NextPlat Reports 3Q Results with Nearly 35% Improvement in Year-Over-Year Gross Profit, Consolidated Quarterly Gross Margins of 35% & Approximately 66% Reduction in Net Loss

Healthcare gross margin rose to approximately 41% from 18%, despite lower reimbursement rates and retail prescription volumes.

Rhea-AI Summary

NextPlat (NASDAQ: NXPL) narrowed its third-quarter 2026 net loss attributable to common stockholders to $748,000 as healthcare margins improved. Revenue fell to $10.499 million from $13.752 million a year earlier, while gross profit rose to $3.678 million from $2.730 million. Consolidated gross margin reached approximately 35.0%, versus 19.9%. Diluted loss per share narrowed to $0.28 from $0.84.

Pharmacy contract revenue increased 300% to approximately $2.4 million, while prescription revenue fell to approximately $4.3 million from $9.5 million. E-commerce revenue increased 3% to approximately $3.8 million. Cash ended September at $11.220 million, down from $13.709 million at year-end. NextPlat completed the Scott's pharmacy acquisition after quarter-end and announced a Jacksonville opening. The company expects retail prescription volumes to increase starting in the fourth quarter and plans a nationwide medication fulfillment website launch that quarter.

16 points · 0 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQuarterly common-stockholder net loss narrowed to $748,000 from $2.185 million; diluted loss per share improved to $0.28 from $0.84.
• Moderate pointQuarterly gross profit increased to $3.678 million from $2.730 million a year earlier.
• Moderate pointConsolidated gross margin reached approximately 35.0%, versus 19.9% in the third quarter of 2025.
• Moderate pointPharmacy contract revenue increased 300% to approximately $2.4 million from approximately $0.6 million a year earlier.
• Moderate point340B prescription volumes grew nearly 72% year over year during the third quarter.
• Moderate pointQuarterly operating expenses decreased to $4.455 million from $4.969 million a year earlier.
• Moderate pointScott's pharmacy acquisition completed immediately after quarter-end; NextPlat also announced its new Jacksonville pharmacy opening.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Retail prescription volumes are expected to increase starting in the fourth quarter, reflecting the acquired and new pharmacies.

8 minor points

• Minor pointHealthcare gross margin reached approximately 41%, up 23 percentage points from the prior-year quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Three new 340B services contracts were added; customer onboarding is expected to increase revenue in early 2027.
• Minor pointE-commerce revenue increased 3% to approximately $3.8 million, driven by record high-margin, recurring airtime contract revenue.
• Minor pointNine-month revenue less costs produced $11.784 million gross profit, versus $8.477 million in 2025.
• Minor pointNine-month common-stockholder net loss narrowed to $2.010 million from $5.916 million; diluted loss improved to $0.75 from $2.28.
• Minor point. Forward-looking: it has not happened yet and may not happen.Nationwide medication fulfillment website launch planned for the fourth quarter, serving consumers across all 50 U.S. states.
• Minor point. Forward-looking: it has not happened yet and may not happen.Further selective pharmacy acquisitions are being explored, potentially beyond Florida.
• Minor pointCurrent notes payable decreased to $122,000 from $416,000; long-term notes fell to $810,000 from $876,000 since year-end.

Negative

• Moderate pointQuarterly revenue fell to $10.499 million from $13.752 million a year earlier.
• Moderate pointCash declined to $11.220 million at September 30, 2026, from $13.709 million at December 31, 2025.
• Minor pointPharmacy prescription revenue fell to approximately $4.3 million from approximately $9.5 million, reflecting lower reimbursements and retail volumes.
• Minor pointNine-month revenue declined to $32.235 million from $40.918 million in 2025.
• Minor pointTotal liabilities increased to $11.310 million from $10.043 million at year-end.
• Minor pointTotal equity declined to $15.841 million from $17.422 million at year-end.

News Explained

Three new 340B contracts are being onboarded, with increased revenue expected in early 2027.

NextPlat says its GTC subsidiary has begun selling satellite-connectivity products through Decathlon to online customers in 20 countries, establishing an active international sales channel.

During the quarter, the company added three new 340B services contracts; onboarding is underway, and it expects them to contribute increased revenue in early 2027.

