NXT-ID Provides Sales Update for Q3

NXT-ID Provides Sales Update for Q3

By: Dylan Sikes - AllPennyStocks.com News

Thursday, October 8, 2015

MarketsandMarkets, in a report on the mobile security market, noted the market would be worth $5.75 billion by 2019. In 2014, the global mobile security market stood at $1.50 billion. MarketsandMarkets expects the global mobile security market to grow at a CAGR of 30.7% between 2014 and 2019. North America will be the biggest market for mobile security solutions, according to the report. MarketsandMarkets notes that Europe and the Asia Pacific regions are also expected to experience increase market traction, during the forecast period.


The robust outlook for the global mobile security market augurs well for companies like NXT-ID Inc. (NASDAQ:NXTD). Based in Shelton, Connecticut, NXT-ID is a provider of security solutions to mobile devices. The company’s MobileBio is a suite of biometric solutions that secure consumers’ mobile platforms with focus on growing m-commerce market. The MobileBio solutions suite is led by Wocket(R), which is a next generation smart wallet designed to replace all the cards in a person’s wallet, without the requirement of a smartphone. The product was recognized as one of the top technology products at the CES 2015 by various media outlets, including wired.com.

This morning NXT-ID provided a sales update for the third quarter. The company said that its revenue for the three-month period ended September 30, 2015 was approximately $410,000, compared to $113,000 reported in the previous quarter. The company’s revenue for the nine-month period ended September 30, 2015 was $520,000.

Gino Pereira, CEO of NXT-ID, said that the he is pleased with the approximate 400% increase in Wocket sales over the last quarter and the company accelerating its roll out of Wocket as it increases awareness. Pereira further said that the company had an opportunity to incorporate its customer feedback into its product as it prepares to scale up further for the holiday season in the fourth quarter.

NXT-ID also announced the launch of the Wocket Wagon, a fully featured experiential vehicle in the form of an armored car representing the security features that come with the Wocket. The company said that the Wocket Wagon will tour the country making demos, sales and increasing customer awareness about Wocket and identity theft. The vehicle is currently in Southern California. It was well received on the Stanford university campus, the company said.

NXTD believes that its Wocket can bring tomorrow’s security solutions to most legacy POS systems today while incorporating the ability to pay on new digital systems.

Shares of NXTD had slumped from over $2 in July to a low of 72 cents on October Monday, but have jumped ahead following the low, now looking to register four straight days of gains. Trading early Thursday afternoon has the shares ahead 9 cents, or 8.8 percent, at $1.11.

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