NextPlat's Outfitter Satellite Awarded Three-Year State Government Satellite Enabled Services Contract

Rhea-AI Summary

NextPlat's US-based connectivity division, Outfitter Satellite, has secured a three-year service contract from a US state government customer to provide satellite-enabled services. The contract includes satellite connectivity airtime service plans and hardware support for government workforce requiring voice and data connectivity during remote operations or natural disasters, with an option to renew for up to two years.

Acquired by NextPlat in April 2024, Nashville-based Outfitter has been providing satellite-based connectivity solutions from brands like Iridium, Inmarsat, and Globalstar for over two decades. Since its acquisition, Outfitter has generated significant high-margin recurring airtime revenue from North American sales, complementing NextPlat's global e-Commerce operations.

Positive

• Secured three-year government contract with two-year renewal option
• Generating high-margin recurring airtime revenue
• Contract expands presence in government sector

Negative

• None.

Contract Supports Increased Connectivity Needs of Government Workforce in Remote and Off Site Operations

COCONUT GROVE, Fla., Dec. 11, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today announced that its US-based connectivity division, Outfitter Satellite Inc. ("Outfitter"), has been awarded a three-year service contract from a US state government customer ("the Customer") to provide satellite enabled services.

Under the terms of the contract, Outfitter will provide satellite connectivity airtime service plans and hardware to the Customer in support of its government workforce who require voice and data connectivity when conducting remote or off-site work, or during natural disasters. The initial contract term is for three years and includes an option to renew for up to two years.

"Outfitter Satellite continues to play a vital role in driving our domestic growth, particularly in high-margin recurring service. We are pleased with the performance of the Outfitter team as they continue to grow and expand their customer base driven by their expertise and dedication to superior customer service and support," said David Phipps, President of NextPlat and CEO of Global Operations, and President of Outfitter Satellite.

Acquired by NextPlat in April 2024, based in Nashville, Tennessee, for over two decades, Outfitter has provided consumers, commercial and government customers, with advanced satellite-based connectivity solutions from leading brands including Iridium, Inmarsat and Globalstar. Since its acquisition, Outfitter has generated significant high margin recurring airtime revenue from sales in North America, complementing the Company's technology e-Commerce operation which services global customers in Europe, South America, the Middle East, Africa and throughout Asia.

About NextPlat Corp
NextPlat is a global e-Commerce platform company created to capitalize on multiple high-growth sectors and markets including technology and healthcare. Through acquisitions, joint ventures and collaborations, the Company intends to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-Commerce presence and revenue. NextPlat currently operates an e-Commerce communications division offering voice, data, tracking, and IoT products and services worldwide as well as pharmacy and healthcare data management services in the United States through its subsidiary, Progressive Care LLC.

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 new data-driven tools and services 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

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SOURCE NextPlat Corp.

FAQ

What is the duration of NextPlat's (NXPL) new state government contract?

The contract has an initial term of three years with an option to renew for up to two additional years.

What services will Outfitter Satellite provide under the new government contract?

Outfitter will provide satellite connectivity airtime service plans and hardware for government workforce requiring voice and data connectivity during remote operations or natural disasters.

When did NextPlat (NXPL) acquire Outfitter Satellite?

NextPlat acquired Outfitter Satellite in April 2024.

Which satellite brands does Outfitter Satellite offer solutions from?

Outfitter Satellite provides connectivity solutions from leading brands including Iridium, Inmarsat and Globalstar.

How has Outfitter Satellite contributed to NextPlat's (NXPL) revenue since acquisition?

Since acquisition, Outfitter has generated significant high-margin recurring airtime revenue from sales in North America.