NextPlat Corp (NXPL) is a dual-segment technology and services company that distributes satellite communications products through global e-commerce channels and operates retail pharmacy services in Florida. Revenue comes from two primary segments: e-Commerce Operations, which sells mobile satellite voice, data, and tracking hardware and airtime services across 25 storefronts in 18 countries on five continents, and Healthcare Operations, which delivers pharmacy services including 340B contract pharmacy and prescription fulfillment through four Pharmco pharmacy locations in Florida. Net revenues were $54.3 million for FY2025, down from $66.1 million in FY2024, an 18% decline driven by approximately $12.6 million in reduced Healthcare Operations revenue. Gross margins contracted to approximately 20% in FY2025 from 26% in FY2024, reflecting lower 340B contract revenues and higher airtime service costs following the expiration of a service provider airtime contract at end of 2024. The company serves more than 60,000 customers across more than 165 countries. Amazon storefronts represented approximately 31% of e-Commerce revenue in FY2025.
- Revenue model
- Transactional product sales of satellite communications hardware (handheld satellite phones, tracking devices, broadband terminals, satellite Wi-Fi hotspots) and airtime services sold through owned e-commerce websites and third-party storefronts including Amazon, Alibaba, Mercado Libre, OnBuy, and Walmart. Healthcare revenue comes from pharmacy prescription fulfillment, specialty pharmacy services, and 340B contract pharmacy programs for government facilities.
- Products and services
- Mobile satellite services (MSS) products including handheld satellite phones, personal and asset tracking devices, portable high-speed broadband terminals, and satellite Wi-Fi hotspots. Satellite airtime and connectivity services. Pharmacy services through four Pharmco retail and specialty pharmacy locations in Florida offering same-day and next-day delivery, prescription and non-prescription fulfillment, specialty services, and medication fulfillment for contracted government facilities.
- Customers and end markets
- End users and reseller networks in maritime, aviation, government and military, emergency and humanitarian services, mining, forestry, oil and gas, heavy equipment, transportation, utilities, and recreational markets. Pharmacy customers include retail patients in Florida and contracted government facilities. Customer base spans more than 60,000 customers in more than 165 countries as disclosed in the FY2025 10-K.
- Value-chain role
- Distributor and retailer of third-party satellite communications hardware and airtime services; holds inventory at Amazon fulfillment centers globally and operates three owned e-commerce websites alongside third-party storefronts. For healthcare, operates as a direct-to-patient retail and specialty pharmacy through subsidiaries under the Pharmco brand.
- Geographic exposure
- Primary physical presence in the United States and United Kingdom through subsidiaries GTC (UK-based), Orbital Satcom (US-based), and Outfitter (US-based). E-commerce storefront presence across 18 countries on five continents as of FY2025 10-K filing. Pharmco pharmacy operations concentrated in Florida with non-resident pharmacy licenses in Arizona, Colorado, Connecticut, Georgia, Minnesota, Nevada, New Jersey, New York, Pennsylvania, Texas, and Utah.
