NextPlat Corp
ir.nextplat.comWhat Do They Do?
Provides prescription medicines, pharmacy services and healthcare data tools to healthcare customers, and sells satellite communications products and connectivity services to consumers and organizations.
10-K for FY2025, filed Mar 31, 2026NextPlat Corp (“NextPlat,” “the Company,” “we,” “our,” or “us”) is a global e-commerce and healthcare services company that operates…View ↗
Our Healthcare segment operates through a wholly owned subsidiary, Progressive Care, LLC, (“Progressive”) a Nevada Limited Liability…View ↗
Through our wholly owned subsidiary, ClearMetrX, we offer data management and reporting services to support health care organizations.…View ↗
Through our subsidiaries Global Telesat Communications Ltd (“GTC”), Orbital Satcom Corp (“Orbital Satcom”), and Outfitter Satellite, Inc.…View ↗
How Do They Make Money?
Satellite customers pay for equipment on delivery and airtime as service is provided; annual plans may be prepaid, and some usage is billed the following month. Pharmacy revenue comes from prescriptions delivered or picked up, paid at sale or billed to insurers; 340B contracts pay a fee per prescription.
10-K for FY2025, filed Mar 31, 2026The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales…View ↗
The Company recognizes product revenue from prescriptions dispensed to patients (customers) at the time the drugs are physically delivered…View ↗
Pharmco pharmacies provide contracted pharmacy services for 340B covered entities under the 340B Drug Discount Pricing Program. Under the…View ↗
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$54.3M
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10-K for FY2025, filed Mar 31, 2026
$54.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
E-Commerce Revenue
Mix
10-K for FY2025, filed Mar 31, 2026 |
27%
FY2022: 100%
|
E-Commerce Revenue, FY2025
$14.6M Sources
|
Mix |
|
Pharmacy Prescription and Other Revenue, Net of PBM Fees
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
66%
FY2022: 0.0%
|
Pharmacy Prescription and Other Revenue, Net of PBM Fees, FY2025
$35.7M Sources
|
Sold outright |
|
Pharmacy 340B Contract
Usage-based
|
7.4%
FY2022: 0.0%
|
Pharmacy 340B Contract, FY2025
$4M Sources
|
Usage-based |
Who Are Their Customers?
Satellite communications products go directly to end users and through reseller networks and online storefronts. Pharmacies serve patients and long-term care and government facilities; healthcare data services serve healthcare organizations.
10-K for FY2025, filed Mar 31, 2026We provide our products and services directly to end users and reseller networks located both in the United States and internationally…View ↗
In addition to our three main e-Commerce websites, we make portable satellite voice, data and tracking solutions easier to find and buy…View ↗
Our Healthcare segment operates through a wholly owned subsidiary, Progressive Care, LLC, (“Progressive”) a Nevada Limited Liability…View ↗
Through our wholly owned subsidiary, ClearMetrX, we offer data management and reporting services to support health care organizations.…View ↗
Pharmco pharmacies also provide medication fulfillment services of both prescription and non-prescription pharmaceutical products for…View ↗
The Company recognizes product revenue from prescriptions dispensed to patients (customers) at the time the drugs are physically delivered…View ↗
10-K for FY2025, filed Mar 31, 2026
Amazon accounted for 31.1% and 32.8% of the Company’s net revenues during the years ended December 31, 2025 and 2024, respectively. No…View ↗
Do Revenues Turn Into Profits?
No. It lost $10.5M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$9MView ↗
10-K for FY2025, filed Mar 31, 2026
−$10.5MView ↗
10-K for FY2025, filed Mar 31, 2026
−$6.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
−$144KView ↗
- ▼ −92% (Loss)
- vs −$1.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 14, 2026
Open tableView ↗
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Jul 16, 2026
Agreed to acquire a Florida community pharmacy
Progressive Care signed to buy all membership interests in Scott’s Pharmacy for $1,500,000 in cash, subject to an inventory adjustment.
Sources
8-K, filed Jul 16, 2026
The Company will acquire the Target for $1,500,000 in cash, subject to a post-signing inventory adjustment. $50,000 will be deposited in…View ↗
Growing. Revenue grew 7.0x in 4 years, from $7.7M in FY2021 to $54.3M in FY2025, about 63% a year.
From investment to operations
The earlier report described NextPlat as holding securities in Progressive Care and considering whether to take control or integrate the business; the latest describes Progressive Care as a wholly owned healthcare operating subsidiary providing pharmacy and technology services.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 31, 2026During 2022, with a view to enhancing our product and services offerings, we invested in securities issued by Progressive Care Inc.…View ↗
Our Healthcare segment operates through a wholly owned subsidiary, Progressive Care, LLC, (“Progressive”) a Nevada Limited Liability…View ↗
Who Do They Compete With?
Competes with Iridium, Inmarsat, Thuraya, Globalstar, and Starlink
10-K for FY2025, filed Mar 31, 2026The competitors for our satellite telecommunications services and products are other resellers of leading satellite networks such as…View ↗
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