NextPlay Technologies, Inc. (NXTP), a technology solutions company, has surged 17.89% in aftermarket trading session. As a result, NXTP stock was trading at $2.90 when last checked. The record revenue for the second quarter of 2021 appears to be the prime mover behind the stock. On Wednesday, NXTP closed the day at $2.46 after declining 1.99% during regular trading hours.
Q2 2021 financial highlights
NXTP announced on Wednesday the financial results for the second quarter of the fiscal year 2021 which ended on 31st August 2021. The company had cash and cash equivalents of $176.67 million on 31st August. The total assets in possession of the company at the time were $2.36 billion, while total liabilities stood at $1.30 billion. The total revenue generated by the company for the period was $509.34 million against $434.82 million for the same period of 2020. The total operating expenses for the period were $499.37 million against $336.75 million for the same period of 2020. The company generated an income of $9.96 million from the operations during the quarter against $98.06 million for the same quarter of 2020. The net loss for the three months stood at $17.13 million against the net income of $71.88 million for the same period of 2020.
NXTP plans to form MedTrek fund
On the same day, i.e. Wednesday, NXTP announced the plans to form the MedTrek Fund. The fund is expected to be the blockchain securitized closed-end fund. After the fund forms, the company anticipated that it could be listed on multiple regulated exchanges. The company designed a new class of medical facilities that would integrate the unique geometries and technologies that could in turn reduce the spread of infection. The new class of facilities which are expected to be completed under the fund could design physical design and technologies to protect patients from fast-spreading infection and any from physical intrusion. For the company, the fund once formed would offer facilities designed to lower the chances of infection for the four medical asset classes which include primary care, tertiary care, long term care and resort convalescent facilities. The fund would also invest in wellness-related facilities which are integrated with the proposed physical and technological layers.
What’s ahead for NXTP?
Estimates suggest that the company’s EPS for the current year is expected to decline more than 30% despite strong quarterly performance. As a consequence, investors would be shaky to invest in NXTP. A strong performance for the third quarter, however, could turn the tables for NextPlay.
