NextPlat Reports $54 Million in Revenue for Full Year 2025 as Business Turnaround Initiatives Support Operational Profitability Goals in 2026
Rhea-AI Summary
NextPlat (NASDAQ: NXPL) reported consolidated revenue of $54.3 million for 2025, down 18% year-over-year, driven by lower prescription volume. Healthcare revenue was $39.7 million and e-commerce revenue was $14.6 million. Gross margin declined to ~20% from 26% in 2024.
Operating expenses fell ~50% to $19.9 million; net loss attributable to common stockholders was $11.7 million or ($0.44) per diluted share. The company ended 2025 with ~$13.7 million cash, no meaningful unsecured debt, and ~$15.0 million working capital, and said cost-cutting and 340B/fulfillment focus will support 2026 profitability.
Positive
- Operating expenses reduced ~50% to $19.9 million
- Ended 2025 with ~$13.7 million cash and no meaningful unsecured debt
- Reengaged 340B and medication fulfillment exceeding 6,000 prescriptions monthly
Negative
- Consolidated revenue declined 18% YoY to $54.3 million
- Healthcare revenue fell $12.6 million to $39.7 million
- Filled ~374,000 prescriptions in 2025 versus ~473,000 in 2024
News Market Reaction – NXPL
In the Mar 31 session, NXPL declined 21.02%, reflecting a significant negative market reaction. Argus tracked a trough of -31.3% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 26 | Nationwide fulfillment deal | Positive | -9.6% | Announced 50-state prescription and OTC fulfillment via HealthWarehouse partnership. |
| Mar 25 | Earnings call timing | Neutral | +11.6% | Scheduled full-year 2025 results release and conference call details. |
| Mar 11 | Connectivity contract award | Positive | -4.8% | Global Telesat won up to $820,000 satellite-enabled hardware and services contract. |
| Feb 26 | LATAM e-commerce expansion | Positive | +4.3% | Orbital Satcom launched Mercado Libre storefronts across five South American countries. |
| Feb 25 | Preliminary 2025 outlook | Positive | +3.9% | Outlined ~$55M 2025 revenue with higher-margin 340B growth and improved metrics. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent operational and growth-oriented announcements have produced mixed reactions, with some positive news followed by negative price moves and others seeing gains.
Over the past months, NextPlat issued several growth and financial updates. On Feb 25, it guided to roughly $55M 2025 revenue with margin expansion and cost reductions, which was followed by a positive share move. Subsequent news highlighted South American e-commerce expansion, a $820,000 U.K. connectivity contract, and a 50-state medication fulfillment rollout, but price reactions varied, including a notable decline on the nationwide fulfillment news. Today’s full-year 2025 results and turnaround commentary build directly on that prior guidance and operational pivot toward higher‑margin healthcare and e-commerce activities.
Key Terms
340b medical
iot technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Refocusing and Cost Cutting Efforts Now Delivering Operational Improvement Including Sequential Margin Expansion and Significant Cost Reductions
"The closing of 2025 marks the start of an exciting new period for our company as we successfully execute on our turnaround and cost-cutting plans, efforts that began to drive fundamental improvements across operational and financial metrics in the fourth quarter, putting NextPlat on a growth and profitability pathway in 2026 as outlined in our recently issued guidance press release," said David Phipps, Chief Executive Officer and President of NextPlat Corp. "Looking into the first half of 2026, supported by a strong financial foundation and investments into business development, organizational process improvements, and enhanced customer service in our healthcare operations, we are now positioned to significantly grow the business. We believe the improved performance and profitability that we forecast for 2026 will finally deliver the value proposition that we've promised our shareholders for quite some time."
