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COCONUT GROVE, Fla., Nov. 14, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today announced results for its third fiscal quarter ended September 30, 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").
"Top-line results for the first nine months of 2024 reflect the positive contributions of Progressive Care, providing us access into the large healthcare contracted services market, and our most recent acquisition, Outfitter Satellite, bolstering our e-Commerce business. These transactions are expected to bring both significant long-term growth in their respective markets and importantly, drive positive cashflows as our team works to fully integrate them and implement cost-cutting measures through the fourth quarter of 2024, improving efficiencies and removing redundancies across the organization into 2025," said Charles M. Fernandez, Executive Chairman and CEO of NextPlat Corp.
Third Quarter 2024 Financial Highlights:
Organizational Highlights and Recent Business Developments:
David Phipps, President of NextPlat and CEO of Global Operations, added, "We have worked to transform our business in terms of products, services and capability to reach consumers globally, including completing the strategic acquisition of Outfitter Satellite and the merger of Progressive Care. These transactions bring unique value to NextPlat as we seek to leverage our existing capabilities to better serve our customers. We are particularly pleased with the continued momentum we are seeing in North America through Outfitter and in China for our initial health and wellness products catalogue supported by our new in-country marketing partner, providing confidence in the large opportunities ahead of us."
The financial information included in this press release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the Securities and Exchange Commission 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 Inc.
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
mike@mwgco.net
NEXTPLAT CORP AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Sales of products, net | $ | 12,865 | $ | 12,789 | $ | 41,015 | $ | 18,622 | ||||||||
Revenues from services | 2,502 | 2,501 | 8,834 | 2,501 | ||||||||||||
Revenue, net | 15,367 | 15,290 | 49,849 | 21,123 | ||||||||||||
Cost of products | 11,799 | 10,634 | 35,539 | 15,003 | ||||||||||||
Cost of services | 48 | 71 | 174 | 71 | ||||||||||||
Cost of revenue | 11,847 | 10,705 | 35,713 | 15,074 | ||||||||||||
Gross profit | 3,520 | 4,585 | 14,136 | 6,049 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 2,293 | 4,187 | 6,516 | 7,496 | ||||||||||||
Salaries, wages and payroll taxes | 2,875 | 2,483 | 8,284 | 4,039 | ||||||||||||
Impairment loss | 3,729 | — | 13,653 | — | ||||||||||||
Professional fees | 2,144 | 521 | 4,133 | 1,385 | ||||||||||||
Depreciation and amortization | 478 | 871 | 2,287 | 1,201 | ||||||||||||
Total operating expenses | 11,519 | 8,062 | 34,873 | 14,121 | ||||||||||||
Loss before other (income) expense | (7,999) | (3,477) | (20,737) | (8,072) | ||||||||||||
Other (income) expense: | ||||||||||||||||
Gain on sale or disposal of property and equipment | (98) | — | (98) | — | ||||||||||||
Interest expense | 22 | 46 | 62 | 56 | ||||||||||||
Interest earned | (183) | (210) | (596) | (393) | ||||||||||||
Other income | (2) | — | (2) | (316) | ||||||||||||
Foreign currency exchange rate variance | (119) | 165 | (87) | 95 | ||||||||||||
Total other (income) expense | (380) | 1 | (721) | (558) | ||||||||||||
Loss before income taxes and equity in net loss of affiliate | (7,619) | (3,478) | (20,016) | (7,514) | ||||||||||||
Income taxes | (45) | (23) | (92) | (75) | ||||||||||||
Loss before equity in net loss of affiliate | (7,664) | (3,501) | (20,108) | (7,589) | ||||||||||||
