Business
NextPlat Announces Record Full Year 2021 Revenue Driven by Demand for Satellite Connectivity and Services and Ends Year with $17.3M or $2.45 Per Share in Cash
E-Commerce Sales Reflect All-Time High Demand for Critical Communications Products and Services as Company Transitions to its Next Generation Digital
About this update from Nextplat Corp
[{"type":"text","content":"E-Commerce Sales Reflect All-Time High Demand for Critical Communications Products and Services as Company Transitions to its Next Generation Digital PlatformCOCONUT GROVE, FL / ACCESSWIRE / March 31, 2022 / NextPlat Corp (NASDAQ:NXPL, NXPLW) (\"NextPlat\" or the \"Company\"), a global e-commerce provider, today announced financial results for the fiscal year ended December 31, 2021.Financial highlights of the year ended December 31, 2021 included:Net sales for the fiscal year reached a record of $7,739,910, an increase of over 36% from the year end results reported in the comparable period in 2020. Driving the sales increase was continued strong global demand for satellite-based connectivity and communications, including IoT satellite asset tracking sales which increased 174% during the year.Continuing strong demand in the UK, major European markets and in North America drove increased sales at the Company's Global Telesat Communications Ltd. (\"GTC\") unit in the U.K. by more than 43% and at the Company's US unit, Orbital Satcom Corp. (\"OSC\"), by more than 22%.The Company completed sales transactions with more than 15,000 customers located in 125 countries including all 27 countries in the EU, all 50 US states, and many countries in Africa, Asia, the Middle East, and South America.Gross profit margins for the year ended December 31, 2021 improved to 24% versus 21% reported in the same period ended December 31, 2020, driven by increased sales of higher-margin products and increased sales of recuring airtime plans.Net loss for the year ended December 31, 2021, was $8,107,662 compared to a net loss of $2,763,375 reported for the year ended December 31, 2020. The increased loss was primarily caused by non-cash charges related to stock-based compensation of approximately $3.76 million due to the recruitment of senior management, as well as increased salary costs associated with the of hiring additional employees, and professional fees including legal and accounting services related to the Company's listing on Nasdaq and subsequent capital raises.The Company ended the year with approximately $17.3 million in cash.\"2021 was a pivotal year in the development and evolution of our company, building upon a strong e-commerce foundation serving customers in 125 countries. Late in 2021, supported by the raising of over $16 million from m...