Here are the 10-K annual reports from NextPlat Corp Warrants (NXPLW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NXPLW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NXPLW filings page.
NextPlat Corp is a Nevada-based global e-commerce and healthcare services company operating two segments: e-Commerce Operations and Healthcare Operations. For the year ended December 31, 2025, approximately 27% of revenue came from e-Commerce and 73% from healthcare.
The e-Commerce segment sells satellite communications equipment and recurring airtime services through three proprietary websites, about 25 third-party storefronts and more than 10,000 product listings, reaching customers in over 165 countries. Amazon marketplaces represented approximately 31% of e-Commerce revenue in 2025.
The healthcare segment operates Progressive Care’s Pharmco pharmacies and ClearMetrX, providing retail and long-term care pharmacy services, 340B contract pharmacy services, data analytics and medication management in Florida and multiple other states. A Five Star EQuIPP performance score in 2025 highlights strong adherence metrics.
The company remains loss-making, with net losses of approximately $10.5 million in 2025 and $22.5 million in 2024 and an accumulated deficit of about $60.1 million as of December 31, 2025. As of March 27, 2026, there were 27,026,215 common shares outstanding, and non-affiliate equity was valued at about $11.2 million as of June 30, 2025.
NextPlat faces significant risks, including reliance on Amazon for e-commerce sales, dependence on McKesson for about 98% of pharmaceutical purchases in 2025, heavy use of the 340B Drug Pricing Program, and extensive healthcare and data privacy regulation. The company has received Nasdaq notices for failing to meet the $1.00 minimum bid price and pursued a 1-for-10 reverse stock split approved on March 27, 2026 to regain compliance and avoid potential delisting.