Key Figures

Revenue: $10.5 million vs. $13.8 million Gross profit growth: Nearly 35% year over year Consolidated gross margin: 35.0% vs. 19.9% +5 more

Revenue

$10.5 million vs. $13.8 million

3Q 2026 vs. 3Q 2025

Gross profit growth

Nearly 35% year over year

3Q 2026

Consolidated gross margin

35.0% vs. 19.9%

3Q 2026 vs. 3Q 2025

Pharmacy contract revenue

300% increase; $2.4 million vs. $0.6 million

3Q 2026 vs. prior-year period

340B prescription volume growth

Nearly 72% year over year

3Q 2026

Healthcare gross margin

41% vs. 18%; 23 percentage-point improvement

3Q 2026 vs. 3Q 2025

Net loss attributable to common stockholders

$0.7 million vs. $2.2 million; 66% reduction

3Q 2026 vs. 3Q 2025

Cash and working capital

$11.2 million cash; $13.5 million working capital

At September 30, 2026

Historical Context

1 past event · Latest: Oct 06

1 event

1. Oct 06

   Pharmacy acquisition

   24h Move

   +3.0%

   Prior report disclosed $1,485,439 cash consideration and the acquired pharmacy's $5.6 million in 2025 sales.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

340b, iot, non-controlling interest

3 terms

340b regulatory

"supporting the needs of 340B, medication fulfillment facilities"

340B is a U.S. federal program that lets qualifying hospitals and clinics buy outpatient prescription drugs at steep, government-negotiated discounts so they can stretch limited budgets and serve low-income or uninsured patients. For investors, 340B affects how much drugmakers earn on certain sales and how safety-net providers generate margin—think of it like a factory discount card that changes both the seller’s revenue and the buyer’s ability to reinvest savings in operations.

iot technical

"offering voice, data, tracking, and IoT products and services worldwide"

The Internet of Things (IoT) describes a network of everyday devices—such as appliances, vehicles, and equipment—that are connected to the internet and can share data automatically. For investors, IoT represents a growing trend that can drive efficiency and innovation across many industries, potentially creating new opportunities for growth and value. Its expansion influences how companies operate and compete in a digitally connected world.

non-controlling interest financial

"Net loss attributable to non-controlling interest"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Company Sees 72% Growth in Higher Margin 340B Prescription Volumes as it Continues to Expand its Pharmacy Footprint

HALLANDALE BEACH, Fla., Nov. 12, 2026 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL) ("NextPlat" or the "Company"), a global consumer products and services company providing healthcare and technology solutions through e-commerce and retail channels worldwide, today announced operating results for the third quarter ended September 30, 2026.

"Our third quarter results reflect continued year-over-year improvement across the business, driven by the refocusing of our healthcare operations on high-value, high-margin services designed to deliver consistent bottom-line results in what remains a dynamic market," said David Phipps, Chief Executive Officer and President of NextPlat Corp. "Our focus remains on growth and profitability through our differentiated, high-value healthcare services and expanding community pharmacy network, including our new Scott's location near Pensacola and a new pharmacy in Jacksonville, supported by a more efficient operating structure. Looking ahead, we anticipate further progress on our growth initiatives, including selective acquisitions, the introduction of new value-added services such as automated dispensing, and entry into new online healthcare and consumer markets 

Third Quarter 2026 Financial Highlights:

• Consolidated revenue for the quarter ended September 30, 2026, was approximately $10.5 million versus $13.8 million reported in the third quarter of 2025. The change in revenue largely reflects lower reimbursement rates along with lower retail prescription volumes from our Healthcare operations. While these lower reimbursements reduce reported top-line revenue, they have contributed to a meaningful improvement in the Company's gross margin. The Company expects retail prescription volumes to increase starting in the fourth quarter as it begins to recognize contributions from its recently acquired Pensacola area pharmacy and the opening of its new Jacksonville location.
  
  
  • Third quarter 2026 results reflected continued progress in the Company's Healthcare operations as it works to expand its higher-value contracted pharmacy services offerings focused on supporting the needs of 340B, medication fulfillment facilities and other healthcare providers. Pharmacy contract revenue increased 300% to approximately $2.4 million compared with approximately $0.6 million in the prior-year period. The increase was attributable to growth in 340B contract revenue of approximately $1.6 million, which was driven by an increase in our existing 340B contracts of approximately $1.0 million and an increase in new 340B contract revenue of approximately $0.6 million, and an increase in medication fulfillment contract services of approximately $0.2 million. Pharmacy prescription revenue was approximately $4.3 million compared with approximately $9.5 million in the prior-year period. As anticipated, the year-over-year change mainly reflected lower reimbursement rates along and lower retail prescription volumes, factors that reduced top-line prescription revenue but helped strengthen segment gross margin. The strong growth in contracted 340B revenue partially offset the expected retail prescription reduction, demonstrating its potential to contribute more meaningfully in the coming quarters.
    
    
  • Third quarter 2026 e-commerce revenue increased 3% to approximately $3.8 million, compared with approximately $3.7 million in the third quarter of 2025, driven by record high-margin, recurring airtime contract revenue. Growth reflected continued strong global demand for satellite connectivity hardware and airtime services, with sales to customers in more than 115 countries during the quarter, and around 150 year-to-date. Sales through leading international e-commerce marketplaces remained strong. During the third quarter, the Company expanded its international sales channels through Decathlon, a leading international sporting-goods retailer, offering satellite connectivity products to online customers in 20 countries. The Company expects to attract additional new customers by launching on more international marketplaces during the fourth quarter and beyond.
    
