NextPlat(NXPL) - 2024 Q4 - Annual Results

NextPlat Fiscal Year 2024 Performance Review Full Year 2024 Financial Highlights NextPlat's 2024 revenue grew 73% to $65.5 million, but net loss widened to $14.0 million due to rising costs FY 2024 vs. FY 2023 Key Financial Metrics | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | $65.5M | $37.8M | +73% | | Gross Profit Margin | 24.8% | N/A (Implied 30.0%) | Decline | | Operating Expenses | $40.0M | $34.6M | +15.6% | | Net Loss (to Common Shareholders) | ($14.0M) | ($3.8M) | Widened | | Diluted Loss Per Share | ($0.68) | ($0.22) | Widened | - The 73% revenue growth was primarily attributed to an increase of approximately $24.9 million from a full year of Healthcare Operations in 2024 versus only six months in 2023[6] - Gross margins for both e-Commerce Operations (24.9%) and Healthcare Operations (24.8%) declined year-over-year due to rising inventory costs, pricing pressures, and medication price increases outpacing reimbursement rates[6] - The company ended 2024 with $20.0 million in cash, reflecting a net cash burn of $6.3 million, which included $3.4 million in non-recurring merger-related expenses and $1.0 million for the Outfitter Satellite acquisition[6] Organizational Highlights and Recent Business Developments NextPlat completed strategic mergers and acquisitions, expanded healthcare and e-commerce operations, and advanced its China market entry - Completed a merger with Progressive Care, making it a wholly owned subsidiary, and acquired Outfitter Satellite Inc. to expand satellite product sales in North America[6] - Healthcare Operations filled approximately 514,000 prescriptions and is expanding its higher-margin pharmacy service contracts with 340B covered entities[6] - The e-Commerce business achieved a 115% increase in high-margin recurring airtime contract revenue, driven by new hardware solutions like Starlink and expanded provider relationships[6] - Expanded its e-commerce program in China by launching OPKO-branded products on Alibaba's Tmall Global and securing access to over 340 million additional consumers through an agreement with J.D.com[7] - Progressed the development of its 'Florida Sunshine' line of vitamins and supplements, with plans to launch on Amazon in the US and EU, and market in China starting late Q2 2025[7] Management Commentary Management expressed satisfaction with strategic growth initiatives, highlighting e-commerce expansion, healthcare efforts, and strong demand for satellite connectivity - CEO Charles M. Fernandez stated that 2024 results reflect progress in strategic initiatives, including expanding e-Commerce in the US and China and supporting a growing number of 340B entities in healthcare[3] - President David Phipps commented on the strong demand for satellite-based connectivity and the company's positioning to capitalize on growing Chinese consumer demand for health and wellness products[7] Conference Call Information NextPlat will host a conference call on March 24, 2025, at 8:30 a.m. ET to discuss fiscal year 2024 results Conference Call Details | Item | Details | | :--- | :--- | | Date | Monday, March 24, 2025 | | Time | 8:30 a.m. Eastern time | | Toll-free dial-in | 1-800-836-8184 | | International dial-in | 1-646-357-8785 | | Webcast Link | https://app.webinar.net/1B37G1wAapL | Replay Information (Available through March 31, 2025) | Item | Details | | :--- | :--- | | Toll-free replay | 1-888-660-6345 | | International replay | 1-646-517-4150 | | Replay entry code | 70962 | Consolidated Financial Statements Consolidated Statements of Comprehensive Loss NextPlat's 2024 net revenue grew 73% to $65.5 million, but total operating expenses led to a $14.0 million net loss Consolidated Statement of Comprehensive Loss Highlights (in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Revenue, net | $65,483 | $37,756 | | Gross profit | $16,229 | $11,311 | | Total operating expenses | $39,853 | $34,539 | | Net loss | ($23,125) | ($12,407) | | Net loss attributable to NextPlat Corp | ($14,025) | ($3,778) | | Basic and diluted loss per share | ($0.68) | ($0.22) | Consolidated Balance Sheets NextPlat's total assets decreased to $36.5 million by year-end 2024, with cash at $20.0 million and total equity at $26.7 million Consolidated Balance Sheet Highlights (in thousands) | Line Item | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash | $19,960 | $26,307 | | Total Current Assets | $31,480 | $43,638 | | Total Assets | $36,478 | $64,469 | | Total Current Liabilities | $8,210 | $14,237 | | Total Liabilities | $9,680 | $16,382 | | Total Equity | $26,798 | $48,087 |