NextPlat Corp Reports Q3 2025 Financial Results with Improved Net Loss and Revenue Decline

NextPlat Corp reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a net loss of $2.2 million for the quarter, a significant improvement from a net loss of $7.7 million in the same period last year. For the nine-month period, the company recorded a net loss of $5.3 million, down from $20.1 million in the prior year. Total revenue for the third quarter was approximately $13.8 million, a decrease of 11% from $15.4 million in the same quarter of 2024. The decline in revenue was primarily attributed to a drop in healthcare operations, which saw a decrease of about $1.5 million, while e-commerce operations experienced a slight decline of $0.1 million.

In terms of operational metrics, NextPlat's e-commerce revenue for the third quarter was approximately $3.7 million, down from $3.8 million in the prior year. The healthcare segment generated $10.1 million in revenue, compared to $11.5 million in the same period last year. The decrease in healthcare revenue was largely due to a significant drop in pharmacy 340B contract revenue, which fell to $0.6 million from $2.5 million, reflecting changes in provider relationships and the transition of certain clients to other pharmacy partners. The company filled approximately 96,000 prescriptions during the quarter, a decrease from 128,000 in the previous year.

NextPlat's total operating expenses for the third quarter were approximately $4.7 million, a substantial reduction of 59% from $11.6 million in the same quarter of 2024. This decrease was driven by lower salaries, wages, and payroll taxes, as well as a significant reduction in professional fees. The company did not recognize any impairment losses in the current quarter, contrasting with a $3.7 million impairment loss recorded in the prior year. The reduction in operating expenses contributed to a loss before other income of $1.99 million, compared to a loss of $8 million in the same period last year.

The company’s cash position as of September 30, 2025, stood at approximately $13.9 million, down from $20.4 million at the end of the previous year. NextPlat's working capital was approximately $18.9 million, indicating a focus on maintaining liquidity amid ongoing operational adjustments. The company has implemented cost-reduction measures and is exploring strategic alternatives to diversify its business operations, including potential joint ventures and collaborations.

Looking ahead, NextPlat management expressed cautious optimism, noting that existing cash resources are sufficient to support operations for at least the next 12 months. The company continues to prioritize financial discipline while investing in key growth initiatives. However, it remains vigilant regarding external factors, including the impact of U.S.-China trade relations on its e-commerce operations, particularly concerning tariffs that could affect pricing strategies and overall competitiveness in the market.