NextPlat Reports $9.9 Million in Revenue for Q1 2026 with Record Quarterly Consolidated Gross Margins of 35%
Rhea-AI Summary
NextPlat (NASDAQ:NXPL) reported Q1 2026 revenue of approximately $9.9 million, down 29% from $13.9 million, with a record consolidated gross margin of about 35% versus 21% a year ago.
Healthcare and e-commerce margins improved, operating expenses fell 9% to $4.5 million, and net loss narrowed 42% to $1.1 million. The company ended the quarter with roughly $11 million in cash, $14.2 million in working capital, and no unsecured debt. Growth initiatives include a nationwide healthcare fulfillment partnership, new 340B entities starting July 2026, and an $820,000 NATO-related IoT contract supporting a government and military sales pipeline above $1.2 million.
Positive
- Record consolidated gross margin of approximately 35% vs 21% in Q1 2025
- Healthcare Operations gross margin rose to about 39% from 20% year over year
- Total operating expenses reduced 9% to approximately $4.5 million
- Net loss attributable to common stockholders declined 42% to about $1.1 million
- Cash of roughly $11 million and working capital of about $14.2 million with zero unsecured debt
- Nationwide healthcare fulfillment partnership and five new 340B entities expanding addressable market
- $820,000 NATO-related IoT contract and government/military sales pipeline above $1.2 million
Negative
- Consolidated quarterly revenue fell 29% to approximately $9.9 million from $13.9 million
- Healthcare pharmacy prescription revenue declined to about $4.8 million from $9.5 million
- Lower reimbursement rates reduced healthcare revenue by roughly $3.0 million year over year
- Company remains unprofitable with Q1 2026 net loss of approximately $1.1 million
News Market Reaction – NXPL
In the May 14 session, NXPL declined 2.26%, reflecting a moderate negative market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate 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 |
|---|---|---|---|---|
| May 07 | Earnings call notice | Neutral | -2.4% | Scheduled Q1 2026 results release and conference call details. |
| Apr 29 | Pre-announced metrics | Positive | -2.9% | Guided to higher Q1 gross margins, lower expenses, and path to positive operating income. |
| Apr 27 | Nasdaq compliance | Positive | +3.9% | Regained compliance with Nasdaq minimum bid price requirement. |
| Apr 16 | AI tech deployment | Positive | +4.4% | Deployed AI-powered prescription processing to support scaled fulfillment. |
| Apr 14 | IoT contract wins | Positive | -3.1% | Announced new satellite-enabled IoT contracts and >$1.2M government pipeline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history shows mixed reactions: some clearly positive operational updates led to gains, while other positive or upbeat outlook announcements saw selling pressure within 24 hours.
Over the last month, NXPL has highlighted operational progress, including AI-powered prescription processing, new IoT contracts exceeding $1.2M, and an outlook for higher Q1 2026 gross margins with lower expenses. It also regained compliance with Nasdaq’s bid-price rule and scheduled this Q1 earnings release. Today’s report confirms margin expansion, expense reductions, and a smaller net loss, fitting into an ongoing turnaround narrative focused on higher-margin healthcare and e-commerce activities.
Key Terms
340b medical
medicare maximum fair price program regulatory
internet of things (iot) technical
nato technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Turnaround Efforts Deliver
"We are pleased with the significant progress we have made in successfully refocusing our operations to deliver improved results as demonstrated in the first quarter. These results reflect the continuation of the positive trends established late in 2025 as we executed on our plans to improve the fundamentals of the business and create a sustainable foundation for growth throughout 2026," said David Phipps, Chief Executive Officer and President of NextPlat Corp. "Supported by a dramatically more efficient and effective cost structure, enhanced business development capabilities and a renewed commitment to customer service, we believe we are now positioned to capitalize on multiple opportunities ahead of us to drive more profitable growth in the months ahead and to deliver value to all of our stakeholders."
