Wed, May 15, 7:58 PM (72 days ago)
NextPlat Corp's Q1 2024 financial report highlights significant changes and performance metrics. The company reported a substantial increase in revenue, reaching $17.5 million, up from $2.9 million in Q1 2023, primarily driven by the acquisition of Progressive Care, which contributed $14.6 million in healthcare operations revenue. Gross profit margins improved to 27.5% from 21.6%. Operating expenses rose to $6.7 million, up from $1.9 million, due to increased SG&A, salaries, and professional fees. The net loss was $1.7 million, compared to $1.2 million in Q1 2023. Cash flow from operations used $2.7 million, with a cash balance of $23.5 million at quarter-end. The report also noted the acquisition of Outfitter Satellite and the planned merger with Progressive Care, indicating strategic expansions.