Fourth Quarter and Full Year 2025 Financial Highlights
- Consolidated revenue for the full year ended December 31, 2025, was approximately
$54.3 million $66.1 million 18% .- Full year 2025 Healthcare Operations revenue decreased approximately
$12.6 million $39.7 million $52.3 million $11.3 million $6.4 million $5.1 million $9.0 million $10.1 million 94% growth in 340B contract revenue, offset by the decrease in prescription revenue. The Company continues to shift its healthcare focus towards higher margin, higher growth pharmacy contract services such as 340B contract revenue and medication fulfillment services which are expected to drive more profitable revenue and improved gross margins despite lower total retail prescription volume. - Total e-Commerce revenues were approximately
$14.6 million $13.8 million $0.8 million $0.4 million $0.4 million
- Full year 2025 Healthcare Operations revenue decreased approximately
- Overall gross margin for the year ended December 31, 2024, declined to approximately
20% when compared to the prior year of approximately26% .- Gross margin for Healthcare Operations decreased during 2025 to approximately
19% from26% when compared to 2024 and was primarily attributable to the decrease in pharmacy 340B contract revenue. During the fourth quarter of 2025, the Company successfully reengaged with 340B covered entities and experienced new, higher margin medication fulfillment services exceeding 6,000+ prescriptions per month. This growth is expected to continue into the first half of 2026 with new covered entity contracts commencing combined with increased prescription volumes from contracted medication fulfillment services. - Gross margin for e-Commerce Operations decreased slightly during 2025 to approximately
23% from25% when compared to 2024 due to a service provider airtime contract that expired on December 31, 2024, which introduced new airtime costs beginning January 1, 2025, and temporary rate reductions for some customers affected by ongoing network service interruptions.
- Gross margin for Healthcare Operations decreased during 2025 to approximately
- Total operating expenses for the year ended December 31, 2025, were approximately
$19.9 million $20.1 million 50% , from total operating expenses for the prior year of approximately$40.0 million $13.7 million 20% decrease in salaries and wages resulting from reductions in total headcount and executive compensation, and a49% decrease in professional fees. Management expects further meaningful reductions in operating expenses throughout 2026. - Net loss attributable to common stockholders for the year ended December 31, 2025, was approximately
$11.7 million $0.44 $13.4 million $0.65 - The Company ended 2025 with approximately
$13.7 million $15.0 million
Organizational Highlights and Recent Business Developments
- The Company expanded its senior leadership team with the appointments of Rodney Barreto as Chairman of the Board, David Phipps as Chief Executive Officer, Amanda Ferrio as Chief Financial Officer, and Birute Norkute as Vice President of Healthcare Operations.
- The Company successfully cut
$2 + million in annualized costs across the organization, streamlining operations, eliminating unused office space, and reducing staff headcount by more than25% . - During the second half of 2025, the Company prioritized higher margin healthcare business development over traditional retail pharmacy business, recruited new, dedicated sales teams targeting the large 340B and long-term care facility markets, and secured new high volume contracted medication fulfillment services supporting two facilities in
Florida . - The Company continued to grow its e-commerce sales and distribution platforms for satellite connectivity and communications products with new and expanded relationships with leading providers including Globalstar and Iridium in
Europe , and more recently, launched sales inLatin America . - Evaluation of several growth opportunities such as acquisitions and joint-ventures will enable the Company to expand its mail order medication fulfilment offerings nationwide including the potential launch of direct-to-consumer online websites in support of new and existing customers. These growth opportunities and nationwide fulfilment through its partnership with Healthwarehouse.com are expected to significantly expand the Company's addressable market beyond
Florida where the Company's healthcare segment currently generates nearly$40 million
Full Year 2025 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, March 31st at 8:30 a.m. Eastern time to discuss the results for the year ended December 31, 2025, as well as other recent developments.
To access the call, please use the following information:
Date: | Tuesday, March 31, 2026 |
Time: | 8:30 a.m. Eastern time |
Toll-free dial-in number: | 1-800-836-8184 |
International dial-in number: | 1-646-357-8785 |
Conference webcast link: |
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://app.webinar.net/wbRV9ab8NLa and via the investor relations section of the Company's website at https://ir.nextplat.com/news-events/ir-calendar/detail/20260331-full-year-2025-results-conference-call. A replay of the conference call will be available after 12:00 p.m. Eastern time through April 7, 2026.
Toll-free replay number: | 1-888-660-6345 |
International replay number: | 1-646-517-4150 |
Replay entry code: | 97518# |
The financial information included in this press release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the Securities and Exchange Commission today.