    
• Overall gross margin for the third quarter ended September 30, 2026, remained near-record levels at approximately 35.0% compared to 19.9% recorded in 2025.
  
  
  • Gross margin in the Company's Healthcare Operations segment continued to remain strong at approximately 41%, a 23 percentage point improvement from 18% recorded in the third quarter of 2025.
    
    
  • Gross margin in the Company's e-Commerce Operations remained stable year-over-year during the third quarter of 2026 at approximately 24%.
    
    
• Total operating expenses for the quarter ended September 30, 2026 decreased to approximately $4.5 million from approximately $4.9 million in the prior year's quarter primarily due to a decrease in salaries, wages and payroll taxes of approximately $0.3 million, a decrease in the loss on settlement of litigation of approximately $0.3 million, partially offset by the increase in professional fees of approximately $0.1 million.
  
  
• Net loss attributable to common stockholders for the quarter ended September 30, 2026 decreased approximately 66% to approximately $0.7 million or ($0.28) per diluted share, compared to a net loss attributable to common stockholders of approximately $2.2 million, or ($0.84) per diluted share for the three months ended September 30, 2025.
  
  
• The Company ended the quarter with approximately $11.2 million in cash, working capital of approximately $13.5 million, and no material unsecured debt as of September 30, 2026.

Organizational Highlights and Recent Business Developments:

• During the quarter, the Company's Healthcare Operations saw continued growth in its higher-margin 340B contracted pharmacy services segment as prescription volumes grew nearly 72% year-over-year driven by the addition of multiple new entities secured since late last year. In the third quarter, the Company added three new 340B services contracts. Onboarding of these new customers is currently underway and is expected to contribute to increased revenue in early 2027.
  
  
• The Company continued to execute on its PharmcoRx pharmacy expansion plans, completing the profitable acquisition of Scott's pharmacy in the Pensacola area of Northwest Florida immediately after the close of the quarter, and last month, announced the opening of its newest location in Jacksonville. Operating results of Scott's Pharmacy remain strong as gross margins have improved and do not yet reflect the anticipated contributions from the launch of new high-value healthcare services for regional providers and patients which are currently underway. The Company continues to explore additional selective acquisitions that could significantly increase the scale of its pharmacy network, including those potentially beyond the state of Florida.
  
  
• E-commerce sales during the third quarter continued to reflect strong demand for satellite-based connectivity, in particular, revenue from airtime services, which reached a record high. The Company opened a new global consumer e-commerce sales channel through its UK subsidiary, Global Telesat Communications Ltd (GTC) in agreement with Decathlon, a leading international sporting-goods retailer which has begun selling an array of satellite connectivity products to its online customers in 20 countries.
  
  
• The Company is on track to launch its new nationwide medication fulfillment website during the fourth quarter following a comprehensive optimization of the platform to support e-commerce at scale. The new site will provide consumers across all 50 U.S. states with convenient online access to prescription and over-the-counter healthcare products and is expected to significantly expand PharmcoRx's reach beyond Florida, establish a scalable national e-commerce sales channel, and support future healthcare revenue growth through broader consumer access and new partnership opportunities.

Third Quarter 2026 Conference Call Notification

NextPlat's Chief Executive Officer and President, David Phipps, its Chief Financial Officer, Amanda Ferrio, and Vice President of Healthcare Operations, Birute Norkute, will host a conference call today, November 12^th at 8:30 a.m. Eastern time to discuss the results for the quarter ended September 30, 2026, as well as other recent developments.

To access the call, please use the following information:

Date:	Thursday, November 12, 2026
Time:	8:30 a.m. Eastern time
Toll-free dial-in number:	1-877-407-9716
International dial-in number:	1-201-493-6779
Conference webcast link:	https://viavid.webcasts.com/starthere.jsp?ei=1782317&tp_key=5b15b90b68

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1782317&tp_key=5b15b90b68 and via the investor relations section of the Company's website at https://ir.nextplat.com/news-events/ir-calendar. A replay of the conference call will be available after 12:00 p.m. Eastern time through November 26, 2026 .

Toll-free replay number:	1-844-512-2921
International replay number:	1-412-317-6671
Replay entry code:	13763732

The financial information included in this press release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, to be filed with the Securities and Exchange Commission .

About NextPlat Corp

NextPlat is a global consumer products and services company providing healthcare and technology solutions through e-Commerce and retail channels worldwide. Through acquisitions, joint ventures and collaborations, the Company seeks 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.

