NextPlat Corp. (NASDAQ: NXPL), a global e-commerce provider, is reporting on its financial results for the three months ended March 31, 2023. The report also noted that the company is looking to drive future growth by adding healthcare and an Alibaba Tmall Global partnership. Financial highlights for first quarter of 2023 include revenues of approximately $2.9 million, an increase of 26% from the core revenue reported in Q1 2022 after accounting for several factors; gross margins of 21.6%; operating expenses totaling approximately $1.9 million; net loss for the quarter coming in at $1.2 million; and approximately $16.7 million in cash. Business highlights outlined in the report include the company’s Global Telesat Communications Ltd. business unit being selected by Iridium Communications Inc. as a new direct distributor and global launch partner; the introduction of more than 100 new products; and the launch on April 24, 2023, of the company’s e-commerce development program enabling Florida-based businesses to quickly access global international markets in Asia.
In addition, the report noted that on April 13, 2023, NextPlat completed a private offering of its common stock resulting in net proceeds of $6 million. “First-quarter results demonstrate the early benefits and value of our recent investments into NextPlat’s global e-commerce infrastructure, which has allowed us to enter 2023 with a greatly enhanced capability on a global scale,” said NextPlat CEO and executive chair Charles M. Fernandez in the press release. “These capabilities provide critical support for our continued efforts to expand our global addressable markets through new partnerships with Alibaba’s Tmall Global and add an array of new customers across high-growth sectors including healthcare and consumer products.”
To view the full press release, visit https://ibn.fm/DwVne
About NextPlat Corp
NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets for physical and digital assets. The company intends to collaborate with businesses, optimizing the ability to sell their goods online, domestically and internationally, and enabling customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-commerce communications services division through its Global Telesat Communications Ltd. and Orbital Satcom Corp. business units, which offer voice, data, tracking and IoT services to customers worldwide through multiple global storefronts. For more information about the company, please visit www.NextPlat.com.
NOTE TO INVESTORS: The latest news and updates relating to NXPL are available in the company’s newsroom at https://ibn.fm/NXPL
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