COCONUT GROVE, Fla., March 24, 2025 /PRNewswire/ — NextPlat Corp (NASDAQ: NXPL, NXPLW) (“NextPlat” or the “Company”), a global e-Commerce provider, today announced the financial results for the fiscal year-ended December 31, 2024 which includes the consolidation of the operations of its e-Commerce Operations with the results of its Healthcare Operations from Progressive Care LLC (formerly Progressive Care Inc., or “Progressive Care”).
“Results for 2024 reflect progress against our strategic growth initiatives as we increase NextPlat’s participation in large domestic and international consumer markets, specifically, expanding our e-Commerce activities in the US and in China, and in healthcare where we are supporting a growing number of 340B covered entities and long-term care facilities. Momentum in our e-Commerce business continues to build as we expand our offering and accelerate marketing activities targeting a large base of global consumers. In healthcare, we are actively addressing the challenges we see in US drug reimbursement and believe in the significant opportunity in the market to cost-effectively support the unique long-term needs of care providers and their patients,” said Charles M. Fernandez, Executive Chairman and CEO of NextPlat Corp.
Full Year 2024 Financial Highlights:
Organizational Highlights and Recent Business Developments:
David Phipps, President of NextPlat and CEO of Global Operations, added, “We are pleased by the continued progress we are making in our global e-Commerce efforts. Demand for satellite-based connectivity remains strong and we see additional opportunities to further expand our offerings and grow our network of partnerships which can support our continued growth. Our efforts in China continue to progress as evidenced by increased daily sales activity in line with expanded product availability. Supported by new and existing retail, distribution and marketing partners added throughout 2024, we believe we are well positioned to capitalize on growing Chinese consumer demand for unique health and wellness products and are especially excited about the initial interest we are seeing for both OPKO-branded pet care and our Florida Sunshine products expected to launch this quarter.”
NextPlat’s Executive Chairman and CEO, Charles M. Fernandez, Chief Financial Officer, Cecile Munnik, and President and CEO of Global Operations, David Phipps, will host a conference call at 8:30 a.m. Eastern today to discuss the results for the fiscal year ended December 31, 2024, and recent developments.
To access the call, please use the following information:
Date:
Monday, March 24, 2025
Time:
8:30 a.m. Eastern time
Toll-free dial-in number:
1-800-836-8184
International dial-in number:
1-646-357-8785
Conference webcast link:
https://app.webinar.net/1B37G1wAapL
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.
The conference call will be broadcast live and available for replay at https://app.webinar.net/1B37G1wAapL and via the investor relations section of the Company’s website at https://ir.nextplat.com/news-events/ir-calendar. A replay of the conference call will be available after 12:00 p.m. Eastern time through March 31, 2025.
Toll-free replay number:
1-888-660-6345
International replay number:
1-646-517-4150
Replay entry code:
70962#
The financial information included in this press release should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission earlier today.
About NextPlat Corp
NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets including technology and healthcare. Through acquisitions, joint ventures and collaborations, the Company intends to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-Commerce communications division offering voice, data, tracking, and IoT products and services worldwide as well as pharmacy and healthcare data management services in the United States through its subsidiary, Progressive Care.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company’s business and any of its products, services or solutions. The words “believe,” “forecast,” “project,” “intend,” “expect,” “plan,” “should,” “would,” and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company’s ability to launch additional e-commerce capabilities for consumer and healthcare products and its ability to grow and expand as intended, any of which could cause the Company to not achieve some or all of its goals or the Company’s previously reported actual results, performance (finance or operating), including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained from the SEC’s website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Media and Investor Contact for NextPlat Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
NEXTPLAT CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, except per share data)
Years Ended December 31,
2024
2023
Sales of products, net
$
54,941
$
32,389
Revenues from services
10,542
5,367
Revenue, net
65,483
37,756
Cost of products
49,033
26,313
Cost of services
221
132
Cost of revenue
49,254
26,445
Gross profit
16,229
11,311
Operating expenses:
Selling, general and administrative
7,860
9,910
Salaries, wages and payroll taxes
11,441
6,643
Impairment loss
13,653
13,895
Professional fees
4,401
1,981
Depreciation and amortization
2,498
2,110
Total operating expenses
39,853
34,539
Loss before other (income) expense
(23,624)
(23,228)
Other (income) expense:
Gain on sale or disposal of property and equipment
(94)
—
Interest expense
81
79
Interest earned
(731)
(620)
Asset write-off
111
28
Other income
(2)
(317)
Foreign currency exchange rate variance
65
(107)
Total other (income) expense
(570)
(937)
Loss before income taxes
(23,054)
(22,291)
Income taxes
(71)
(28)
Loss before equity in net loss of affiliate
(23,125)
(22,319)
Gain on remeasurement of fair value of equity interest in affiliate prior to acquisition
—
11,352
Equity in net loss of affiliate
—
(1,440)
Net loss
(23,125)
(12,407)
Net loss attributable to non-controlling interest
9,100
8,629
Net loss attributable to NextPlat Corp
$
(14,025)
$
(3,778)
Comprehensive loss:
Net loss
$
(23,125)
$
(12,407)
Foreign currency loss
(3)
(22)
Comprehensive loss
$
(23,128)
$
(12,429)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(14,025)
$
(3,778)
Weighted number of common shares outstanding – basic and diluted
20,614
17,494
Basic and diluted loss per share
$
(0.68)
$
(0.22)
NEXTPLAT CORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par data)
December 31, 2024
December 31, 2023
ASSETS
Current Assets
Cash
$
19,960
$
26,307
Accounts receivable, net
4,895
8,923
Receivables – other, net
732
1,846
Inventory, net
4,881
5,135
Unbilled revenue
237
189
VAT receivable
371
342
Prepaid expenses
404
640
Notes receivable due from related party
—
256
Total Current Assets
31,480
43,638
Property and equipment, net
3,407
3,989
Goodwill
156
731
Intangible assets, net
524
14,423
Operating right-of-use assets, net
812
1,566
Finance right-of-use assets, net
5
22
Deposits
94
39
Prepaid expenses, net of current portion
—
61
Total Other Assets
1,591
16,842
Total Assets
$
36,478
$
64,469
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
$
7,230
$
13,176
Contract liabilities
89
42
Notes payable
380
312
Due to related party
48
18
Operating lease liabilities
404
532
Finance lease liabilities
