ACCESSWIRE
17 May 2022, 06:37 GMT+10
Company Expands E-Commerce Footprint with Alibaba.com Storefront as Demand for Essential Communications Equipment and Airtime Services Drives Record Revenues
COCONUT GROVE, FL / ACCESSWIRE / May 16, 2022 / NextPlat Corp (NASDAQ:NXPL)(NASDAQ:NXPLW) ('NextPlat' or the 'Company'), a global e-commerce provider, today announced financial results for the first quarter ended March 31, 2022.
Financial highlights of the quarter ended March 31, 2022 included:
'Record operating results in the first quarter of 2022 reflect a continuation of the strong global demand for satellite-based connectivity and tracking solutions, a trend that started early last year and remains well above expected levels. 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,' said Charles M. Fernandez, Executive Chairman and CEO of NextPlat.
David Phipps, President of NextPlat and CEO of Global Operations, added, 'We are pleased by the continued strong top-line performance across our e-commerce platforms in the first quarter considering significant ongoing supply chain issues, especially in international markets where demand for connectivity products and services rapidly grew in response to disruptions in Eastern Europe. In addition to our impressive top-line growth, throughout the quarter, our e-commerce business achieved multiple record-breaking monthly performance milestones, further demonstrating the inherent value in our global platforms thanks to their broad reach and diversification.'
Operational and organizational highlights of the quarter ended March 31, 2022, and recent developments included:
Mr. Fernandez concluded, 'NextPlat continues to demonstrate its ability to capitalize on the e-commerce opportunities for satellite communications products and services. Supported by a clean balance sheet with no debt and over $21 million in cash, we are now well on our way to building upon this solid foundation as we look to broaden our platform to include all forms of physical and digital assets and launch NextPlat Digital later this year.'
About NextPlat Corp
NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets for physical and digital assets. The Company intends to collaborate with businesses, optimizing their ability to sell their goods online, domestically, and internationally, and enabling customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-commerce communications services division through its Global Telesat Communications Ltd and Orbital Satcom Corp business units that offer voice, data, tracking, and IoT services to customers worldwide through multiple global storefronts.
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 additional e-commerce capabilities for physical and digital assets, transact business in crypto currencies 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
SOURCE: NextPlat Corp
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