$NextPlat (NXPL.US)$ NEWS NextPlat Reports Record Consolidat...
NEWS
NextPlat Reports Record Consolidated Q1 2024 Revenues of $17.5 Million Compared to $2.9 Million in Q1 2023 (508% Increase) as Quarterly Margins Improve to 27.5%
Positive
Q1 2024 revenue increased by 508% to $17.5 million.
Gross margins improved to 27.5%, up from 21.6% in Q1 2023.
E-commerce profit margins grew to 28%, driven by higher-margin recurring revenue.
Healthcare operations contributed $14.6 million in revenue, driven by Progressive Care acquisition.
Progressive Care's revenue increased by 28%, driven by growth in pharmacy prescriptions and contract services.
Acquisition of Outfitter Satellite Inc. expands North American footprint.
Exclusive OPKO-branded storefront launched on Alibaba's Tmall Global platform.
Strong cash position with $23.5 million in cash at the end of Q1 2024.
Negative
Net loss of $1.5 million for Q1 2024, up from $1.2 million in Q1 2023.
Operating expenses increased to $6.7 million from $1.9 million, an increase of $4.8 million.
Significant increase in SG&A expenses and stock-based compensation.
Salaries, wages, and payroll taxes rose by $2.0 million, primarily due to the Progressive Care acquisition.
Increase in professional fees, primarily legal and consulting, by $0.7 million.
Higher depreciation and amortization expenses, increasing by $0.7 million.
Q1 2024 revenue increased by 508% to $17.5 million.
Gross margins improved to 27.5%, up from 21.6% in Q1 2023.
E-commerce profit margins grew to 28%, driven by higher-margin recurring revenue.
Healthcare operations contributed $14.6 million in revenue, driven by Progressive Care acquisition.
Progressive Care's revenue increased by 28%, driven by growth in pharmacy prescriptions and contract services.
Acquisition of Outfitter Satellite Inc. expands North American footprint.
Exclusive OPKO-branded storefront launched on Alibaba's Tmall Global platform.
Strong cash position with $23.5 million in cash at the end of Q1 2024.
Negative
Net loss of $1.5 million for Q1 2024, up from $1.2 million in Q1 2023.
Operating expenses increased to $6.7 million from $1.9 million, an increase of $4.8 million.
Significant increase in SG&A expenses and stock-based compensation.
Salaries, wages, and payroll taxes rose by $2.0 million, primarily due to the Progressive Care acquisition.
Increase in professional fees, primarily legal and consulting, by $0.7 million.
Higher depreciation and amortization expenses, increasing by $0.7 million.
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Jaguar8OP : Quite impressive