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NXT-ID Inc., a provider of authentication and contactless-payment technology, reported on Monday that its revenue tripled last year compared to 2016 while its adjusted earnings before interest, depreciation, taxes, and amortization swung positive.
The Melbourne, Fla.-based company is best-known in the payments market for its Fit Pay Inc. unit, which provides payment function based on near-field communication technology for a pair of smart watches from Garmin Ltd. “Several more” such watches are coming this year, promised NXT-ID chief executive Gino Pereira, in a statement.
“I expect 2018 to build on the growth of 2017 as our company continues to mature,” Pereira said. “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.”
NXT-ID this year also entered the cryptocurrency market with Flip, a coin-shaped, contactless device that allows users to buy products by converting Bitcoin to fiat currency. Pereira hinted more digital-currency ventures are coming. “We are embracing blockchain technology as part of our product offerings and looking at applications in payments as well as health care,” he said.
The Flip device retails for $29, exclusive of account and exchange fees, and deliveries are expected to begin this quarter. The device was developed by San Francisco-based Fit Pay, which NXT-ID acquired last spring.
For 2017, NXT-ID recorded revenue of $23.3 million, up from $7.7 million the year before. Its operating loss was trimmed from $6.7 million in 2016 to $3.6 million last year. EBITDA adjusted for non-cash charges came to $1.95 million, versus a negative $4.97 million in 2016.
