NextPlat Reports $65.5 Million in Consolidated Year-End 2024 Revenue

PR Newswire

COCONUT GROVE, Fla., March 24, 2025

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:

   -- Consolidated revenue for the year ended December 31, 2024, was 
      approximately $65.5 million, an increase of 73% versus revenue of 
      approximately $37.8 million for the prior year, primarily attributable to 
      an increase of approximately $24.9 million from a full year of Healthcare 
      Operations in 2024 versus six months in 2023. Annual revenue exceeded 
      earlier expectations due to Healthcare Operations outperforming our 
      projected prescription fulfillment. 
 
   -- Overall gross profit margin for the year ended December 31, 2024, 
      declined to 24.8% when compared to the prior year. Gross profit margin 
      for e-Commerce Operations slightly decreased to 24.9%, when compared to 
      the prior year, primarily due to rising costs of hardware and other 
      inventory and pricing pressures. Gross profit margin for Healthcare 
      Operations declined to 24.8%, when compared to the prior year period, 
      primarily due to the continued pressures from medication price increases 
      and reimbursement rates not keeping pace with those price increases. 
 
   -- Operating expenses for the year ended December 31, 2024, were 
      approximately $40.0 million compared to approximately $34.6 million in 
      2023. A 21% decrease in selling, general and administrative expenses 
      during the year was primarily attributable to a decrease in stock-based 
      compensation. Salaries, wages and payroll taxes increased by 
      approximately $4.8 million, or 72%, primarily attributable to the full 
      year of Healthcare Operations in 2024 versus six months in 2023. 
      Additional expenses included professional fees of approximately $4.4 
      million mainly attributable to the costs related to the merger with 
      Progressive Care as well as non-recurring litigation and other legal 
      fees. 
 
   -- Net loss attributable to NextPlat Corp common shareholders for the year 
      ended December 31, 2024, was approximately $14.0 million, or ($0.68) per 
      diluted share, compared to a net loss attributable to NextPlat Corp 
      common shareholders of approximately $3.8 million, or ($0.22) diluted 
      earnings per share, reported for the year ended December 31, 2023. 
 
   -- The Company ended 2024 with approximately $20.0 million in cash 
      representing a net cash burn of approximately $6.3 million from the end 
      of 2023. The use of cash primarily consists of approximately $3.4 million 
      in non-recurring operating expenses related to the merger of Progressive 
      Care and approximately $1.0 million relating to the Outfitter Satellite 
      acquisition completed during fiscal 2024. Excluding non-recurring 
      operating expenses, total cash used in recurring operating activities was 
      approximately $2.0 million. 

Organizational Highlights and Recent Business Developments:

   -- During 2024, the Company completed two strategic transactions: the merger 
      with Progressive Care in an all-stock transaction, resulting in 
      Progressive Care becoming a wholly owned subsidiary of NextPlat and the 
      acquisition of Outfitter Satellite Inc. which significantly expands the 
      sales of satellite-enabled products and services in North America to 
      consumers, commercial, and government customers. 
 
   -- In 2024, Healthcare Operations filled approximately 514,000 pharmacy 
      prescriptions. The Company continues to expand its reach to long-term 
      care facilities as well as securing additional pharmacy service contracts 
      with 340B covered entities which are expected to represent a greater 
      proportion of Healthcare Operations revenue going forward, contributing 
      to increased services and prescription revenues into fiscal 2025. These 
      contracts have a greater profit margin than the Company's traditional 
      retail pharmacy business. 
 
   -- The Company's technology e-Commerce business significantly expanded its 
      breadth of connectivity offerings in 2024 to include new hardware 
      solutions such as Starlink and expanded relationships with critical 
      network providers such as Iridium Communications and most recently, 
      EVERYWHWERE Communications. It has also been awarded a number of new 
      connectivity services contracts in North America and in Europe with new 
      and existing corporate customers including a US state government and 
      several leading global network news organizations. These contracts, along 
      with the contribution of Outfitter Satellite has contributed to a 115% 
      increase in high margin recurring airtime contact revenue versus 2023. In 
      2024, the Company sold satellite-enabled communications devices and 
      services to customers from more than 140 countries. 
 
   -- On March 1, 2024, the Company officially launched its e-Commerce program 
      in China featuring an array of OPKO Healthcare ("OPKO")-branded products 
      on Alibaba Group Holding Limited's ("Alibaba") Tmall Global. Through the 
      addition of a new marketing partner in July 2024, it also successfully 
      began expanding the program to include broad retail distribution and 
      digital/social media marketing capabilities and in October 2024, NextPlat 
      was awarded a four-year extension of the OPKO Healthcare e-Commerce 
      program for China which was expanded to include product sales in Japan. 
      In December 2024, through an agreement with J.D.Com, China's largest 
      online retailer, the OPKO e-Commerce development program secured access 
      to over 340 million additional Chinese consumers significantly 
      contributing to the Company's ability to reach nearly 1 billion potential 
      customers in the Asian markets. 
 
   -- Throughout 2024, the Company continued to make notable progress on the 
      development and launch of its Florida Sunshine line of branded vitamins 
      and supplements as it pursues final rights and clearances to commence 
      international sales. Work on multiple e-Commerce sites for Florida 
      Sunshine on Amazon in the United States and in the EU are underway as are 
      marketing plans for China. Subject to receipt of final approvals, the 
      Company believes that its Florida Sunshine products are expected to be 
      made available to US, European and Chinese consumers on multiple online 
      marketplaces with marketing supported by social media influencers and 
      bloggers starting late in the second quarter of 2025. 

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

mike@mwgco.net

 
                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              $(570.SI)$        (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                            5                   18 
Income taxes payable                   54                  139 
Total Current 
 Liabilities                        8,210               14,237 
                          ---------------      --------------- 
 
Long Term 
Liabilities 
Notes payable, net 
 of current portion                 1,032                1,211 
Operating lease 
 liabilities, net of 
 current portion                      438                  929 
Finance lease 
 liabilities, net of 
 current portion                       --                    5 
Total Liabilities                   9,680               16,382 
                          ---------------      --------------- 
 
Commitments and 
Contingencies                          --                   -- 
 
Equity 
Common stock 
 ($0.0001 par value; 
 50,000,000 shares 
 authorized; 
 25,963,051 and 
 18,724,596 shares 
 issued and 
 outstanding as of 
 December 31, 2024 
 and 2023, 
 respectively)                          3                    2 
Additional paid-in 
 capital                           75,697               67,170 
Accumulated deficit              (48,950)             (34,925) 

Accumulated other 
 comprehensive loss                  (66)                 (63) 
Equity attributable 
 to NextPlat Corp 
 stockholders                      26,684               32,184 
Equity attributable 
 to noncontrolling 
 interests                            114               15,903 
Total Equity                       26,798               48,087 
                          ---------------      --------------- 
 
Total Liabilities 
 and Equity            $           36,478   $           64,469 
                          ===============      =============== 
 

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SOURCE NextPlat Corp.

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