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NextPlat Corp (NXPL-2.95%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported total revenues of $65.5 million for the year, a 73% increase from $37.8 million in the previous year. This growth was primarily driven by the acquisition of Progressive Care and Outfitter Satellite, contributing to increased sales in both the e-commerce and healthcare segments.
Gross profit for the year was $16.2 million, up from $11.3 million in the prior year, reflecting a gross margin of 24.8% compared to 30.0% in 2023. The decrease in gross margin was attributed to pressures from medication price increases within the healthcare operations.
Operating expenses rose by 15% to $39.9 million, driven by increased salaries and wages, professional fees related to litigation and mergers, and impairment losses on goodwill and intangible assets.
The company recorded a net loss of $23.1 million, compared to a net loss of $12.4 million in 2023. The increase in net loss was primarily due to non-recurring expenses and impairment charges.
Cash flow from operating activities was negative $5.5 million, reflecting increased inventory purchases and other operational costs. Cash flow from investing activities was negative $1.0 million, mainly due to the acquisition of Outfitter Satellite.
The company ended the year with $20.0 million in cash, down from $26.3 million at the end of 2023, and reported working capital of $23.3 million.
NextPlat Corp continues to focus on expanding its e-commerce platform and healthcare operations, leveraging acquisitions and strategic partnerships to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NextPlat Corp annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.