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]
NextPlat(NXPL) - 2024 Q2 - Quarterly Results