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NextPlat Corp (NXPL-1.60%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $15.4 million from $15.3 million in the same quarter the previous year. The increase is attributed to growth in e-commerce operations, offset by a decrease in healthcare operations revenue.
Cost of revenue for the quarter was $11.8 million, representing 77% of revenue, compared to 70% in the same quarter of the previous year. This increase in cost ratio is due to decreased reimbursement rates in healthcare operations.
The company reported a gross profit of $3.5 million for the quarter, compared to $4.6 million in the previous year, with the decline attributed to reduced margins in healthcare operations.
An impairment loss of $3.7 million was recorded related to intangible assets in the healthcare operations segment.
Selling, general, and administrative expenses decreased to $2.3 million from $4.2 million, primarily due to a reduction in stock-based compensation expenses.
Net loss for the quarter was $7.7 million, compared to a net income of $2.6 million in the previous year. The loss was impacted by the impairment charges and increased professional fees.
Cash used in operating activities was $5.0 million, while cash used in investing activities was $1.0 million, primarily due to the acquisition of Outfitter Satellite, Inc.
NextPlat had a working capital of $26.1 million as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details the acquisition of Outfitter Satellite, Inc., which provides satellite-based connectivity solutions, and the completion of the merger with Progressive Care, LLC.
NextPlat does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its e-commerce platform and managing its healthcare operations, while addressing challenges related to reimbursement rates and operational costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NextPlat Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.