olivLaw · US equity research
NextPlat Corp NXPL
Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)
NextPlat Corp (NXPL) combines two segments: e-commerce of satellite communications equipment and pharmacy and healthcare data services in the US through Progressive Care. Revenue fell to 54.3 million USD in 2025, but in the second quarter of 2026 the company reported a record gross margin of about 40%, which makes its shift toward higher-margin contracted services worth watching.
At the close of 04 Nov 2026, NextPlat Corp (NXPL) stock was 8.05 USD (+0.00% on the day), with market capitalisation 21.8 m USD, beta 1.52, 52-week range 3.70–9.68 USD. Latest reported quarter (Q2 2026): revenue of 11.9 m USD (−10.3% YoY), net income of -144.0 k USD, diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.1
- weak (30–45)
- Bollinger (20, 2)
- 7.82 – 9.64
- in the lower half of the band · %B 0.12 · band width 20.8%
- SMA 50 / 200
- 8.97 / 6.84
- mixed trend
- MACD (12, 26, 9)
- -0.22 / -0.13
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.6% | −1.1% | −9.5 pp | — |
| 3 months | +33.5% | −0.5% | +34.0 pp | — |
| 6 months | +12.6% | +4.4% | +8.2 pp | — |
| Year to date | +51.9% | +12.3% | +39.6 pp | — |
| 1 year | +1.9% | +13.5% | −11.6 pp | −14.4% |
| 3 years | −52.9% | +76.4% | −129.3 pp | +20.5% |
| 5 years | −84.3% | +63.7% | −148.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.4 m | 16.2 m | 13.9 m | 13.2 m | 13.8 m | 12.8 m | 9.9 m | 11.9 m |
| Cost of revenue | 11.8 m | 13.5 m | 11.1 m | 10.4 m | 11.0 m | 11.0 m | 6.4 m | 7.2 m |
| Gross profit | 3.6 m | 2.7 m | 2.9 m | 2.9 m | 2.7 m | 1.8 m | 3.4 m | 4.7 m |
| SG&A | 1.7 m | 1.5 m | 2.0 m | 2.0 m | 1.5 m | 1.6 m | 2.0 m | 2.4 m |
| Operating income | -8.0 m | -2.3 m | -2.1 m | -1.8 m | -2.0 m | -3.7 m | -1.1 m | -127.0 k |
| Depreciation & amortisation | 478.0 k | -1.5 m | — | 150.0 k | 130.0 k | — | — | — |
| Interest expense | 22.0 k | 19.0 k | 18.0 k | 15.0 k | 14.0 k | 17.0 k | — | — |
| Pre-tax income | -7.6 m | -2.4 m | -1.9 m | -1.8 m | -2.2 m | -5.2 m | -1.1 m | -96.0 k |
| Income tax | 45.0 k | -21.0 k | 9.0 k | 31.0 k | -26.0 k | -14.0 k | 0 | 48.0 k |
| Net income | -4.2 m | -3.0 m | -1.9 m | -1.8 m | -2.2 m | -5.1 m | -1.1 m | -144.0 k |
| Diluted EPS | -0.22 | -0.12 ≈ | -0.05 | -0.69 | -0.08 | -0.18 ≈ | -0.42 | -0.05 |
| Operating cash flow | -4.6 m ≈ | -476.0 k | -2.1 m | -1.0 m ≈ | -2.7 m ≈ | -302.0 k | -2.6 m | 1.1 m ≈ |
| Capex | 97.0 k ≈ | -32.0 k | 22.0 k | 12.0 k ≈ | 0 ≈ | 37.0 k | 0 | 0 ≈ |
| Share repurchases | — | 0 | — | — | — | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ⚠ 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.7 m | 5.9 m | 5.7 m | 7.7 m | 11.7 m | 37.8 m | 66.1 m | 54.3 m |
| Revenue YoY | −4.6% | +2.5% | −3.1% | +36.0% | +51.3% | +222.4% | — | −17.8% |
| Net income | -1.2 m | -1.4 m | -2.8 m | -8.1 m | -9.2 m | -3.8 m | -14.0 m | -10.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -1.98 | -0.96 | -0.22 | -0.65 | -0.44 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| net % | -20.9% | -23.5% | -48.6% | -104.8% | -78.2% | -10.0% | -21.2% | -19.3% |
| Free cash flow | -620.5 k | -729.4 k | -871.9 k | -4.3 m | -4.3 m | -4.2 m | -5.7 m | -6.2 m |
The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.7 m USD
- Financial debt
- 1.3 m USD
- Net debt
- -12.4 m USD
- Equity
- 17.4 m USD
- Total assets
- 27.5 m USD
- Debt / equity
- 0.07x
- Current ratio
- 2.65x
- ROE
- -47.3%
- ROA
- -32.4%
- FCF margin
