NextPlat (NASDAQ: NXPL) 2025 revenue $54M as deep cost cuts halve expenses
Rhea-AI Filing Summary
NextPlat Corp reported full-year 2025 revenue of approximately $54.3 million, down 18% from about $66.1 million in 2024, as healthcare prescription volumes declined but e-commerce grew modestly. Healthcare revenue fell to $39.7 million from $52.3 million, driven by fewer prescriptions and lower 340B contract revenue, partly offset by higher reimbursement per script.
e-Commerce revenue increased to $14.6 million from $13.8 million on stronger airtime and hardware sales and favorable foreign exchange. Overall gross margin declined to about 20% from 26%, but total operating expenses were cut roughly in half to $19.9 million from $40.0 million, reflecting cost reductions and the absence of a prior-year impairment loss. Net loss attributable to common stockholders narrowed to approximately $11.7 million, or $0.44 per share, from $13.4 million, or $0.65 per share. The company ended 2025 with about $13.7 million in cash and roughly $15.0 million in working capital.
Positive
- None.
Negative
- None.
Insights
Revenue fell and margins compressed, but aggressive cost cuts sharply reduced operating expenses and narrowed losses.
NextPlat delivered 2025 revenue of about $54.3 million, down 18% from $66.1 million in 2024. Healthcare operations drove the decline, with revenue dropping to $39.7 million from $52.3 million as prescriptions fell to roughly 374,000 from 473,000.
Overall gross margin slipped to about 20% from 26%, reflecting pressure in both healthcare and e-commerce. However, total operating expenses fell to $19.9 million from $40.0 million, aided by the absence of a prior $13.7 million impairment and broad cost-cutting.
Net loss attributable to common stockholders improved to roughly $11.7 million from $13.4 million, and the company finished 2025 with $13.7 million in cash and about $15.0 million of working capital. Management highlights a strategic pivot toward higher-margin 340B and medication fulfillment services, alongside ongoing cost controls, as the basis for its 2026 profitability goals.
8-K Event Classification
Key Figures
Key Terms
340B contract revenue financial
working capital financial
impairment loss financial
non-controlling interest financial
comprehensive loss financial
forward-looking statements regulatory
Earnings Snapshot
|
|
|
|
||
|
(State or Other Jurisdiction
of Incorporation or Organization)
|
(Commission
File No.)
|
(I.R.S. Employer
Identification No.)
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-14(c)).
|
|
Title of each class
|
Trading Symbol (s)
|
Name of each exchange on which registered
|
||
|
|
|
The
|
||
|
|
|
The
|
|
Exhibit No.
|
Description
|
|
|
99.1
|
Earnings Press Release
|
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
NEXTPLAT CORP.
|
||
|
By:
|
/s/ David Phipps
|
|
|
Name:
|
David Phipps
|
|
|
Title:
|
Chief Executive Officer and President
|
|
|
Dated: March 31, 2026
|
||
Exhibit 99.1
NextPlat Reports $54 Million in Revenue for Full Year 2025 as Business Turnaround Initiatives Support Operational Profitability Goals in 2026
Refocusing and Cost Cutting Efforts Now Delivering Operational Improvement Including Sequential Margin Expansion and Significant Cost Reductions
HALLANDALE BEACH, FL – March 31, 2026 – NextPlat Corp (NASDAQ: NXPL, NXPLW) (“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 the financial results for the year ended December 31, 2025, reflecting the performance of its healthcare and e-commerce operations.
“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, compared to approximately $66.1 million for the prior year, an overall decrease of 18%. | ||
| ○ | Full year 2025 Healthcare Operations revenue decreased approximately $12.6 million to $39.7 million from $52.3 million in the prior year. The year-over-year decline in total revenue was attributable to the decrease in the number of total prescriptions filled of approximately $11.3 million and a decrease in 340B contract revenue of approximately $6.4 million, which were offset by the increase in reimbursement rates per prescription filled of approximately $5.1 million. During the year ended December 31, 2025, we filled approximately 374,000 prescriptions versus 473,000 in the prior year. In the fourth quarter of 2025, revenue was approximately $9.0 million compared sequentially to approximately $10.1 million in the third quarter of 2025, reflecting a 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 and $13.8 million for the years ended December 31, 2025, and 2024, respectively, an increase of approximately $0.8 million primarily due to an increase in airtime and hardware sales of approximately $0.4 million and a favorable foreign currency impact of approximately $0.4 million. During the year, the Company continued to see strong global demand for satellite-based connectivity and IoT products highlighted by the sales of over 5,000 Iridium and Globalstar devices along with more than 12,000 satellite-enabled trackers and messengers which also set new annual sales records. | ||
|
● |
Overall gross margin for the year ended December 31, 2024, declined to approximately 20% when compared to the prior year of approximately 26%. | ||
| ○ | Gross margin for Healthcare Operations decreased during 2025 to approximately 19% from 26% 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% from 25% 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. | ||
|
● |
Total operating expenses for the year ended December 31, 2025, were approximately $19.9 million, a decrease of approximately $20.1 million, or 50%, from total operating expenses for the prior year of approximately $40.0 million, which included a non-recurring impairment loss of approximately $13.7 million. Overall operating expenses declined significantly due to the Company’s ongoing refocusing and streamlining efforts highlighted by a 20% decrease in salaries and wages resulting from reductions in total headcount and executive compensation, and a 49% 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, or ($0.44) per diluted share, compared to a net loss attributable to common stockholders of approximately $13.4 million, or ($0.65) diluted earnings per share for the year ended December 31, 2024. | ||
| ● | The Company ended 2025 with approximately $13.7 million in cash, no meaningful unsecured debt, and approximately $15.0 million in working capital. | ||
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 than 25%. |
|
● |
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 in Latin 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 in annual revenue. |
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: | https://app.webinar.net/wbRv9ab8NLa |
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 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 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
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
|
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
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands, except shares and par value data)
|
December 31, 2025 |
December 31, 2024 |
|||||||
|
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 ($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; 26,767,882 and 25,963,051 shares issued and outstanding as of December 31, 2025 and 2024, respectively) |
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, 2024, respectively) |
(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 | ||||