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Jun 30, 2023
NXT-ID Q2 2023 Earnings Report
Reported increased operational efficiencies, leading to the highest gross margin in ten quarters, and a product pipeline at its highest level in over 20 years.
Key Takeaways
LogicMark, Inc. reported second-quarter revenue of $2.3 million, a gross profit margin of 69%, and a net loss of $2.3 million. The company's cash balance as of June 30, 2023, was $7.6 million. They also launched the Freedom Alert Plus PERS unit.
Revenue for the second quarter ended June 30, 2023, was $2.3 million, compared to $3.4 million in the same period last year.
Gross profit margin percentage in the second quarter increased to 69%, compared with 59% in the prior year period.
Net loss attributable to common shareholders for the second quarter was $2.3 million, compared with a net loss of $1.2 million in the same period last year.
Cash balance was $7.6 million as of June 30, 2023, compared with $7.0 million at the end of December 2022.
NXT-ID
NXT-ID
Forward Guidance
LogicMark anticipates further launches in the second half of this year and believes that continued execution of their strategy will help contribute to revenue growth in the months ahead.
Positive Outlook
- New Freedom Alert Plus PERS product in pre-order phase
- Improved Gross Margin from Enhanced Operating Efficiencies
- Product Development Pipeline at Highest Level in Recent Years
- Supply chain management improvements
- Return to transpacific shipping from Asia-based contract manufacturers
Challenges Ahead
- Decrease in year-over-year revenues due to one-time replacement sales in the same period last year
- Increased operating expenses related to the build-out of sales team
- Increased operating expenses related to the initiation and continuation of social media and web-based advertising
- Increased operating expenses related to one-time legal and administrative costs
- Net loss attributable to common shareholders increased compared to the same period last year