NextPlat(NXPL) - 2025 Q1 - Quarterly Results

Financial Performance - Consolidated revenue for Q1 2025 was approximately $14.5 million, down from $17.5 million in Q1 2024, primarily due to a decline in Healthcare Operations[6] - Gross profit margin decreased to 23.8% in Q1 2025 from 27.8% in Q1 2024, with Healthcare segment margin dropping to 23.8% from 27.7%[6] - Operating expenses decreased by 26.2% to approximately $4.9 million compared to $6.7 million in the prior year quarter[6] - Net loss attributable to common shareholders decreased by 9% to approximately $1.3 million, or ($0.05) per diluted share, compared to a net loss of approximately $1.5 million, or ($0.08) per diluted share in Q1 2024[6] Cash and Assets - The Company ended the quarter with approximately $17.7 million in cash[6] - Total assets decreased from $36,478 million as of December 31, 2024, to $35,204 million as of March 31, 2025, representing a decline of approximately 3.5%[18] - Current assets decreased from $31,480 million to $30,475 million, a reduction of about 3.2%[18] - Cash balance decreased from $19,960 million to $17,737 million, a decline of approximately 11.2%[18] - Accounts receivable increased from $4,895 million to $5,527 million, an increase of about 12.9%[18] - Inventory decreased from $4,881 million to $4,510 million, a reduction of approximately 7.6%[18] Liabilities and Equity - Total liabilities increased slightly from $9,680 million to $9,753 million, an increase of approximately 0.8%[18] - Current liabilities increased from $8,210 million to $8,424 million, an increase of about 2.6%[18] - Accumulated deficit increased from $(48,950) million to $(50,293) million, reflecting a worsening of approximately 2.7%[18] - Total equity decreased from $26,798 million to $25,451 million, a decline of about 5.0%[18] - Additional paid-in capital increased slightly from $75,697 million to $75,704 million, an increase of about 0.01%[18] Revenue Growth Initiatives - Recurring airtime revenue increased by 51% due to new connectivity contracts and higher margin services[13] - The Company signed several new 340B pharmacy service agreements expected to contribute to revenue growth and improved margins[6] - The launch of the Florida Sunshine branded line of vitamins has been paused due to tariff escalations, impacting anticipated sales[13] - The Company is exploring strategic alternatives to diversify its Healthcare Operations, including new services and joint ventures[6] - Initial in-store sales of OPKO-branded products commenced in China, with regulatory approval for OPKO pet health products expected by Q4 2025[13]