1. NextPlat reports strong growth in e-Commerce, especially in China and healthcare. 2. Revenue for 2024 increased significantly, reaching $65.5 million. 3. Net loss widened to $14 million, driven by increased operating expenses. 4. CEO highlights strategic initiatives targeting global consumer markets. 5. Expectations for new health products and partnerships in upcoming quarters.
Despite the net loss, strong revenue growth signals positive market positioning, similar to prior successful expansions.
Strong revenue growth amidst losses indicates future potential, raising investor interest and stock volatility.
Immediate investor interest likely due to revenue growth and upcoming product launches, reminiscent of prior quarterly reports leading to stock increases.
("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.
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.
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.
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.
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.
Michael Glickman
MWGCO, Inc.
917-397-2272
michael@glickman@mwgco.com
(In thousands, except per share data)
| 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 |
... (for the financial tables, you can continue adding rows in the same pattern)
(In thousands, except share and par data)
| Assets | Liabilities and Equity |
|---|---|
| Cash | $19,960 |
| Accounts receivable, net | 4,895 |
| Receivables - other, net | 732 |
| Inventory, net | 4,881 |
| Unbilled revenue | 237 |
| ... (add additional lines as needed) |
SOURCE NextPlat Corp.