NextPlat Corp

What they do

NextPlat sells satellite communications equipment and connectivity services through three proprietary e-commerce websites, approximately 25 third-party marketplace storefronts and more than 10,000 product listings, shipping to customers in more than 165 countries. Through subsidiaries GTC, Orbital Satcom and Outfitter Satellite, it provides voice, data, IoT and M2M services over Geostationary and LEO satellite constellations. Its Healthcare Operations segment, operating through Progressive Care LLC and its pharmacy and healthcare technology subsidiaries, provides prescription pharmaceuticals, medication therapy management, long-term care pharmacy support and analytics through the ClearMetrX platform, and participates in the federal 340B Drug Pricing Program through contract pharmacy arrangements.

Revenue drivers

• e-Commerce Operations — Satellite phones, tracking devices, broadband terminals and accessories plus recurring satellite airtime, messaging and connectivity subscriptions. Roughly 27% of 2025 revenue; second quarter 2026 segment revenue was $4.1 million, or 34% of consolidated revenue.
• Pharmacy prescription revenue — Prescription pharmaceuticals dispensed through pharmacy operations. Largest single line at 47% of second quarter 2026 revenue ($5.6 million), but down 32% year over year on lower reimbursement rates and payer mix.
• Pharmacy contract revenue (340B and medication fulfillment) — Contracted pharmacy services for 340B, long-term care and government providers. 19% of second quarter 2026 revenue at $2.2 million, up 136% year over year, with higher margins than prescription revenue.
• Third-party marketplace channel — Amazon represented approximately 31% of total e-Commerce revenue in 2025, making a single marketplace a material concentration within the e-Commerce segment.

Recent performance

For the second quarter of 2026, NextPlat reported revenue of $11.9 million, down 10% from $13.2 million a year earlier but up 21% sequentially from $9.9 million in the first quarter of 2026. Gross margin reached a record approximately 40%, up from 22% a year earlier, driven by Healthcare Operations margin of approximately 46% versus 20%. The net loss attributable to common stockholders narrowed 92% to $144,000 from $1.789 million, and operating loss improved to $127,000 from $1.829 million. Healthcare prescription revenue fell to $5.6 million from $8.2 million, while contracted pharmacy revenue rose 136% to $2.2 million; e-Commerce revenue was flat year over year at $4.1 million but up roughly 27% sequentially. Full-year 2025 revenue was $54.3 million, down 18% from $66.1 million in 2024, with the decline mainly a $12.6 million reduction in Healthcare Operations.

Strategy

Management describes a deliberate shift toward higher-margin 340B contracted pharmacy services and away from lower-margin prescription volume, supported by 11 new contracted entities signed in the first half of 2026 with customer onboarding underway. In e-Commerce, the company is pursuing global distribution of satellite and IoT products, citing orders for Iridium and Globalstar devices for international government and military customers. Stated priorities include converting the contracted pipeline into revenue, maintaining margin discipline, and achieving sustainable profitability, including through selective, strategically aligned acquisitions that add scale and diversification. A June 2026 shareholder vote and an April 2026 charter amendment occurred during the period, and a delisting notice or listing-rule failure was disclosed on April 28, 2026.

Risks

• Healthcare reimbursement pressure — Pharmacy prescription revenue fell 32% year over year to $5.6 million in the second quarter of 2026, driven by lower reimbursement rates of approximately $1.6 million and lower prescription volume of approximately $1.0 million.
• Marketplace concentration — Amazon alone represented approximately 31% of total e-Commerce revenue in 2025, so changes in that platform's terms or policies could materially affect the segment.
• Ongoing operating cash outflows — Operating cash flow has been negative every year from 2021 through 2025, worsening from $4.1 million used in 2021 to $6.1 million used in 2025.
• Listing and capital markets risk — The company disclosed a delisting notice or listing-rule failure on April 28, 2026, and its 10-K risk disclosures flag lack of working capital and conditions in the domestic and global credit and capital markets.

Outlook

Management says it is focused on converting the pipeline of 11 new contracted entities signed in the first half of 2026 into revenue, maintaining margin discipline, and reaching sustainable profitability. It expects higher-margin 340B contracted services revenue to increase and believes the Healthcare segment's gross margin will remain at improved levels. Management also cites selective, strategically aligned acquisitions that can add scale and diversification. The company notes that contracted pharmacy revenue growth substantially offset expected reimbursement headwinds in the second quarter.