Revenue Growth and Expected Operational
Cost-Cutting and Efficiencies to Support Goal of Positive Cash Flow
in Late 2025
COCONUT
GROVE, Fla., Dec. 17,
2024 /PRNewswire/ -- NextPlat Corp (NASDAQ:
NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce
provider, today announced that its Board of Directors has
approved a share repurchase program authorizing the Company to
repurchase up to $2,000,000 of the
Company's outstanding shares of common stock.
The timing, manner, price, and amount of any repurchases under
the share repurchase program will be determined by the Company at
its discretion. Purchases may be effected through open market
transactions, privately negotiated transactions, transactions
structured through investment banking institutions, or other means.
The Company is not obligated to repurchase any specific number of
shares and the program may be modified, suspended, or discontinued
at any time.
The Company recently announced that it expects to report record
2024 annual revenue in excess of $63
million representing growth of over 70% compared to fiscal
2023. Results are driven by continued growth in satellite
connectivity products, increases in high margin recurring airtime
revenue and contributions from the healthcare business.
"Over the past year, our team has made significant investments
into the future of NextPlat, expanding our global e-Commerce and
domestic healthcare businesses, positioning it to deliver continued
double-digit revenue growth in 2025," said Charles M. Fernandez, Executive Chairman and CEO
of NextPlat. "Expected growth and our focus on generating positive
operating cashflows in 2025, supported by a strong balance sheet
with a sizable cash position, provides confidence in the
opportunities ahead of us and through this buyback program, we hope
to capture the unrecognized intrinsic value present in our common
stock."
Purchases under this program may be funded from NextPlat's
existing cash and cash equivalents and/or future cash flows.
About NextPlat Corp
NextPlat is a global e-commerce
platform company created to capitalize on multiple high-growth
sectors and markets including technology and healthcare. Through
acquisitions, joint ventures and collaborations, the Company
intends to assist businesses in selling their goods online,
domestically, and internationally, allowing customers and partners
to optimize their e-Commerce presence and revenue. NextPlat
currently operates an e-Commerce communications division offering
voice, data, tracking, and IoT products and services worldwide as
well as pharmacy and healthcare data management services in
the United States through its
subsidiary, Progressive Care LLC.
Forward-Looking Statements
Certain statements in this
release constitute forward-looking statements. These statements
include the capabilities and success of the Company's business and
any of its products, services, or solutions. The words "believe,"
"forecast," "project," "intend," "expect," "plan," "should,"
"would," and similar expressions and all statements, which are not
historical facts, are intended to identify forward-looking
statements. These forward-looking statements involve and are
subject to known and unknown risks, uncertainties and other
factors, including the Company's ability to launch new data-driven
tools and services and its ability to grow and expand as intended,
any of which could cause the Company to not achieve some or all of
its goals or the Company's previously reported actual results,
performance (finance or operating), including those expressed or
implied by such forward-looking statements. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's filings with the Securities and Exchange Commission (the
"SEC"), copies of which may be obtained from the SEC's website at
www.sec.gov. The Company assumes no, and hereby disclaims any,
obligation to update the forward-looking statements contained in
this press release.
Media and Investor Contact for NextPlat Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE NextPlat Corp.