NextPlat Board of Directors Approves $2,000,000 Share Buyback Program

Core Viewpoint - NextPlat Corp has announced a share repurchase program and expects to achieve record revenue growth in 2024, driven by its satellite connectivity products and healthcare business [1][3][4]. Group 1: Share Repurchase Program - The Board of Directors has approved a share repurchase program allowing the company to buy back up to $2,000,000 of its common stock [1]. - The timing, manner, price, and amount of repurchases will be at the company's discretion, with no obligation to repurchase a specific number of shares [2]. Group 2: Revenue Growth - NextPlat anticipates reporting annual revenue exceeding$63 million for 2024, representing over 70% growth compared to fiscal 2023 [3]. - The growth is attributed to increased sales in satellite connectivity products, high-margin recurring airtime revenue, and contributions from the healthcare sector [3]. Group 3: Future Outlook - The company aims for continued double-digit revenue growth in 2025, supported by a strong balance sheet and cash position [4]. - The share buyback program is intended to capture the intrinsic value of the company's stock, funded by existing cash and future cash flows [4]. Group 4: Company Overview - NextPlat is a global e-commerce platform focusing on high-growth sectors such as technology and healthcare, facilitating online sales for businesses [5]. - The company operates an eCommerce communications division and provides healthcare data management services through its subsidiary, Progressive Care LLC [5].