Fiscal Q3, 2022 Results Announcement: NextPlay Technologies Inc. (NXTP) stock Ascends in the Premarket

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On January 13, NextPlay Technologies Inc. (NXTP) revealed its third-quarter 2022, financial results. Consequently, the stock added a huge 46.44% at the last check, in the premarket.

In the previous trading session, NXTP stock declined by 5.54% at its closing price of $0.6774. Following the announcement, the stock was trading at $0.9920 apiece in the premarket, on Friday.

NextPlay Technologies Inc., the digital advertising services provider, has a market capitalization of $81.98 million. The 109.25 million outstanding shares of NXTP have declined by 20.81% year-to-date and a huge 72.35% last year.

NXTP Q3, FY2022 Results

On Thursday, the company posted the financial results for the quarter ended November 30, 2021.

In the third quarter of fiscal 2022, the company generated revenue of $4.2 million. This marks an increase of 59% sequentially over the previous quarter while there was no revenue in the same quarter of fiscal 2021.

Furthermore, the consolidated gross profit was $2.2 million or 53.5% of revenue in the third quarter of fiscal 2022. In comparison, there was none in the year-ago quarter of fiscal 2021.

Moreover, the net loss in the third quarter of fiscal 2022 was $9.06 million, against $0.5 million in the year-ago quarter. Resultantly, the net loss per basic and diluted share in the Q3 of fiscal 2022 was $0.1, against $5.09 in the Q3 of fiscal 2021.

Additionally, the operating expenses in the third quarter of fiscal 2022, were $11.1 million, against $0.46 million in Q3 of fiscal 2021.

NXTP ended the third quarter of fiscal 2022, with cash and cash equivalents of $20.5 million on November 30, 2021. Comparatively, the cash and cash equivalents were $8.9 million on August 31, 2021. The cause of this increase was the completion of an equity offering in the quarter.

Recent Developments

Recently, the company appointed Edward “Terry” Gardner, Jr., and Farooq Moosa as independent directors to its board.

Previously, NXTP also announced the conditional approval of general insurance and re-insurance license application of its NextFin Division. Further, conditional approval was received from Labuan Financial Services Authority (Labuan FSA).

Labuan FSA is a growing jurisdiction of choice by insurers and insurance intermediaries throughout the world.

Hence, this licensing enabled Nextplay’s fintech division to institute primary insurance operations, NextShield LTD. In addition, the new insurance initiatives will be led by Todd Bonner, head of NextPlay’s fintech division.

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