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HALLANDALE BEACH, Fla. - NextPlat Corp (NASDAQ:NXPL), a $18.43 million market cap technology solutions provider, announced Tuesday the appointment of Rodney Barreto as permanent Chairman of the Board and David Phipps as permanent Chief Executive Officer, following their interim roles since May. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 4.33, though it faces profitability challenges.
The appointments come as part of the company’s ongoing business refocusing plans after the passing of its previous chairman and CEO earlier this year. Both executives have been serving in interim capacities while implementing various cost-cutting and operational improvement initiatives.
Barreto, who has served as a director since January 2022, brings over 35 years of business leadership experience, including his role with the Barreto Group and as a partner at Capital City Consulting. Phipps, who previously served as the company’s CEO and chairman prior to its Nasdaq listing in 2021, has been overseeing NextPlat’s global e-commerce and communications operations as president.
The company reported progress on several fronts outlined in its June shareholder letter, including new business development in its healthcare segment. NextPlat secured a services subcontract for prescription management and expanded its 340B business with three new clinic contracts this quarter, with three additional customers scheduled to start in the fourth quarter. The company generated $58.77 million in revenue over the last twelve months, though InvestingPro data shows challenging gross profit margins of 20.17%.
As part of its cost-reduction efforts, NextPlat has consolidated its headquarters in Hallandale Beach, terminating its Coconut Grove lease agreement. The company expects this move to reduce annual overhead expenses by approximately $240,000 beginning in 2026.
NextPlat also initiated its previously announced share repurchase program during the third quarter of 2025.
The company, which offers healthcare and technology solutions through e-commerce and retail channels worldwide, stated in its press release that these changes are expected to drive greater efficiency, improve financial outlook, and position the company for sustainable long-term growth. While the stock has shown recent momentum with a 7.85% gain over the past week, InvestingPro analysis suggests the company is currently undervalued, with additional insights available in the comprehensive Pro Research Report covering over 1,400 US stocks.
In other recent news, Nextplat Corp reported its Q2 2025 earnings, highlighting a challenging period with revenue decreasing to $13.2 million from $17 million the previous year. The company also posted an earnings per share (EPS) of -$0.07. These results reflect a significant downturn compared to previous performance metrics. The earnings report has prompted discussions among investors regarding the company’s financial health and future outlook. Analyst firms have yet to provide any upgrades or downgrades in response to the earnings announcement. The financial results have raised questions about the company’s strategies moving forward. Investors are closely watching for any additional updates or strategic plans from Nextplat Corp.
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