- -11.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.7 m | 7.7 m | 11.7 m | 37.8 m | 66.1 m | 54.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 4.5 m | 5.9 m | 9.2 m | 26.4 m | 49.1 m | 43.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 1.2 m | 1.9 m | 2.5 m | 11.3 m | 17.0 m | 10.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 0 | 0 | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| SG&A | 694.4 k | 5.1 m | 5.1 m | 9.9 m | 6.2 m | 6.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -2.0 m | -6.6 m | -7.2 m | -23.2 m | -23.0 m | -9.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 294.9 k | 317.1 k | 490.0 k | 2.1 m | 788.0 k | 540.0 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -1.7 m ≈ | -6.3 m ≈ | -6.7 m ≈ | -21.1 m ≈ | -22.2 m ≈ | -8.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 4.9 k | 1.5 m | 24.0 k | 79.0 k | 81.0 k | 64.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -2.8 m | -8.1 m | -9.1 m | -12.4 m | -22.5 m | -10.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | — | — | 87.0 k | 28.0 k | 71.0 k | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -2.8 m | -8.1 m | -9.2 m | -3.8 m | -14.0 m | -10.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | — | -1.98 | -0.96 | -0.22 | -0.65 | -0.44 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | — | — | 9.6 m | 17.5 m | 20.6 m | 26.5 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 728.8 k | 17.3 m | 18.9 m | 26.3 m | 20.0 m | 13.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 177.0 k | 349.8 k | 384.0 k | 8.9 m | 4.9 m | 5.9 m | SEC (XBRL)· 15 May 2026verified |
| Inventories | 361.4 k | 1.0 m | 1.3 m | 5.1 m | 4.9 m | 3.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 1.4 m | 19.4 m | 21.2 m | 43.6 m | 32.1 m | 24.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 1.1 m | 1.0 m | 1.2 m | 4.0 m | 3.4 m | 2.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | 0 | 0 | 731.0 k | 156.0 k | 156.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 100.0 k | 75.0 k | 50.0 k | 14.4 m | 524.0 k | 422.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 2.6 m | 20.6 m | 28.6 m | 64.5 m | 37.1 m | 27.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 747.5 k | 846.4 k | 1.2 m | 12.1 m | 6.6 m | 5.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 0 | 19.8 k | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Long-term debt | — | — | — | 1.5 m | 1.4 m | 1.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 1.5 m | 2.8 m | 2.1 m | 14.2 m | 8.2 m | 9.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 2.1 m | 3.0 m | 2.9 m | 16.4 m | 9.7 m | 10.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 565.2 k † | 17.5 m | 25.8 m | 48.1 m | 26.8 m | 17.4 m | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -837.0 k | -4.1 m | -3.6 m | -3.6 m | -5.5 m | -6.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 34.9 k | 229.3 k | 716.0 k | 647.0 k | 189.0 k | 71.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -871.9 k ≈ | -4.3 m ≈ | -4.3 m ≈ | -4.2 m ≈ | -5.7 m ≈ | -6.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -34.9 k | -229.3 k | -7.7 m | 5.2 m | -953.0 k | 163.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 1.6 m | 20.8 m | 13.0 m | 5.9 m | 72.0 k | -225.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | — | — | — | — | 0 | 100.0 k | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.8 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -88.8% | 0 (vs peers) | 21% |
| Net margin · Quality | -17.8% | 10 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 66.8% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -108.1x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -20.9% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partial7/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NextPlat Corp (NXPL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 54.3 m USD in 2025; YoY growth -17.8%; net margin -17.8%; ROE -43.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 66.8%
- Current ratio: 2.3x
What contradicts it
- ROIC: -88.8%
- Net margin: -17.8%
- Interest coverage: -108.1x
- FCF yield: -20.9%
- Shareholder yield (distributions): 0.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMXAmerica Movil Sab De Cv | 1,508.4 bn | 1,107.5 | 6.8% | 3.2% | −11.2% | +8% / +38% |