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
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 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 | ||||||||
Years Ended December 31, | ||||||||
2025 | 2024 | |||||||
Sales of products, net | $ | 49,665 | $ | 55,540 | ||||
Revenues from services | 4,657 | 10,542 | ||||||
Revenue, net | 54,322 | 66,082 | ||||||
Cost of products | 43,374 | 49,033 | ||||||
Cost of services | 42 | 41 | ||||||
Cost of revenue | 43,416 | 49,074 | ||||||
Gross profit | 10,906 | 17,008 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 6,043 | 6,179 | ||||||
Salaries, wages and payroll taxes | 10,707 | 13,303 | ||||||
Impairment loss | — | 13,653 | ||||||
Professional fees | 2,264 | 4,401 | ||||||
Depreciation and amortization | 540 | 788 | ||||||
Intangible asset amortization | 102 | 1,709 | ||||||
Loss on settlement of litigation | 250 | — | ||||||
Total operating expenses | 19,906 | 40,033 | ||||||
Loss before other (income) expense | (9,000) | (23,025) | ||||||
Other (income) expense: | ||||||||
Loss (gain) on sale or disposal of property and equipment | 213 | (94) | ||||||
Interest expense | 64 | 81 | ||||||
Interest earned | (358) | (731) | ||||||
Contingent loss on settlement of litigation | 1,750 | — | ||||||
Asset write-off | — | 111 | ||||||
Other income | — | (2) | ||||||
Foreign currency exchange rate variance | (206) | 65 | ||||||
Total other expense (income) | 1,463 | (570) | ||||||
Loss before income taxes | (10,463) | (22,455) | ||||||
Income taxes | — | (71) | ||||||
Net loss | (10,463) | (22,526) | ||||||
Deemed dividend | (1,249) | — | ||||||
Net loss attributable to non-controlling interest | — | 9,100 | ||||||
Net loss attributable to common stockholders | $ | (11,712) | $ | (13,426) | ||||
Comprehensive loss: | ||||||||
Net loss | $ | (10,463) | $ | (22,526) | ||||
Foreign currency loss | (52) | (3) | ||||||
Comprehensive loss | $ | (10,515) | $ | (22,529) | ||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (11,712) | $ | (13,426) | ||||
Weighted number of common shares outstanding – basic and diluted | 26,535 | 20,614 | ||||||
Basic and diluted loss per share | $ | (0.44) | $ | (0.65) | ||||
NEXTPLAT CORP AND SUBSIDIARIES | ||||||||
December 31, | December 31, | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 13,709 | $ | 19,960 | ||||
Accounts receivable, net | 4,014 | 4,895 | ||||||
Receivables - other | 1,930 | 1,331 | ||||||
Inventory, net | 3,396 | 4,881 | ||||||
Unbilled revenue | 292 | 237 | ||||||
VAT receivable | 352 | 371 | ||||||
Prepaid expenses | 463 | 404 | ||||||
Total Current Assets | 24,156 | 32,079 | ||||||
Property and equipment, net | 2,505 | 3,407 | ||||||
Goodwill | 156 | 156 | ||||||
Intangible assets, net | 422 | 524 | ||||||
Operating right-of-use assets, net | 189 | 812 | ||||||
Finance right-of-use assets, net | — | 5 | ||||||
Deposits | 37 | 94 | ||||||
Total Other Assets | 804 | 1,591 | ||||||
Total Assets | $ | 27,465 | $ | 37,077 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 8,265 | $ | 7,230 | ||||
Contract liabilities | 193 | 89 | ||||||
Notes payable | 416 | 380 | ||||||
Due to related party | 82 | 48 | ||||||
Operating lease liabilities | 158 | 404 | ||||||
Finance lease liabilities | — | 5 | ||||||
Income taxes payable | 12 | 54 | ||||||
Total Current Liabilities | 9,126 | 8,210 | ||||||
Long Term Liabilities | ||||||||
Notes payable, net of current portion | 876 | 1,032 | ||||||
Operating lease liabilities, net of current portion | 41 | 438 | ||||||
Total Liabilities | 10,043 | 9,680 | ||||||
Commitments and Contingencies | — | — | ||||||
Equity | ||||||||
Preferred stock ( | — | — | ||||||
Common stock ( | 3 | 3 | ||||||
Additional paid-in capital | 77,586 | 75,697 | ||||||
Accumulated deficit | (60,063) | (48,351) | ||||||
Accumulated other comprehensive loss | (118) | (66) | ||||||
Treasury stock (at cost, 130,549 shares at December 31, 2025 and no shares at December 31, | (100) | — | ||||||
Equity attributable to common stockholders | 17,308 | 27,283 | ||||||
Equity attributable to noncontrolling interests | 114 | 114 | ||||||
Total Equity | 17,422 | 27,397 | ||||||
Total Liabilities and Equity | $ | 27,465 | $ | 37,077 | ||||
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SOURCE NextPlat Corp.