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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.