| VZVerizon Communications Inc. | 191.4 bn | 11.8 | 15.4% | 11.8% | +2.5% | +12% / +20% |
| TAt&T Inc. | 147.1 bn | 11.8 | 10.5% | 10.2% | +2.7% | −16% / +32% |
| LUMNLumen Technologies, Inc. | 4.6 bn | — | — | -5.8% | −5.4% | −45% / +241% |
| TDSTelephone And Data Systems, Inc. | 4.1 bn | 11.4 | 8.2% | 33.2% | −5.3% | −11% / +83% |
| ATEXAnterix Inc. | 1.5 bn | 22.2 | 27.9% | 933.0% | +7.8% | +278% / +138% |
| UNITUniti Group Inc. | 1.3 bn | 1.7 | 666.9% | 30.4% | +91.5% | −14% / −41% |
| SHENShenandoah Telecommunications Company | 575.2 m | — | -4.4% | -10.2% | +9.1% | −5% / −53% |
| ATNIAtn International, Inc. | 397.3 m | 2.4 | 32.2% | 23.2% | −0.2% | +22% / −15% |
| CXDOCrexendo, Inc. | 174.7 m | 43.6 | 5.6% | 4.5% | +12.0% | −25% / +78% |
| NXPLNextPlat Corp | 21.8 m | — | -43.1% | -17.8% | −17.8% | +2% / −53% |
| IQSTIQSTEL Inc. | 9.0 m | — | -56.0% | -2.2% | +11.9% | −80% / −94% |
| SURGSurgepays, Inc. | 8.2 m | — | — | -47.9% | −6.4% | −92% / −98% |
| CTGGQwest Corp | 0 | — | -15.8% | -40.1% | −13.8% | unavailable / unavailable |
| IDTIDT Corporation | — | 24.3 | 25.4% | 6.7% | +5.4% | +69% / +186% |
| BCEBce Inc. | — | — | 32.5% | 26.6% | +0.2% | −10% / −46% |
| TEOTelecom Argentina SA | — | — | -2.4% | -2.0% | +53.0% | −17% / +26% |
| TKCTurkcell Iletisim Hizmetleri A S | — | — | 10.8% | 11.7% | +14.6% | −15% / −5% |
| TIMBTim S.A. | — | — | 17.1% | 16.2% | +4.6% | −22% / +3% |
| PHIPLDT Inc. | — | — | 29.3% | 14.9% | +2.8% | −19% / −22% |
| KTKT Corporation | — | — | 2.8% | 1.7% | +0.4% | +1% / +41% |
1- and 3-year price returns: for NXPL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NextPlat Corp (NXPL) combines two segments: e-commerce of satellite communications equipment and pharmacy and healthcare data services in the US through Progressive Care. Revenue fell to 54.3 million USD in 2025 1, but in the second quarter of 2026 the company reported a record gross margin of about 40% 3, which makes its shift toward higher-margin contracted services worth watching.
SWOT
Strengths
- The company has a global e-commerce presence with several platforms and inventory held in distribution centers. Its reliance on any single customer or market is limited 1.
- The pharmacy segment raised margins through 340B and contracted services, and the second quarter of 2026 produced the highest gross margin in the company's recent history 3.
- The company reported cash and working capital that allow it to fund current operations without significant unsecured debt 3.
Weaknesses
- The company has had repeated net losses and a large accumulated deficit, which limits internal funding capacity 1.
- Almost all pharmaceutical purchasing depends on a single distributor, creating a significant operational risk 1.
- Prescription revenue fell in 2026 because of lower reimbursement rates and a changed payer mix 3.
Opportunities
- If new 340B and institutional supply contracts are integrated successfully, service revenue could grow faster than retail sales 3.
- Launching a national medication website and acquiring a Florida pharmacy could extend the company's reach 3.
- Government and military markets, including the GSA program, could become a larger revenue source if the company wins the contracts it seeks 1.
Threats
- If the share price stays below the Nasdaq threshold, the company could be delisted, reducing liquidity and access to capital 1.
- Rule changes in the 340B program and Medicare reimbursement could quickly change revenue and margins in the healthcare segment 1.
- Competition with satellite network operators and satellite internet services could pressure prices 1.
Risks
- Nasdaq listinghigh
The company received notices that it did not meet the minimum bid price requirement and has approved a reverse stock split. If the price does not stay above the threshold, trading could move to the OTC market 1.
