- NextPlat Corp (NASDAQ:NXLP) reported a first-quarter net sales increase of 144% year-over-year to $3.58 million, driven by continued strong global demand for satellite-based connectivity and communications products and services.
- The Company achieved triple-digit growth across several key markets, all-time high average transaction values, and a record increase of 750% in direct non-eCommerce sales.
- The gross profit margin was ~22% for the quarter, versus ~29% reported in the same period ended March 31, 2020, reflecting a significant increase in the cost of hardware, shipping, and freight costs.
- Net loss was $(850) thousand for Q1, compared to a net loss of $(803.14) thousand in 1Q21.
- NextPlat ended the quarter with ~$21.9 million in cash.
- NXLP completed its storefront and initial product listings on Alibaba.com, part of the Alibaba Group (NYSE:BABA), announced last year under its Gold Supplier agreement.
- “In the first quarter, NextPlat’s satcom e-commerce operations benefited from several factors including increased investments into inventories, a general easing of COVID restrictions in several geographies as well as the unprecedented demand for critical communications products in response to the situation unfolding in Ukraine,” commented Charles M. Fernandez, Executive Chairman and CEO of NextPlat.
- Price Action: NXPL shares are trading higher by 15.70% at $1.92 during the post-market session on Monday.
