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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NextPlat Corporation | NASDAQ:NXPL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.87% | 1.14 | 1.14 | 1.17 | 1.19 | 1.14 | 1.15 | 23,388 | 15:34:52 |
Proposed Merger Agreement with Progressive Care Inc., Launch of its E-Commerce Development Program with Alibaba's Tmall Global and Acquisition of Outfitters Expected to Drive Continued Top-Line Growth
COCONUT GROVE, Fla., May 15, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today announced record financial results for the first fiscal quarter ended March 31, 2024 which includes the consolidation of the operations of its e-commerce business with the results of its healthcare operations, Progressive Care Inc. (OTCQB: RXMD) ("Progressive Care").
"First quarter results continued to demonstrate the fundamental strength of NextPlat's focus on the large healthcare services and global e-commerce technology markets and further demonstrates our team execution against its global growth plans," said Charles M. Fernandez, Executive Chairman and CEO of NextPlat Corp. "Throughout the remainder of 2024, we are committed to maximizing and unlocking the unrealized value in our business, further building upon the strong financial and technical foundation we have created and our growing list of global partners and customers. We intend to achieve our near-term goals by capitalizing on our ability to significantly improve the efficiency of our business through our proposed merger with Progressive Care and the opportunity to add multiple new high value healthcare and e-commerce revenue streams to our platform."
First Quarter 2024 Financial Highlights:
Organizational Highlights and Recent Business Developments:
David Phipps, President of NextPlat and CEO of Global Operations, added, "Healthcare, technology and e-commerce continue to be among the largest and most important sectors of the global economy today and is why NextPlat is committed to investing into near-term opportunities and launching multiple new offerings this year. By leveraging our e-commerce development program with Alibaba and its Tmall Global platform in China, expanding our healthcare footprint for services and products, and adding complementary connectivity offerings to our growing product portfolio, we will continue to demonstrate the strength and value of our diversified business model."
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 March 31, 2024, which will be filed with the Securities and Exchange Commission later today.
For more information regarding the financial results of Progressive Care Inc. for the quarter ended March 31, 2024, investors should refer to its Quarterly Report on Form 10-Q which will be filed with the Securities and Exchange Commission later 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. (OTCQB: RXMD).
Important Information About the Merger and Where to Find It
In connection with the proposed merger between NextPlat and Progressive Care, NextPlat intends to file a registration statement/proxy on Form S-4 that will that also will constitute a prospectus of NextPlat with respect to the NextPlat Common Stock to be issued in the proposed transaction (the "proxy statement/prospectus"). The definitive proxy statement/prospectus (if and when available) will be delivered to NextPlat's and the Progressive Care's stockholders. NextPlat may also file other relevant documents regarding the proposed transaction with the SEC. NextPlat 's shareholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the Merger, as these materials will contain important information about the Progressive Care, NextPlat and the Merger. INVESTORS AND SECURITY HOLDERS OF NEXTPLAT ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT PROGRESSIVE CARE WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PROGRESSIVE CARE, NEXTPAT AND THE MERGER. When available, the definitive proxy statement and other relevant materials for the Merger will be mailed to shareholders of NextPlat as of a record date to be established for voting on the Merger and the other related proposals. Shareholders will also be able to obtain copies of the proxy statement/prospectus, the definitive proxy statement and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's web site at www.sec.gov, or by directing a request to: NextPlat Corp, 3250 Mary St., Suite 410, Coconut grove, FL 33133, Attention: Chief Financial Officer, Telephone: (305) 560-5355.
Participants in the Solicitation
NextPlat and its directors and executive officers may be deemed participants in the solicitation of proxies from NextPlat's shareholders with respect to the Merger. A list of the names of those directors and executive officers and a description of their interests in NextPlat is contained in NextPlat's Annual Report on Form 10-K filed with the SEC on April 11, 2024 and is available free of charge at the SEC's web site at www.sec.gov, or by directing a request to NextPlat Corp, 3250 Mary St., Suite 410, Coconut grove, FL 33133, Attention: Chief Financial Officer, Telephone: (305) 560-5355. Additional information regarding the interests of such participants will be contained in the proxy statement for the Merger when available.
Progressive Care and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of NextPlat in connection with the Merger. A list of the names of such directors and executive officers and information regarding their interests in the Merger will be included in the proxy statement for the Merger when available.
