Flat panel speaker company NXT has announced full year results with revenues up 26 per cent to £2.9m but a loss of £5.14m.
The firm said 5.1 million NXT-enabled speakers were shipped, up 66 per cent year-on-year.
Chairman David MacKay said: “This has been a landmark year for NXT with innovative product launches in all target sectors. We are adequately financed, the brand is benefiting from increasing global consumer awareness and retail distribution continues to grow.”
The loss leaves the firm with £6.6m in cash. However, the firm pointed out the market potential of its technology in the mobile phone sector. NXT’s SoundVu technology has been incorporated into a display on a phone for Japan’s NTT DoCoMo network and by Toshiba for the Vodafone network in Japan.
“I can confirm that we are in discussions with many of the significant participants in the mobile communications arena,” said MacKay.
A recent demonstration device by licensee firm Authentic showed a handset with stereo sound using NXT’s technology.
“Over the next two years, we anticipate revenue growth will be driven by product introductions, particularly from the consumer electronics field,” added MacKay.
www.nxtsound.com