E-commerce Development - The company has embarked on a rollout of a state-of-the-art e-commerce platform, aiming to optimize online sales for businesses domestically and internationally [136]. - E-commerce transaction volumes at the company's owned and operated websites in the UK and the United States set monthly performance records during the third quarter [137]. Pharmacy Operations - Progressive Care operates five pharmacies, generating most of its pharmacy revenues from dispensing medications to patients [139]. - The focus on complex chronic diseases drives recurring revenue and sustainable growth for Progressive Care, with revenue growth stemming from service expansion and new drug indications [142]. Investment and Control Changes - On August 30, 2022, NextPlat invested an aggregate of $8.3 million into Progressive Care, purchasing 3,000 newly issued units valued at $6 million [144]. - As of July 1, 2023, NextPlat gained control of over 50% of Progressive Care's voting stock, leading to a change in accounting method from equity method investment to consolidation [153]. Merger and Acquisition - On April 12, 2024, NextPlat entered into a Merger Agreement with Progressive Care, which was approved by shareholders on September 13, 2024 [154][155]. - The merger became effective on October 1, 2024, with each share of Progressive Care common stock converted into 1.4865 shares of NextPlat common stock [156]. - The Company completed the acquisition of Outfitter Satellite, Inc. on April 1, 2024 [157]. - Outfitter provides advanced satellite-based connectivity solutions to consumers, commercial, and government customers [158].

Core Points - NextPlat Corp has completed the merger with Progressive Care Inc, making Progressive Care a wholly-owned subsidiary, resulting in its common stock ceasing to trade on the OTCQB exchange as of October 1, 2024 [1][2] - The merger aims to create a unified company focused on growth in healthcare services, technology, and personal health and wellness, with expectations of improved financial performance through operational integration and new product launches [2][4] Merger Details - Under the merger agreement, Progressive Care shareholders received 1.4865 shares of NextPlat common stock for each share of Progressive Care they owned prior to the merger [3] - The share exchange was conducted automatically for shares held in brokerage and retirement accounts, while shareholders with physical stock certificates are advised to contact NextPlat's transfer agent for instructions [3] Company Overview - NextPlat is a global e-commerce platform targeting high-growth sectors, including technology and healthcare, and aims to enhance online sales for businesses through various strategies such as acquisitions and collaborations [4] - Progressive Care provides a range of health services, including Third-Party Administration, COVID-19 diagnostics, pharmacy services, and telepharmacy, among others [5]

Core Points - NextPlat Corp has received shareholder approval for the Business Combination with Progressive Care Inc, with the anticipated closing date set for October 1, 2024 [1][2][3] Group 1: Business Combination Details - The Business Combination will result in Progressive Care becoming a wholly-owned subsidiary of NextPlat, with Progressive Care shareholders receiving 1.4865 shares of NextPlat common stock for each share of Progressive Care they own [4] - The exchange of shares will be automatic for shares held in brokerage and retirement accounts, while shareholders with physical stock certificates are advised to contact NextPlat's transfer agent for instructions [4] Group 2: Shareholder Meeting Outcomes - All proposals presented at the Special Annual Meeting of Stockholders on September 13, 2024, were approved, including the Business Combination and the election of eight Board nominees [2][1] - The meeting also ratified the appointment of RBSM LLP as the independent registered public accounting firm for the year ending December 31, 2024 [1] Group 3: Company Overview - NextPlat Corp operates as a global e-commerce platform, focusing on high-growth sectors such as technology and healthcare, and aims to enhance online sales for businesses [6] - Progressive Care Inc. provides a range of health services, including Third-Party Administration, COVID-19 diagnostics, and telepharmacy services, and became a subsidiary of NextPlat on July 1, 2023 [7]

