NextPlat Corp reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in revenue, with net revenues for the nine months ending September 30, 2024, reaching $49.8 million, a 136% increase from $21.1 million in the same period of 2023. This growth was primarily driven by the Healthcare Operations segment, which contributed approximately $27.3 million due to the acquisition of Progressive Care on July 1, 2023. E-commerce revenues also saw an increase, rising to $10.2 million from $8.8 million year-over-year.

Despite the revenue growth, NextPlat reported a net loss of $20.1 million for the nine months ended September 30, 2024, compared to a loss of $2.9 million in the prior year, marking a 596% increase in net loss. The net loss attributable to NextPlat Corp common shareholders was $11.0 million, up from $2.1 million in the same period last year. The increase in losses was attributed to a substantial rise in operating expenses, which totaled approximately $34.9 million, a 147% increase from $14.1 million in 2023. This rise included non-recurring expenses related to impairment losses and merger costs.

In terms of profitability, gross profit for the nine months ended September 30, 2024, was $14.1 million, up from $6.0 million in 2023, maintaining a gross profit margin of approximately 28%. However, the company reported a decrease in gross profit margin from 30% in Q3 2023 to 22.9% in Q3 2024, primarily due to lower reimbursement rates in the Healthcare Operations segment.

Strategically, NextPlat has made significant acquisitions, including the purchase of Outfitter Satellite, Inc. on April 1, 2024, which provides satellite-based connectivity solutions. The merger with Progressive Care, effective October 1, 2024, was also a key development, consolidating its operations and expanding its healthcare services. The company has also faced challenges, including a goodwill impairment charge of approximately $0.7 million and a long-lived asset impairment charge of about $12.8 million in the Healthcare Operations segment.

As of September 30, 2024, NextPlat's total assets were reported at $41.1 million, down from $64.5 million at the end of 2023. The company’s cash position decreased to $20.4 million from $26.3 million over the same period. The total equity also declined to $29.8 million from $48.1 million, reflecting the impact of the increased losses and strategic investments.