Gain on remeasurement of fair value of equity interest in affiliate prior to acquisition | — | 6,138 | — | 6,138 | ||||||||||||
Equity in net loss of affiliate | — | — | — | (1,440) | ||||||||||||
Net (loss) income | (7,664) | 2,637 | (20,108) | (2,891) | ||||||||||||
Net loss attributable to non-controlling interest | 3,448 | 811 | 9,100 | 811 | ||||||||||||
Net (loss) income attributable to NextPlat Corp | $ | (4,216) | $ | 3,448 | $ | (11,008) | $ | (2,080) | ||||||||
Comprehensive (loss) income: | ||||||||||||||||
Net (loss) income | $ | (7,664) | $ | 2,637 | $ | (20,108) | $ | (2,891) | ||||||||
Foreign currency (loss) gain | 6 | 19 | (30) | (16) | ||||||||||||
Comprehensive (loss) income | $ | (7,658) | $ | 2,656 | $ | (20,138) | $ | (2,907) | ||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (4,216) | $ | 3,448 | $ | (11,008) | $ | (2,080) | ||||||||
Weighted number of common shares outstanding – basic | 18,982 | 18,703 | 18,844 | 17,079 | ||||||||||||
Weighted number of common shares outstanding – diluted | 18,982 | 20,310 | 18,844 | 17,079 | ||||||||||||
Basic (loss) earnings per share | $ | (0.22) | $ | 0.18 | $ | (0.58) | $ | (0.12) | ||||||||
Diluted (loss) earnings per share | $ | (0.22) | $ | 0.17 | $ | (0.58) | $ | (0.12) |
NEXTPLAT CORP AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands, except shares and par data) | ||||||||
(Unaudited) | ||||||||
September 30, 2024 | December 31, 2023 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 20,360 | $ | 26,307 | ||||
Accounts receivable, net | 6,575 | 8,923 | ||||||
Receivables - other, net | 1,235 | 1,846 | ||||||
Inventories, net | 6,362 | 5,135 | ||||||
Unbilled revenue | 219 | 189 | ||||||
VAT receivable | 350 | 342 | ||||||
Prepaid expenses | 484 | 640 | ||||||
Notes receivable due from related party, net of allowances of $63 and $0 at September 30, 2024 and December 31, 2023, respectively | 206 | 256 | ||||||
Total Current Assets | 35,791 | 43,638 | ||||||
Property and equipment, net | 3,595 | 3,989 | ||||||
Goodwill | 156 | 731 | ||||||
Intangible assets, net | 555 | 14,423 | ||||||
Operating right of use assets, net | 898 | 1,566 | ||||||
Finance right-of-use assets, net | 10 | 22 | ||||||
Deposits | 94 | 39 | ||||||
Prepaid expenses, net of current portion | — | 61 | ||||||
Total Other Assets | 1,713 | 16,842 | ||||||
Total Assets | $ | 41,099 | $ | 64,469 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 8,531 | $ | 13,176 | ||||
Contract liabilities | 104 | 42 | ||||||
Notes payable | 461 | 312 | ||||||
Due to related party | 24 | 18 | ||||||
Operating lease liabilities | 381 | 532 | ||||||
Finance lease liabilities | 10 | 18 | ||||||
Income taxes payable | 162 | 139 | ||||||
Total Current Liabilities | 9,673 | 14,237 | ||||||
Long Term Liabilities: | ||||||||
Notes payable, net of current portion | 1,080 | 1,211 | ||||||
Operating lease liabilities, net of current portion | 553 | 929 | ||||||
Finance lease liabilities, net of current portion | — | 5 | ||||||
Total Liabilities | 11,306 | 16,382 | ||||||
Commitments and Contingencies | — | — | ||||||
Equity | ||||||||
Preferred stock ($0.0001 par value; 3,333,333 shares authorized) | — | — | ||||||
Common stock ($0.0001 par value; 50,000,000 shares authorized, 18,993,146 and 18,724,596 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) | 2 | 2 | ||||||
Additional paid-in capital | 68,487 | 67,170 | ||||||
Accumulated deficit | (45,933) | (34,925) | ||||||
Accumulated other comprehensive loss | (93) | (63) | ||||||
Equity attributable to NextPlat Corp stockholders | 22,463 | 32,184 | ||||||
Equity attributable to non-controlling interests | 7,330 | 15,903 | ||||||
Total Equity | 29,793 | 48,087 | ||||||
Total Liabilities and Equity | $ | 41,099 | $ | 64,469 |
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SOURCE NextPlat Corp.