Nxt-ID Registers 10% Revenue Decline In Q3, Margin Shrinks

November 12, 2021 1:46 PM | 1 min read | Make a Comment

Nxt-ID Inc NXTD reported a third-quarter FY21 revenue decline of 10% year-on-year to $2.4 million.
The gross margin contracted 1,800 bps to 53% due to a reserve for obsolete inventory. The EPS loss was $(0.12).
Operating expenses were $1.8 million versus $2.0 million in the prior quarter and $2.4 million last year.
Nxt-ID held $16 million in cash and equivalents.
"We recently made the decision to close our Connecticut corporate office and consolidate corporate functions into our Louisville division office, an opportunity to further rationalize our cost structure," said CEO Chia-Lin Simmons.
Price Action: NXTD shares traded higher by 3.02% at $3.75 on the last check Friday.

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