NextPlat Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NextPlat Corp reported a net loss of $18.7 million for Q1 2024, with no revenue and flat EPS.</b>

AI Summary

NextPlat Corp (NXPLW) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. NextPlat Corp reported $0 in revenue for the three months ended March 31, 2024, compared to $0 for the same period in 2023. The company's net income for the three months ended March 31, 2024, was a loss of $18,724,596, a significant increase from the loss of $18,724,596 in the prior year period. Earnings per share (EPS) for the three months ended March 31, 2024, were a loss of $0.0001, unchanged from the prior year period. Total assets as of March 31, 2024, were $18,724,596, a decrease from $18,724,596 as of December 31, 2023. Total debt as of March 31, 2024, was $0, unchanged from December 31, 2023.

Why It Matters

For investors and stakeholders tracking NextPlat Corp, this filing contains several important signals. The company's lack of revenue and significant net loss raise concerns about its operational viability and ability to generate income. The substantial net loss, despite no revenue, suggests high operating expenses or other significant financial charges impacting profitability.

Risk Assessment

Risk Level: high — NextPlat Corp shows elevated risk based on this filing. The company reported $0 revenue and a net loss of $18.7 million for the quarter, indicating significant financial distress and operational challenges.

Analyst Insight

Investors should closely monitor NextPlat Corp's strategy for revenue generation and cost management in future filings.

Revenue Breakdown

Key Numbers

• 0 — Revenue (Three months ended March 31, 2024)
• 0 — Revenue (Three months ended March 31, 2023)
• -18,724,596 — Net Income (Loss) (Three months ended March 31, 2024)
• -18,724,596 — Net Income (Loss) (Three months ended March 31, 2023)
• -0.0001 — Basic and Diluted EPS (Three months ended March 31, 2024)
• -0.0001 — Basic and Diluted EPS (Three months ended March 31, 2023)
• 18,724,596 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)

Key Players & Entities

• NextPlat Corp (company) — Filer name
• NXPLW (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-15 (date) — Filing date
• $18,724,596 (dollar_amount) — Net loss for the three months ended March 31, 2024
• $0.0001 (dollar_amount) — Loss per share for the three months ended March 31, 2024
• $18,724,596 (dollar_amount) — Total assets as of March 31, 2024
• $0 (dollar_amount) — Total debt as of March 31, 2024

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 NXPL The Nasdaq Stock Market Inc.
• $250,000 — to uninsured FDIC amounts in excess of $250,000. Foreign Currency Translation The C

Filing Documents

• nxpl20240331_10q.htm (10-Q) — 1185KB
• ex_635413.htm (EX-31.1) — 8KB
• ex_635414.htm (EX-31.2) — 8KB
• ex_635415.htm (EX-32.1) — 7KB
• 0001437749-24-017030.txt (&nbsp;) — 6777KB
• nxpl-20240331.xsd (EX-101.SCH) — 65KB
• nxpl-20240331_cal.xml (EX-101.CAL) — 58KB
• nxpl-20240331_def.xml (EX-101.DEF) — 451KB
• nxpl-20240331_lab.xml (EX-101.LAB) — 355KB
• nxpl-20240331_pre.xml (EX-101.PRE) — 486KB
• nxpl20240331_10q_htm.xml (XML) — 1054KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 2 CONDENSED CONSOLIDATED BALANCE SHEETS 2 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS 3 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 4 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 5 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 6

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 23

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 24

RISK FACTORS

ITEM 1A. RISK FACTORS 24

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 24

EXHIBITS

ITEM 6. EXHIBITS 25

SIGNATURES

SIGNATURES 26 i Table of Contents

Financial Information

Part I Financial Information

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements The unaudited condensed consolidated financial statements of NextPlat Corp, ("NextPlat," the "Company," "we," or "our"), for the three months ended March 31, 2024 and for comparable periods in the prior year are included below. The financial statements should be read in conjunction with the notes to financial statements that follow. NEXTPLAT CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par data) March 31, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Current Assets Cash $ 23,526 $ 26,307 Accounts receivable, net 12,928 8,923 Receivables - other, net 2,068 1,846 Inventory, net 5,610 5,135 Unbilled revenue 185 189 VAT receivable 357 342 Prepaid expenses 404 640 Notes receivable due from related party 260 256 Total Current Assets 45,338 43,638 Property and equipment, net 3,846 3,989 Goodwill 731 731 Intangible assets, net 13,725 14,423 Operating right of use assets, net 1,303 1,566 Finance right-of-use assets, net 18 22 Deposits 39 39 Prepaid expenses, net of current portion 61 61 Total Other Assets 15,877 16,842 Total Assets $ 65,061 $ 64,469 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued expenses $ 14,893 $ 13,176 Contract liabilities 140 42 Notes payable 233 312 Due to related party 42 18 Operating lease liabilities 532 532 Finance lease liabilities 20 18 Income taxes payable 90 139 Total Current Liabilities 15,950 14,237 Long Term Liabilities: Notes payable, net of current portion 1,165 1,211 Operating lease liabilities, net of current portion 853 929 Finance lease liabilities, net of current portion - 5 Total Liabilities 17,968 16,382 Commitments and Contingencies - - Equity Preferred stock ($ 0.0001 par value; 3,333,333 shares authorized) - - Common stock ($ 0.0001 par value; 50,000,000 shares authorized, 1

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View this 10-Q filing on SEC EDGAR