First Quarter 2026 Financial Highlights:
- Consolidated revenue for the quarter ended March 31, 2026, was approximately
$9.9 million $13.9 million 29% which reflects the expected decline in overall healthcare revenue.- First quarter 2026 Healthcare Operations pharmacy prescription revenue decreased to approximately
$4.8 million $9.5 million $3.0 million $1.7 million $1.9 million $1.4 million 19% versus the fourth quarter of 2025 driven by continued business development activity and customer service enhancements focused on contract customers. These results demonstrate that well-managed pharmacy operations, combined with strong margin discipline, operational efficiency, and strategic customer relationships can continue to generate attractive profitability despite ongoing reimbursement pressures across the industry. - First quarter 2026 e-Commerce revenues increased to approximately
$3.2 million $3.0 million $0.2 million
- First quarter 2026 Healthcare Operations pharmacy prescription revenue decreased to approximately
- Overall gross margin for the quarter ended March 31, 2026, improved dramatically to approximately
35% , a quarterly record, up from the prior year quarter of approximately21% , and up sequentially from approximately20% recorded for the full year ended December 31, 2025.- Gross margin for Healthcare Operations nearly doubled to approximately
39% in the first quarter of 2026 compared to approximately20% in the first quarter of 2025, and sequentially up from approximately18% in the fourth quarter of 2025. The dramatic increase in gross margin was attributable to the addition of new contracted medication fulfillment services as well as the improved drug costing as a result of the Medicare Maximum Fair Price program which began in January 2026. As a result of increasing levels of higher margin 340B and medication fulfillment contracted services revenue, this operating segment's gross margin is anticipated to remain elevated throughout the remainder of 2026. - Gross margin for e-Commerce Operations increased slightly in the first quarter of 2026 to approximately
25% from24% when compared to the first quarter of 2025.
- Gross margin for Healthcare Operations nearly doubled to approximately
- Total operating expenses for the quarter ended March 31, 2026, decreased to approximately
$4.5 million $4.9 million $0.4 million 9% . Overall operating expenses declined significantly due to the Company's ongoing refocusing and streamlining efforts highlighted by decreases in salaries and wages resulting from reductions in total headcount and executive compensation as well as decreases in professional fees. Management expects that the addition of higher margin contracted healthcare services revenue combined with reduced levels of operating expenses throughout 2026 will enable the Company to achieve positive operating income in the latter half of 2026. - Net loss attributable to common stockholders for the quarter ended March 31, 2026 decreased
42% to approximately$1.1 million $0.42 $1.9 million $0.75 - The Company ended the quarter with approximately
$11.0 million $14.2 million
Organizational Highlights and Recent Business Developments:
- In March 2026, NextPlat announced its latest healthcare growth initiative through a nationwide fulfillment partnership which is expected to significantly expand the Company's addressable market beyond
Florida where the Company's healthcare operations segment generated nearly$40 million - The Company continues to invest in its Healthcare Operations business development and customer service improvement efforts to drive growth initiatives across both pharmacy contracted services and long-term care customers. At the end of the first quarter, the Company contracted five new 340B entities, a single quarter record. These new 340B entities are expected to commence activities in July 2026.
- In the first quarter, the Company's e-commerce sales and distribution platforms for satellite connectivity and communications continued to see strong demand for products from leading providers including Globalstar and Iridium, with significant new orders received from European government and military customers. This demand was highlighted by the Company's Global Telesat Communications Ltd (GTC) subsidiary being awarded a contract from a
U.K. government prime supplier for satellite-enabled Internet of Things (IoT) hardware in support of a NATO military customer valued at approximately$820,000 $1.2 million
First 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, May 14th at 8:30 a.m. Eastern time to discuss the results for the quarter ended March 31, 2026, as well as other recent developments.
To access the call, please use the following information:
Date: | Thursday, May 14, 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/aK21yzvyep9 and via the investor relations section of the Company's website at https://ir.nextplat.com/news-events/ir-calendar/detail/20260514-q1-2026-results-conference-call. A replay of the conference call will be available after 12:00 p.m. Eastern time through May 21, 2026.
