NextPlay Technologies Shares Q3 Results

Jan 14, 2022 By MarketDepth

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NextPlay Technologies, Inc. (NASDAQ: NXTP) today announced its third quarter of fiscal 2022 ended November 30th, 2021.

Shares Surge

Shares of NextPlay Technologies, Inc. (NASDAQ: NXTP) up over 29% during premarket hours following the announcement.

Revenue Up Over 50%

NextPlay quarterly revenue jumped 59% from the previous quarter to $4.2 million, a record for the company. Additionally, its gross profit totalled $2.2 million, as its consolidated gross margin grew to 53.5% from 51.9% in the previous quarter.

“The increase in our third-quarter revenues and significant gross margin expansion demonstrate that we’ve arrived at a major inflection point in our growth and development strategy as we gradually and successfully integrate several components of recent synergistic acquisitions to transform our business.”

NextPlay co-CEO, Nithinan ‘Jessie’ Boonyawattanapisut

During the 3rd quarter, the company also achieved numerous milestones, such as the appointment of Jorge E. Miro Hernandez as President and COO of NextBank International and Carla P. Mendez as Chief Administrative Officer and the launch of NextPlay X Soma Labs. Additionally, its MedTrek Fund, a blockchain securitized closed-end fund focused on building medical facilities designed to lower the likelihood of infection for four medical asset classes was also announced during the quarter.