Financial Performance - Consolidated revenues for Q2 2024 reached approximately $17 million, a 474% increase compared to $3 million in Q2 2023[2] - Revenue for the three months ended June 30, 2024, was $16,989 thousand, a significant increase from $2,957 thousand in the same period of 2023, representing a growth of 474%[16] - Gross profit for the six months ended June 30, 2024, was $10,615 thousand, compared to $1,465 thousand for the same period in 2023, indicating a growth of 626%[16] - Progressive Care's quarterly revenue increased by 17% in Q2 2024, driven by an 11% growth in pharmacy prescriptions and a 41% increase in 340B contract services[6] - The company anticipates full-year revenue of approximately $70 million based on current expectations and available product inventory[2] Profitability and Loss - Gross margins for Q2 2024 improved to a record 34.2%, up from 28.5% in Q2 2023, with healthcare operations contributing a margin of approximately 35%[3] - The net loss for Q2 2024 was approximately $5.3 million, or ($0.28) per diluted share, compared to a net loss of $4.3 million, or ($0.24) per diluted share in Q2 2023[4] - Net loss attributable to NextPlat Corp for the three months ended June 30, 2024, was $(5,311) thousand, compared to $(4,341) thousand in the same period of 2023, showing an increase in loss of 22%[16] Operating Expenses - Operating expenses for Q2 2024 were approximately $16.7 million, significantly higher than $4.2 million in Q2 2023, primarily due to a non-cash impairment loss of about $9.8 million[3] - Total operating expenses for the three months ended June 30, 2024, were $16,702 thousand, up from $4,199 thousand in the same period of 2023, reflecting a 297% increase[16] - The company reported an impairment loss of $9,792 thousand for the three months ended June 30, 2024, compared to no impairment loss in the same period of 2023[16] Cash and Assets - The company ended Q2 2024 with approximately $24.9 million in cash, an increase from $23.5 million in Q1 2024[5] - Cash balance as of June 30, 2024, was $24,877 thousand, a decrease from $26,307 thousand as of December 31, 2023, indicating a decline of 5%[17] - Total assets as of June 30, 2024, were $51,461 thousand, down from $64,469 thousand as of December 31, 2023, representing a decrease of 20%[17] - Current liabilities decreased to $12,750 thousand as of June 30, 2024, from $14,237 thousand as of December 31, 2023, a reduction of 10%[17] - Accounts receivable increased to $10,369 thousand as of June 30, 2024, compared to $8,923 thousand as of December 31, 2023, reflecting a growth of 16%[17] - Equity attributable to NextPlat Corp stockholders decreased to $26,534 thousand as of June 30, 2024, from $32,184 thousand as of December 31, 2023, a decline of 17%[17] Strategic Developments - The merger with Progressive Care is expected to provide annual operating cost reductions and is anticipated to be completed in early October 2024, pending shareholder approval[6] - The e-commerce business saw increased global demand, with sales to customers in 92 countries and a focus on high-margin, recurring airtime contracts[6] - Initial products for the Florida Sunshine line of branded vitamins and supplements have been shipped to China, with marketing campaigns expected to launch in Q4 2024[6]

Core Insights - NextPlat Corp has entered into a new agreement with a leading Chinese marketing partner to enhance the sales of OPKO-branded products across various e-commerce platforms and physical retail locations in China [1][2] - The partnership aims to leverage the marketing partner's expertise in brand awareness campaigns and distribution services to boost OPKO's presence in the Chinese market [2][5] - The health supplement market in China is experiencing significant growth, with a projected increase from approximately 387.9 billion RMB (about $53.3 billion) in 2023 to over 440 billion RMB (approximately $60.5 billion) by 2028, indicating a compound annual growth rate of 9.6% [4] Company Overview - NextPlat Corp is a global e-commerce platform that focuses on high-growth sectors, including technology and healthcare, and aims to assist businesses in selling their products online [8] - The company is implementing a turnkey global e-commerce solution to help Florida-based businesses market their products to millions of potential customers in China [6] - The marketing partnership will enable NextPlat to enhance its digital and physical reach, utilizing various online platforms and brick-and-mortar retailers [5]

About this content The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, includi ...

OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 For the transition period from ______________to _______________. Commission File Number 001-40447 NEXTPLAT CORP (Exact name of registrant as specified in its charter) Nevada 65-0783722 (State or other jurisdiction ...

Exhibit 99.1 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% 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, FL – May 15, 2024 – NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today ...

340B Contract Service Revenue Grows 110% as New Contract Momentum Continues MIAMI, May 15, 2024 /PRNewswire/ -- Progressive Care Inc. (OTCQB: RXMD) ("Progressive Care" or the "Company"), a personalized healthcare services and technology provider, today announced financial results for its first quarter ended March 31, 2024. The Company reported record first quarter revenues of approximately $14.6 million, a 28% increase compared to revenues reported in the first quarter of 2023. The results reflect continues ...

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 bus ...