- Reliance on a single distributorhigh
Pharmaceutical supply comes almost entirely from one distributor. A disruption could lead to shortages, higher costs or operational interruptions 1.
- Net losses and need for capitalmedium
The company has posted net losses over several years and could need additional financing, which could dilute existing shareholders 1.
- Pharmacy regulation pressuremedium
Changes to 340B rules and Medicare reimbursement can directly affect revenue and margins in the healthcare segment 23.
- Economic conditions and inflationlow
Inflation, interest rates and geopolitical tensions can raise costs and reduce discretionary spending by e-commerce customers 1.
Investment thesis
What would need to be true (bull case)
- If the record gross margin of the second quarter of 2026 holds, the company could turn contract growth into sustained operating profit 3.
- Growth in 340B and contracted pharmacy services could reduce dependence on low-margin prescriptions 3.
- Demand for IoT and government equipment could support sustained growth in e-commerce revenue 3.
What would break the thesis
What to watch
- Integration of new 340B contracts and their contribution to revenueQ3 2026
- Outcome of the Florida pharmacy acquisition and launch of the national websiteQ3 2026
- Whether the share price stays above the Nasdaq threshold after the reverse split2026
- Development of operating profit and gross margin after the second quarternext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NextPlat is a global e-commerce and healthcare services company. The e-Commerce segment sells satellite phones, tracking devices, broadband terminals and airtime subscriptions through three proprietary websites and about 25 third-party marketplace storefronts, reaching customers in more than 165 countries 1. The healthcare segment, which made up 73% of revenue in 2025 1, includes pharmacies through Progressive Care, 340B contract services and ClearMetrX, a data platform for healthcare organizations 1.
Management's strategy is to expand global satellite communications distribution, grow contracted pharmacy services and pursue acquisitions that add scale. The company also intends to pursue US government sales through the GSA Schedule, a channel that has not been significant to date 1.
The company has reported net losses in recent years and has said it may need additional capital. Its history includes a Nasdaq listing issue tied to its share price, for which shareholders approved a reverse stock split 1.
Segments
Market context
The company describes the mobile satellite services market as fast-growing, driven by falling service costs and smaller devices, as well as demand from governments, businesses and individuals for global coverage 1. In pharmacy, 340B program rules and new Medicare pricing directly affect margins 23.
The company operates in a competitive environment and could be affected by price pressure, its reliance on a single pharmaceutical distributor and changes in reimbursement. If demand for satellite communications keeps growing, the e-Commerce segment could benefit, but this is not assured 1.
Trends
- Medicare drug pricing rulesmixed
The Medicare Maximum Fair Price program, applied from January 2026, changed reimbursement on certain Medicare prescriptions and improved margins on some pharmacy products 2. The longer-term effect depends on how reimbursement rates evolve.
- Growth in 340B contractstailwind
Volumes under 340B contracted services grew by more than a third year over year, and the company signed new contracts in the first half of 2026 3. If the onboarding of new clients goes well, revenue from this segment could keep growing.
- Inflation and cost pressureheadwind
Inflation raised operating costs for sourcing, freight, fuel and labor, and the company warned it may not always pass these costs on to customers 1. This pressure can compress margins.
- Demand for IoT and government equipmentmixed
Sales of IoT devices and equipment to government and military customers rose in the second quarter of 2026 3. Government demand is however uneven, which can make revenue harder to predict.
Competitive position
In satellite communications the company competes with other resellers of the Iridium, Inmarsat, Thuraya, Globalstar and Starlink networks, some of which are also its suppliers 1. The company says it is well placed on cost and its global online presence 1.
In pharmacy and 340B services, competition comes from other pharmacies and providers of services to healthcare institutions. The sources provided do not name specific competitors in this segment, so a detailed comparison is not possible.
- IridiumIRDM
Satellite network that NextPlat resells and that also appears as a direct competitor for satellite communications services.
- GlobalstarGSAT
Satellite network the company uses for tracking devices, and a competitor in the same market.
- Starlink
Satellite internet service that competes with connectivity resellers in areas without infrastructure.
- Inmarsat
Satellite network operator named as a source of competition in mobile satellite services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report06 Oct 2026Other events · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report16 Jul 2026Material agreement · Other events · Financial statements and exhibits
- Current report24 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report29 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Apr 2026Delisting notice · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / NextPlat Corp · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / NextPlat Corp · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / NextPlat Corp · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.