Investing.com
Published Apr 11, 2024 16:52
Company Expands Healthcare and Technology Focus Through the Launch of its E-Commerce Development Program with Alibaba (NYSE:BABA)'s Tmall Global and Strategic Investment in Progressive Care Inc.
"Central to our growth plans for NextPlat in 2023 were efforts to increase our long-term participation in the high growth healthcare and consumer products sectors and the expansion of our business into large new international markets such as in
Full Year 2023 Financial Highlights:
Organizational Highlights and Recent Business Developments:
The financial information included in this press release should be read in conjunction with the Company's Form 10-K report for the year ended
For more information regarding the financial results of Progressive Care Inc. for the year ended
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
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:
MWGCO, Inc.
917-397-2272
mike@mwgco.net
NEXTPLAT CORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands, except per shares data) | ||||||||
For the Years Ended | ||||||||
2023 | 2022 | |||||||
Sales of products, net | $ | 32,389 | $ | 11,710 | ||||
Revenues from services | 5,367 | - | ||||||
Revenue, net | 37,756 | 11,710 | ||||||
Cost of products | 26,313 | 9,221 | ||||||
Cost of services | 132 | - | ||||||
Cost of revenue | 26,445 | 9,221 | ||||||
Gross profit | 11,311 | 2,489 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 9,910 | 5,085 | ||||||
Salaries, wages and payroll taxes | 6,643 | 2,565 | ||||||
Goodwill impairment | 13,895 | - | ||||||
Professional fees | 1,981 | 1,552 | ||||||
Depreciation and amortization | 2,110 | 490 | ||||||
Total operating expenses | 34,539 | 9,692 | ||||||
Loss before other (income) expense | (23,228) | (7,203) | ||||||
Other (income) expense: | ||||||||
Interest expense | 79 | 24 | ||||||
Interest earned | (620) | (21) | ||||||
Asset write-off | 28 | - | ||||||
Other income | (317) | - | ||||||
Foreign currency exchange rate variance | (107) | 129 | ||||||
Total other (income) expense | (937) | 132 | ||||||
Loss before income taxes and equity in net loss of affiliate | (22,291) | (7,335) | ||||||
Income taxes | (28) | (87) | ||||||
Loss before equity in net loss of affiliate | (22,319) | (7,422) | ||||||
Gain on remeasurement of fair value of equity interest in affiliate prior to acquisition | 11,352 | - | ||||||
Equity in net loss of affiliate | (1,440) | (1,739) | ||||||
Net loss | (12,407) | (9,161) | ||||||
Net loss attributable to noncontrolling interest | 8,629 | - | ||||||
Net loss attributable to NextPlat Corp | $ | (3,778) | $ | (9,161) | ||||
Comprehensive loss: | ||||||||
Net loss | $ | (12,407) | $ | (9,161) | ||||
Foreign currency loss | (22) | (44) | ||||||
Comprehensive loss | $ | (12,429) | $ | (9,205) | ||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (3,778) | $ | (9,161) | ||||
Weighted number of common shares outstanding “ basic | 17,494 | 9,592 | ||||||
Weighted number of common shares outstanding “ diluted | 17,494 | 9,592 | ||||||
Basic loss per share | $ | (0.22) | $ | (0.96) | ||||
Diluted loss per share | $ | (0.22) | $ | (0.96) |
NEXTPLAT CORP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par data) | ||||||||
2023 | 2022 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 26,307 | $ | 18,891 | ||||
Accounts receivable, net | 8,923 | 384 | ||||||
Receivables - other, net | 1,846 | - | ||||||
Inventory, net | 5,135 | 1,287 | ||||||
Unbilled revenue | 189 | 142 | ||||||
VAT receivable | 342 | 433 | ||||||
Prepaid expenses | 640 | 46 | ||||||
Notes receivable due from related party | 256 | - | ||||||
Total Current Assets | 43,638 | 21,183 | ||||||
Property and equipment, net | 3,989 | 1,246 | ||||||
Goodwill | 731 | - | ||||||
Intangible assets, net | 14,423 | 50 | ||||||
Operating right of use assets, net | 1,566 | 855 | ||||||
Finance right-of-use assets, net | 22 | - | ||||||
Equity method investment | - | 5,261 | ||||||
Deposits | 39 | - | ||||||
Prepaid expenses, net of current portion | 61 | 49 | ||||||
Total Other Assets | 16,842 | 6,215 | ||||||
Total Assets | $ | 64,469 | $ | 28,644 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 13,176 | $ | 1,523 | ||||
Contract liabilities | 42 | 36 | ||||||
Notes payable | 312 | 60 | ||||||
Due to related party | 18 | 28 | ||||||
Operating lease liabilities | 532 | 209 | ||||||
Finance lease liabilities | 18 | - | ||||||
Income taxes payable | 139 | 94 | ||||||
Liabilities from discontinued operations | - | 112 | ||||||
Total Current Liabilities | 14,237 | 2,062 | ||||||
Long Term Liabilities: | ||||||||
Notes payable, net of current portion | 1,211 | 156 | ||||||
Operating lease liabilities, net of current portion | 929 | 650 | ||||||
Finance lease liabilities, net of current portion | 5 | - | ||||||
Total Liabilities | 16,382 | 2,868 | ||||||
Commitments and Contingencies | - | - | ||||||
Equity | ||||||||
Preferred stock ( | - | - | ||||||
Common stock ( | 2 | 1 | ||||||
Additional paid-in capital | 67,170 | 56,963 | ||||||
Accumulated deficit | (34,925) | (31,147) | ||||||
Accumulated other comprehensive loss | (63) | (41) | ||||||
Equity attributable to NextPlat Corp stockholders | 32,184 | 25,776 | ||||||
Equity attributable to noncontrolling interests | 15,903 | - | ||||||
Total Equity | 48,087 | 25,776 | ||||||
Total Liabilities and Equity | $ | 64,469 | $ | 28,644 |
Written By: Investing.com
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