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 additional e-commerce capabilities for consumer and healthcare products 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 

NEXTPLAT CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands, except per share data) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues, net		$	10,499			$	13,752			$	32,235			$	40,918
Cost of revenue			6,821				11,022				20,451				32,441
Gross profit			3,678				2,730				11,784				8,477
Operating expenses:
Selling, general and administrative			2,032				1,899				6,483				5,924
Salaries, wages and payroll taxes			2,347				2,665				7,062				7,929
Depreciation and amortization			51				130				170				450
Intangible asset amortization			25				25				76				76
Loss on settlement of litigation			—				250				—				250
Total operating expenses			4,455				4,969				13,791				14,629
Operating loss			(777)				(2,239)				(2,007)				(6,152)
Non-operating (income) expense			(9)				(28)				(11)				(250)
Loss before income taxes			(768)				(2,211)				(1,996)				(5,902)
Income taxes benefit (expense)			20				26				(28)				(14)
Net loss			(748)				(2,185)				(2,024)				(5,916)
Net loss attributable to non-controlling interest			—				—				14				—
Net loss attributable to common stockholders		$	(748)			$	(2,185)			$	(2,010)			$	(5,916)
Comprehensive loss:
Net loss		$	(748)			$	(2,185)			$	(2,024)			$	(5,916)
Foreign currency (loss) gain			(5)				18				12				(51)
Comprehensive loss		$	(753)			$	(2,167)			$	(2,012)			$	(5,967)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(748)			$	(2,185)			$	(2,010)			$	(5,916)
Weighted average number of common shares outstanding – basic and diluted			2,701				2,596				2,692				2,596
Basic and diluted loss per share		$	(0.28)			$	(0.84)			$	(0.75)			$	(2.28)

 

NEXTPLAT CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par value data)
		September 30, 2026				December 31, 2025
		(Unaudited)				(Audited)
ASSETS
Current Assets
Cash		$	11,220			$	13,709
Receivables, net of allowances of $64 and $40 as of September 30, 2026 and December 31, 2025, respectively			7,104				5,944
Inventory, net of inventory reserves of $416 and $418 as of September 30, 2026 and December 31, 2025, respectively			4,261				3,396
Other current assets			873				1,107
Total Current Assets			23,458				24,156
Property and equipment, net of accumulated depreciation of $948 and $3,527 as of September 30, 2026 and December 31, 2025, respectively			2,410				2,505
Operating right-of-use assets, net			691				189
Goodwill			156				156
Intangible assets, net			346				422
Other noncurrent assets			90				37
Total Assets		$	27,151			$	27,465
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses		$	9,358			$	8,265
Notes payable			122				416
Operating lease liabilities			179				158
Other current liabilities			340				287
Total Current Liabilities			9,999				9,126
Long Term Liabilities:
Notes payable, net of current portion			810				876
Operating lease liabilities, net of current portion			501				41
Total Liabilities			11,310				10,043
Commitments and Contingencies			—				—
Equity
Preferred stock ($0.0001 par value; 3,333,333 shares authorized; no shares issued or outstanding)			—				—
Common stock ($0.0001 par value; 50,000,000 shares authorized, 2,721,529 and 2,676,788 shares issued and 2,708,475 and 2,663,734 shares outstanding as of September 30, 2026 and December 31, 2025, respectively)			—				3
Additional paid-in capital			78,020				77,586
Accumulated deficit			(62,073)				(60,063)
Accumulated other comprehensive loss			(106)				(118)
Treasury stock (at cost; 13,054 shares as of September 30, 2026 and December 31, 2025)			(100)				(100)
Equity attributable to common stockholders			15,741				17,308
Equity attributable to non-controlling interests			100				114
Total Equity			15,841				17,422
Total Liabilities and Equity		$	27,151			$	27,465

 

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SOURCE NextPlat Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were NextPlat's third-quarter 2026 earnings results?

NextPlat reported a $748,000 net loss attributable to common stockholders, or $0.28 per diluted share, compared with $2.185 million, or $0.84 per diluted share, a year earlier. Revenue declined to $10.499 million from $13.752 million, while gross profit increased to $3.678 million from $2.730 million.

Why did NextPlat's healthcare margins improve in the third quarter of 2026?

NextPlat attributes the improvement to its focus on higher-value contracted pharmacy services and the effect of lower reimbursements on reported revenue and margins. Healthcare gross margin reached approximately 41%, compared with 18% a year earlier, while pharmacy contract revenue increased 300% to approximately $2.4 million.

When will NextPlat's new 340B pharmacy contracts contribute revenue?

Onboarding of customers under three new 340B services contracts is underway and is expected to contribute to increased revenue in early 2027. These contracts were added during the third quarter of 2026.