phone and wallet at home without losing your payment capabilities.

Robust Growth

Separately, NXT-ID Inc. (NASDAQ:NXTD) registered robust growth in all its segments in the first half of the year as revenue surged to highs of $14 million, compared to $80,000 for the corresponding period last year.  Revenue in the second quarter alone came in at $7.7 million compared to $38,493 for the corresponding period last year.

The company’s subsidiary LogicMark continues to register robust growth with deliveries of the fly card to WorldVentures. FitPay also continues to fuel growth on NXT-ID bottom line having achieved new business milestones with Visa and MasterCard.

NXT-ID Inc. (NASDAQ:NXTD) reported a net loss of (-$1.9) million for the first six months of the year an improvement from a net loss of (-$7.9) million for the corresponding period last year.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $NXTD and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

NXT-ID Inc (NASDAQ:NXTD)

NXT-ID Inc (NASDAQ:NXTD) Struggling to Hold Gains

NXT-ID Inc (NASDAQ:NXTD)

NXT-ID Inc (NASDAQ:NXTD) shares have gapped up to open with over a 20% gain as of 9:35 AM EST at $1.84. The market is reacting to the biometric company’s quarterly and six-month preliminary financial release. Volume is heavy – about 40 times the daily average. However sellers moved in and proceeded to unload shares and shares of NXTD were down to $1.65 by 9:50 AM EST.

NXT-ID Inc (NASDAQ:NXTD)
5 day 15 minute candlebar graph for $NXTD

NXT-ID Inc (NASDAQ:NXTD) has three subsidiaries. LogicMark, LLC, manufactures and distributes non-monitored and monitored personal emergency response systems that are sold through dealers and the United States Department of Veterans Affairs. Fit Pay, Inc., a proprietary payment technology platform for device manufacturers that offer their users a secure service within the Internet of Things (IoT) ecosystem. Lastly, 3D-ID LLC develops biometric identification and authentication services.

NXT-ID Inc (NASDAQ:NXTD) revenue for Q2 2017 was approximately $7.6 million compared to $38,493 for the same period in previous year and approximately $6.7 million for Q1 2017. Gross profit for Q2 2017 was approximately $3.8 million compared to a gross loss of $(25,251) in Q2 2017 and a gross profit of $3.5 million for Q1 2017. Operating expenses were approximately $3.0 million in Q2 2017 compared to $2.3 million in Q2 2016. Operating expenses were approximately $2.5 million in Q1 2017.

NXT-ID Inc (NASDAQ:NXTD) revenue for the first six months of 2017 was approximately $14.3 million compared to $80,795 for the same period in previous year. Gross profit for the first six months of 2017 was approximately $7.3 million compared to a gross loss of $(58,374) for the same period in previous year. Operating expenses were approximately $5.5 million for the first six months of 2017 compared to $4.6 million for the same period in previous year. Operating income for the first six months of 2017 was approximately $1.8 million compared to an operating loss of $(4.6) million for the same period in previous year.

NXT-ID Inc (NASDAQ:NXTD) shares have not performed well in an up-market. YTD NXTD shares are down over 45%, and down over 66% for the year. In 2012, shares of NXT-ID Inc (NASDAQ:NXTD) had a minor loss of (-$0.10) per shares but that loss expanded over the next few years. In 2013, the loss was (-$-0.72), followed by a loss of (-$3.10), then a loss of (-$4.82). In 2016 the loss finally narrowed from the previous year to a loss of (-$2.24). On a positive note, NXT-ID Inc (NASDAQ:NXTD) reported $7.7 million in sales for 2016 – a gain of $7.1 million over thei 2015 figure.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $NXTD and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

NXT-ID Inc. (NASDAQ:NXTD)

NXT-ID Inc. (NASDAQ:NXTD) Shares Power Higher

NXT-ID Inc. (NASDAQ:NXTD)

Shares of NXT-ID Inc. (NASDAQ:NXTD) were up by more than 70%, after the company’s Fit Pay subsidiary announced it has started to offer payment capabilities for Token – a biometric identity ring designed to streamline the process of identification authentication. Token is available for pre-sale at $249.

Technology Validation

NXT-ID Inc. (NASDAQ:NXTD) is a provider of payment and authentication platform services. The company boasts of extensive experience in access control and behavior metric identity verification. Providing payment capabilities for Token validates NXT-ID’s comprehensive platform that currently offers technology products and services for the internet of things.

NXT-ID Inc. (NASDAQ:NXTD) boasts of three mobile and IoT subsidiaries. LogicMark LLC spearheads the company’s efforts in the development of non-monitored and monitored personnel emergency services. Its services are normally sold through dealers and the Department of Veteran Affairs.

FitPay is a subsidiary that is strengthening NXT-ID Inc. (NASDAQ:NXTD) foothold in the payments and Internet of Things. The unveiling of Token offers a glimpse of how the company plans to transform the payment experience for consumers through secure authentication and frictionless transaction.

“Our vision is to offer a device that streamlines the process of authentication throughout the day, while simultaneously protecting users from identity fraud using advanced cryptography,” said Token Cofounder and CEO, Melanie Shapiro.

Token replaces credentials needed to carry out daily transactions such as credit cards, house keys, and passwords. It leverages a proprietary two-factor authentication method via a fingerprint sensor in the base of a ring and an optical proximity sensor. Token also uses a payment security technology that replaces cardholder’s account information with a unique identifier designed to facilitate secure contactless payment authentication services.

NXT-ID Inc. (NASDAQ:NXTD) will now be able to target wearable device manufacturers with the new payment technology. Device manufacturers can add the payment solutions and authentication capabilities to their products with no investment or start-up time needed.

Fly Smart Cards Milestone

Separately, NXT-ID Inc. (NASDAQ:NXTD) says it has delivered about 60,000 Flye smart cards to WorldVentures, a leading direct seller. The company touts the Flye smart cards as the world’s most cutting-edge technology designed to provide convenience and unprecedented security.

The smart cards were specifically developed for the distributor’s DreamTrips, a travel club and entertainment community. Flye First is currently available to members in Singapore and South Africa ahead expected launch in Budapest.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $NXTD and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.