NextPlay Technologies, Inc. , a digital business ecosystem for consumers, digital advertisers, video gamers and travelers, reported results for the second quarter of fiscal 2022 ended August 31, 2021.
● Revenue totaled a record $2.6 million compared to none in the same year-ago quarter, which was attributed to acquisitions completed approximately mid-quarter only contributing about 60% of their revenue on aggregate. The contribution will rise to 100% in the current fiscal third quarter.
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● Gross profit totaled $1.4 million, with consolidated gross margin at 51.9%.
● Assets totaled $103.8 million
● Cash and cash equivalents and restricted cash totaled $8.9 million.
● Completed merger with in-game advertising technology provider, HotPlay Enterprise, and changed the company name to NextPlay Technologies.
● Acquired majority interest in Zappware, an award-winning connected TV service provider that delivers a personalized entertainment experience across tens of millions of set-top boxes, connected TVs, smartphones, tablets and PCs.
● Acquired International Finance Enterprise Bank (IFEB). Under the new name of NextBank International, the bank will offer a full range of global fintech products and solutions, both direct to consumers and businesses as well as through other NextPlay divisions.
● Reorganized the company’s operations and technologies under three new divisions: Interactive Digital Media (NextMedia); Fintech (NextFin) products and solutions; and Travel (NextTravel) for travel technology and services.
● Partnered with Mediakeys, an international media and advertising agency, to accelerate the company’s global expansion of NextPlay’s in-game advertising platform.
● Strengthened NextPlay’s executive team with the appointments of in-game tech industry leader and former CEO of HotPlay, Nithinan (Jessie) Boonyawattanapisut, as co-CEO; award-winning digital media executive, Andrew Greaves, as chief operating officer; and industry leader in video game development, Mark Vange, as chief technology officer. Subsequent to the quarter, industry fintech leader, Jorge E. Miró Hernández, was appointed president and chief operating officer of NextBank International.
● Entered definitive agreement to acquire two complementary technology companies: Token IQ, a leading innovator in digital asset management that provides cryptocurrency owners a solution to replace lost or inaccessible assets; and Make It Games™, the AI-powered video game development platform of Fighter Base Publishing.
“Our second quarter of fiscal 2022 was a major inflection point for NextPlay, as we transformed our business through several highly-synergistic acquisitions, and laid the foundation for future growth and expansion,” commented NextPlay co-CEO, Bill Kerby. “This resulted in record revenues of $2.6 million, which we expect to more than double in the current quarter as all of these acquisitions contribute fully. We also anticipate gross margin expansion above the record 51.9% in Q2 as we develop synergies between our divisions.
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“This M&A activity included establishing a new Interactive Digital Media division with the acquisitions of the HotPlay in-game advertising platform at the beginning of the quarter and then Zappware’s Connected TV platform about mid-quarter.
“Zappware’s award-wining entertainment media platform reaches tens of millions of devices across Europe, with this expanding into Latin America, Asia and other parts of the world. HotPlay plugs directly into casual games on set-top boxes, connected TVs, smartphones, tablets and PCs. It seamlessly integrates digital ads into video games without disrupting gameplay, which empowers video game publishers to monetize their IP without compromising game integrity.
“We are working on the integration of Zappware with HotPlay, which would enable digital advertisers and brands using HotPlay to reach a vast global Pay TV consumer base like never before. We expect the addition of Make It Games to further enhance the HotPlay platform with AI-powered video game development technology and thereby provide a further competitive edge.
“We also acquired mid-quarter IFEB bank, which we now call NextBank International, that allows us to offer asset banking and management, mobile payments and insurance, as well as provide consumers and businesses with access to cryptocurrency exchanges and digital wallets. NextBank International will additionally support and enhance our other divisions with integrated fintech services and capabilities.”
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