Toll-free replay number: | 1-888-660-6345 |
International replay number: | 1-646-517-4150 |
Replay entry code: | 39044# |
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 March 31, 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
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 OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share data) (Unaudited) | |||||
Three Months Ended March 31, | |||||
2026 | 2025 | ||||
Revenue, net | $ | 9,855 | $ | 13,926 | |
Cost of revenue | 6,443 | 11,062 | |||
Gross profit | 3,412 | 2,864 | |||
Operating expenses: | |||||
Selling, general and administrative | 2,006 | 2,037 | |||
Salaries, wages and payroll taxes | 2,419 | 2,715 | |||
Depreciation and amortization | 65 | 170 | |||
Intangible asset amortization | 25 | 26 | |||
Total operating expenses | 4,515 | 4,948 | |||
Operating loss | (1,103) | (2,084) | |||
Non-operating expense (income) | 29 | (151) | |||
Loss before income taxes | (1,132) | (1,933) | |||
Income taxes | — | (9) | |||
Net loss | (1,132) | (1,942) | |||
Net loss attributable to non-controlling interest | 14 | — | |||
Net loss attributable to common stockholders | $ | (1,118) | $ | (1,942) | |
Comprehensive loss: | |||||
Net loss | $ | (1,132) | $ | (1,942) | |
Foreign currency gain (loss) | 23 | (11) | |||
Comprehensive loss | $ | (1,109) | $ | (1,953) | |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (1,118) | $ | (1,942) | |
Weighted number of common shares outstanding – basic and diluted | 2,693 | 2,596 | |||
Basic and diluted loss per share | $ | (0.42) | $ | (0.75) | |
NEXTPLAT CORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par value data) | ||||
March 31, 2026 | December 31, 2025 | |||
(Unaudited) | (Audited) | |||
ASSETS | ||||
Current Assets | ||||
Cash | $ | 11,008 | $ | 13,709 |
Receivables, net of allowances of | 7,226 | 5,944 | ||
Inventory, net of inventory reserves of | 3,968 | 3,396 | ||
Other current assets | 1,054 | 1,107 | ||
Total Current Assets | 23,256 | 24,156 | ||
Property and equipment, net of accumulated depreciation of | 2,438 | 2,505 | ||
Operating right-of-use assets, net | 634 | 189 | ||
Other noncurrent assets | 590 | 615 | ||
Total Assets | $ | 26,918 | $ | 27,465 |
LIABILITIES AND EQUITY | ||||
Current Liabilities | ||||
Accounts payable and accrued expenses | $ | 8,348 | $ | 8,265 |
Notes payable | 305 | 416 | ||
Operating lease liabilities | 231 | 158 | ||
Other current liabilities | 204 | 287 | ||
Total Current Liabilities | 9,088 | 9,126 | ||
Long Term Liabilities: | ||||
Notes payable, net of current portion | 846 | 876 | ||
Operating lease liabilities, net of current portion | 410 | 41 | ||
Total Liabilities | 10,344 | 10,043 | ||
Commitments and Contingencies | — | — | ||
Equity | ||||
Preferred stock ( | — | — | ||
Common stock ( | 3 | 3 | ||
Additional paid-in capital | 77,847 | 77,586 | ||
Accumulated deficit | (61,181) | (60,063) | ||
Accumulated other comprehensive loss | (95) | (118) | ||
Treasury stock (at cost; 13,054 shares as of March 31, 2026 and December 31, 2025, | (100) | (100) | ||
Equity attributable to common stockholders | 16,474 | 17,308 | ||
Equity attributable to non-controlling interests | 100 | 114 | ||
Total Equity | 16,574 | 17,422 | ||
Total Liabilities and Equity | $ | 26,918 | $ | 27,465 |
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SOURCE NextPlat Corp.