NextPlay Technologies, a business ecosystem for advertisers and consumers, announced financial results for the third quarter that finished November 30, 2021. With the launch of its NextShield LTD subsidiary, NextPlay is able to offer a full range of digital primary and reinsurance products through its blockchain-powered platform. Also, it launched its X Soma Labs platform. The company also introduced MedTrek Fund, a blockchain-securitized closed-end fund that aims to build medical facilities that can lower the probability of hospital infections.
For the third quarter of fiscal 2022, NextPlay Technologies reported revenue of $4.2 million, which is a 59% uprise from the previous quarter and compares favorably to the same period last year. The company’s digital media division, NextMedia, donated $3.8 million of the company’s total revenue, which was largely driven by organic growth in digital media globally. The total profit increased to 52% from none in 2020, mainly due to the high margin products from recent acquisitions. $11.1 million were spent on the expense rate from $0.46 million from last year due to the company’s various business combinations.