No Offer or Solicitation
This Current Report on Form 8-K shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Merger. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
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 shares data) | ||||||||
Three Months Ended | Three Months Ended | |||||||
March 31, 2024 | March 31, 2023 | |||||||
(Unaudited) | (Unaudited) | |||||||
Sales of products, net | $ | 14,120 | $ | 2,876 | ||||
Revenues from services | 3,373 | - | ||||||
Revenue, net | 17,493 | 2,876 | ||||||
Cost of products | 12,620 | 2,255 | ||||||
Cost of services | 63 | - | ||||||
Cost of revenue | 12,683 | 2,255 | ||||||
Gross profit | 4,810 | 621 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 2,005 | 788 | ||||||
Salaries, wages and payroll taxes | 2,624 | 588 | ||||||
Impairment loss | 132 | - | ||||||
Professional fees | 985 | 321 | ||||||
Depreciation and amortization | 906 | 162 | ||||||
Total operating expenses | 6,652 | 1,859 | ||||||
Loss before other (income) expense | (1,842) | (1,238) | ||||||
Other (income) expense: | ||||||||
Interest expense | 21 | 5 | ||||||
Interest earned | (215) | (10) | ||||||
Other income | - | (50) | ||||||
Foreign currency exchange rate variance | 26 | (28) | ||||||
Total income expense | (168) | (83) | ||||||
Loss before income taxes and equity in net loss of affiliate | (1,674) | (1,155) | ||||||
Income taxes | (27) | - | ||||||
Loss before equity in net loss of affiliate | (1,701) | (1,155) | ||||||
Equity in net loss of affiliate | - | (32) | ||||||
Net loss | (1,701) | (1,187) | ||||||
Net loss attributable to noncontrolling interest | 220 | - | ||||||
Net loss attributable to NextPlat Corp | $ | (1,481) | $ | (1,187) | ||||
Comprehensive income (loss): | ||||||||
Net loss | $ | (1,701) | $ | (1,187) | ||||
Foreign currency loss | (27) | (23) | ||||||
Comprehensive loss | $ | (1,728) | $ | (1,210) | ||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (1,481) | $ | (1,187) | ||||
Weighted number of common shares outstanding – basic and diluted | 18,725 | 14,415 | ||||||
Loss per share - basic and diluted | $ | (0.08) | $ | (0.08) |
NEXTPLAT CORP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par data) | ||||||||
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 23,526 | $ | 26,307 | ||||
Accounts receivable, net | 12,928 | 8,923 | ||||||
Receivables - other, net | 2,068 | 1,846 | ||||||
Inventory, net | 5,610 | 5,135 | ||||||
Unbilled revenue | 185 | 189 | ||||||
VAT receivable | 357 | 342 | ||||||
Prepaid expenses | 404 | 640 | ||||||
Notes receivable due from related party | 260 | 256 | ||||||
Total Current Assets | 45,338 | 43,638 | ||||||
Property and equipment, net | 3,846 | 3,989 | ||||||
Goodwill | 731 | 731 | ||||||
Intangible assets, net | 13,725 | 14,423 | ||||||
Operating right of use assets, net | 1,303 | 1,566 | ||||||
Finance right-of-use assets, net | 18 | 22 | ||||||
Deposits | 39 | 39 | ||||||
Prepaid expenses, net of current portion | 61 | 61 | ||||||
Total Other Assets | 15,877 | 16,842 | ||||||
Total Assets | $ | 65,061 | $ | 64,469 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 14,893 | $ | 13,176 | ||||
Contract liabilities | 140 | 42 | ||||||
Notes payable | 233 | 312 | ||||||
Due to related party | 42 | 18 | ||||||
Operating lease liabilities | 532 | 532 | ||||||
Finance lease liabilities | 20 | 18 | ||||||
Income taxes payable | 90 | 139 | ||||||
Total Current Liabilities | 15,950 | 14,237 | ||||||
Long Term Liabilities: | ||||||||
Notes payable, net of current portion | 1,165 | 1,211 | ||||||
Operating lease liabilities, net of current portion | 853 | 929 | ||||||
Finance lease liabilities, net of current portion | - | 5 | ||||||
Total Liabilities | 17,98 | 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, 18,724,596 and 18,724,596 shares issued and | 2 | 2 | ||||||
Additional paid-in capital | 67,717 | 67,170 | ||||||
Accumulated deficit | (36,406) | (34,925) | ||||||
Accumulated other comprehensive loss | (90) | (63) | ||||||
Equity attributable to NextPlat Corp stockholders | 31,223 | 32,184 | ||||||
Equity attributable to noncontrolling interests | 15,870 | 15,903 | ||||||
Total Equity | 47,093 | 48,087 | ||||||
Total Liabilities and Equity | $ | 65,061 | $ | 64,469 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/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-27-5-302146440.html
SOURCE NextPlat Corp.
Copyright 2024 PR Newswire
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