Why E-commerce Platform NextPlat Shares Are Shooting Higher Today

E-commerce platform NextPlat Corp NXPL shares are surging after its third-quarter FY23 earnings report.

The company reported third-quarter FY23 sales of $15.29 million compared to $2.63 million a year ago.

Healthcare operations revenue was approximately $12.4 million in Q3 due to the Progressive Care consolidation as of July 1, 2023.

The company's e-Commerce revenues were approximately $2.9 million, reflecting growth of 11% Y/Y.

Gross margin for the quarter expanded 400 basis points to 30%. Operating expenses increased sharply to $8.1 million. NextPlat held $26.3 million in cash and equivalents as of September 30, 2023.

The company registered an EPS of $0.17 versus $(0.60) last year.

"Our continued growth is supported by strong, debt-free balance sheets with sufficient cash to invest both internally and in acquisitions that can quickly add scale to our platform," said Executive Chairman and CEO Charles M. Fernandez.

Price Action: NXPL shares are trading higher by 10.58% at $2.09 on the last check Tuesday.