NextPlat Announces Record Second Quarter 2022 Revenue Driven by Global E-commerce Demand

NextPlat Corp Company Prepares for New Global E-Commerce Infrastructure with Upgraded Websites, Global Marketplace Expansion and Development of NextPlat Digital NFT Platform

COCONUT GROVE, FL / ACCESSWIRE / August 15, 2022 / NextPlat Corp ( NASDAQ:NXPL, NXPLW ) (“NextPlat” or the “Company”), a global e-commerce provider, today announced financial results for the second quarter ended June 30, 2022. Financial highlights of the quarter ended June 30, 2022 included: Net sales for the second quarter reached a record of $2,871,479, an increase of approximately 47% from the $1,956,260 reported in the comparable period in 2021, resulting in a net sales growth of 88.7% for the first six months of 2022 versus 2021. Strong global demand for satellite-based connectivity and communications products and recurring revenue airtime services continued to drive sales. Global supply chain issues and the unavailability of many popular products during the quarter continued to limit the Company’s ability to fully fulfill customer orders.

Strong sales activity in Europe and North America continued throughout the second quarter. The Company’s Global Telesat Communications Ltd. (“GTC”) unit in the U.K. posted a 2022 net sales increase of 39% compared to the second quarter of 2021, and its US unit, Orbital Satcom Corp. (“OSC”), reporting a net sales increase of 64% over the 2021 net sales.

During the quarter, the Company continued to set new operational milestones including record growth in direct, year-to-date non-ecommerce sales of more than 500%, record high Amazon sales and reached the highest number of quarterly sales transactions in its history. In the second quarter, the Company completed product sales to customers in 104 countries, all 50 US States and all 27 EU countries.

Operating expense increases in the quarter were largely driven by $646,027 of non-cash stock compensation expenses, increased SG&A expenses, and […]

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