Business
NextPlat Announces Record Third Quarter 2022 Revenue, Sixth Consecutive Quarter of Record Revenue
Strategic Investment into Progressive Care Expands NextPlat's Future Global E-Commerce Offerings into Healthcare MarketsCOCONUT GROVE, FL / ACCESSWIRE /
About this update from Nextplat Corp
[{"type":"text","content":"Strategic Investment into Progressive Care Expands NextPlat's Future Global E-Commerce Offerings into Healthcare MarketsCOCONUT GROVE, FL / ACCESSWIRE / November 14, 2022 / NextPlat Corp (NASDAQ:NXPL)(NASDAQ:NXPLW) (\"NextPlat\" or the \"Company\"), a global e-commerce provider, today announced financial results for the third quarter ended September 30, 2022.Financial highlights of the quarter ended September 30, 2022 included:The Company experienced continued demand for satellite-based connectivity solutions through its global e-commerce platforms, resulting in record third quarter net sales of $2,630,826. Although supply chain issues had a significant impact on the Company's ability to fulfill customer orders during 2022, net consolidated sales growth of 60.2% was reported for the first nine months of the year versus 2021.Strong growth in European markets resulted in NextPlat's UK division, GTC, reporting record sales growth of 82% for the first nine months of 2022 versus 2021 in local currency terms, with growth impacted by lack of many popular product lines.Increased sales of high margin recurring airtime contracts and improved pricing controls through the Company's recently implemented global enterprise resource planning system (\"ERP\") resulted in third quarter gross margins increasing to 25.8% vs. 21.9% recorded in the third quarter.Operating expenses in the third quarter of 2022 were $2,843,693, a 4.2% increase from the $2,729,982 reported for the third quarter of 2021 driven by increases in depreciation, amortization and offset by a decrease in SG&A expenses.Net loss for the quarter ended September 30, 2022 was $5,713,276 compared to a net loss of $2,305,549 reported for the quarter ended September 30, 2021. The increased net loss for the third quarter of 2022 can be attributed to a non-recurring, non-cash loss of approximately $3,454,436 related to the Company's investment in Progressive Care Inc. (OTCQB:RXMD) (\"Progressive Care\"), and stock based compensation of $642,201.The Company ended the quarter with approximately $12.5 million in cash. The decrease in cash, as compared to the previously reported cash balance for the second quarter of 2022, was largely due to the Company's $7 million investment into Progressive Care as part of its plan to expand and diversify the scope of its global e-commerce offerings.\"As w...