NEWSCOCONUT GROVE, Fla., June 30, 2025 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global consumer products and services company providing healthcare and technology solutions through eCommerce and retail channels worldwide, today issued the following Interim CEO Update Shareholder Letter:https://mma.prnewswire.com/media/2274958/NextPlat_Logo.htmlTo Our Shareholders:As interim CEO of NextPlat and on behalf of our Board of Directors and management team, I am writing to you to provide an update on our company and the actions being taken to drive the business forward.In the month since the unexpected passing of our former CEO and Chairman, Charles M. Fernandez, our team has been closely reviewing our operations to build on the strong foundation he helped create. As part of this, I personally met with leaders across our subsidiaries and was truly impressed by the passion and dedication of our highly experienced employees. Based on the insights I gathered, I'm confident that with greater focus, improved coordination, and targeted investment, NextPlat is well-positioned to capitalize on the opportunities ahead and unlock significant value.Where We Are TodayHaving completed my initial review, I believe that our healthcare division is particularly critical to our future success as it currently represents the largest part of our business and offers significant untapped opportunities to explore. I believe there are several areas that we need to address if we are to properly support the business and reach our long-term goals, foremost amongst them being:Where We Are Going – Pharmacy and HealthcareAs we've previously communicated, the retail pharmacy sector continues to face unprecedented challenges driven by rising drug costs and made worse by reimbursement rates not keeping pace with those rising costs. Therefore, our focus must remain on executing the business of the Company efficiently and investing in alternative areas of healthcare that offer growth potential.To that end, we've been working to streamline our current healthcare operations and expand our contracted 340B and long-term care (LTC) services, both of which present opportunities for profitable growth. We also intend to take several strategic steps within our healthcare business, including:Where We Are Going - E-CommerceAlthough e-Commerce represents a smaller part of NextPlat's overall business, I have spoken in the past about the vast global opportunity and potential we see in this business. Through leading e-Commerce marketplaces such as http://amazon.com/, Walmart, and Alibaba in China, as well as our own network of branded online storefronts, we have created a global presence supporting tens of thousands of customers in over 150 countries. This is something we intend to build on.Recently, new tariffs, particularly between the U.S. and China, have delayed product launches like our Florida Sunshine vitamin brand, but we still see strong global opportunities ahead. That is why we are focusing on growing our e-Commerce business through a series of initiatives including:For Our ShareholdersAs I indicated earlier in this update, the team at NextPlat shares a common belief in the long-term opportunities ahead of us and the ability to build upon the strong foundation created under Charlie's leadership. Our internal business review identified our strengths as well as areas that need immediate attention and improvement if we are to meet our growth and profitability objectives. That is why we are committed to addressing several areas and needs in the business, including:A Thank YouIn conclusion, we must thank our partners, customers, employees, and investors for their continued support and wish to confirm our pledge that we intend to use recent developments as a catalyst for change and as an opportunity to advance Charlie's legacy. Although we have challenges ahead, Charlie created a strong and well-funded foundation for us to build on, and both I and our Board are committed to realizing and surpassing the potential he saw for NextPlat in the months and years ahead.Sincerely,David Phipps
Interim Chief Executive OfficerAbout NextPlat Corp
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