On Thursday, a number of companies announced their financial results, and some of those companies are expected to garner attention from investors today. One of those companies could be the worldwide e-commerce provider NextPlat Corp. (OTC:RXMD), which announced its financial results for the fiscal year that ended on December 31, 2023.
The financial results combined the results of its e-commerce business with those of Progressive Care Inc., its healthcare unit. The company generated consolidated revenues to the tune of $37.8 million for the full fiscal year ended on December 31, 2023. That reflected an increase of as much as 222% from the revenues of around $11.7 million in the previous fiscal year that ended on December 31, 2022. Out of that, the e-commerce operations generated revenues of $11 million, while the rest was generated by Progressive Care. The company’s gross margins for the fiscal year went up significantly to as much as 30% from only 21% in the previous fiscal year. The healthcare division managed to record a gross margin of 32%.
In the 2023 fiscal year, NextPlat Corp. recorded a net loss of around $3.8 million, which worked out to $0.22 per share. That was a major improvement from the net loss of $9.2 million that the company suffered in the previous fiscal year. The loss share at the time was $0.96. Additionally, it was also revealed that the net loss for the 2023 fiscal year had also been inclusive of a one-time gain on the re-measurement of the fair value of equity interest in an affiliate of around $11.8 million.
The non-cash gain had been generated owing to the change in the accounting method following the consolidation of Progressive Care on July 1, 2023. It remains to be seen if the NextPlat Corp. stock experiences any action today following the strong performance.
