NXT-ID (NXTD) Announces Prelim. Q1 Revenue of $6.6M

NXT-ID, Inc. (NASDAQ: NXTD), a security technology company, announces selected preliminary results for quarter ended March 31, 2017.

First Quarter Highlights:

• Revenue for Q1 2017 was approximately $6.6 million compared to $42,302 for the same period in previous year and $4.5 million for Q4 2016.
• Quarter on quarter revenue growth was approximately 46%.
• Gross profit for Q1 2017 was approximately $3.5 million compared to a gross loss of $(32,853) in Q1 2016 and a gross profit of $2.0 million for Q4 2016.
• Quarter on quarter gross profit growth was approximately 75%.
• Operating expenses were approximately $2.4 million in Q1 2017 compared to $2.3 million in Q1 2016. Operating expenses were $2.6 million in Q4 2016.
• Operating income for Q1 2017 was approximately $1 million compared to an operating loss of $(2.3) million in Q1 2016. The operating loss in Q4 2016 was $(0.6) million.

"Our first quarter results for 2017 show continued substantial growth following the significant progress we reported in Q4 2016," said Gino Pereira, Chief Executive Officer of NXT-ID. "LogicMark had a record sales month during the first quarter and we have started to deliver the flye card in significant quantities to World Ventures in anticipation of their product launch. We remain confident that we will continue the improvement in our operating results during the remainder of 2017 and look forward to the forthcoming merger with Fit-Pay, Inc. to further broaden our capabilities and customers."

Preliminary Results

The results provided in this press release are preliminary and subject to completion of Nxt-ID's financial statements for the quarter ended March 31, 2017 in conjunction with the Company's Form 10-Q filing for the same period, and therefore they are subject to change.

Nxt-ID intends to report final results for the quarter ended March 31, 2017 on or about May 15, 2017, after market close.

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