NextPlat Corp Reports $54.3 Million Revenue for Fiscal Year 2025, Down 18% from 2024

NextPlat Corp reported a net revenue of approximately $54.3 million for the fiscal year ending December 31, 2025, a decrease of 18% from $66.1 million in 2024. The decline was primarily driven by a significant drop in the Healthcare Operations segment, which saw a reduction of about $12.6 million, largely due to lower pharmacy 340B contract revenue and decreased prescription revenues. In contrast, the e-Commerce Operations segment experienced a modest increase in revenue, rising by approximately $0.8 million, attributed to ongoing demand for satellite communications products and related services.

The company's gross margin also declined to approximately 20% in 2025 from 26% in the previous year. This decrease was influenced by lower 340B contract revenues in the healthcare segment and increased airtime service costs in the e-Commerce segment following the expiration of a service provider contract. Despite the revenue decline, NextPlat's operating performance improved, with the loss before other income decreasing by approximately $14 million compared to the prior year, primarily due to the absence of significant non-recurring impairment charges that impacted 2024 results.

NextPlat's strategic developments included the expansion of its e-Commerce distribution capabilities and healthcare services platform. The company operates through two segments: e-Commerce Operations, which focuses on satellite communications equipment and services, and Healthcare Operations, which provides pharmacy services and healthcare analytics. The e-Commerce segment generated approximately 27% of total revenue, while the healthcare segment accounted for 73%. The company also reported a customer base of over 60,000 across more than 165 countries, indicating a diverse geographical reach.

In terms of operational metrics, NextPlat's employee headcount stood at 121 full-time and 9 part-time employees as of December 31, 2025. The company has been actively pursuing growth through strategic acquisitions and expanding its product offerings. However, it has faced challenges, including a reliance on a single pharmaceutical distributor for 98% of its purchases, which poses risks related to supply chain disruptions. The company is also navigating a competitive landscape in both the e-commerce and healthcare sectors, with ongoing efforts to enhance operational efficiency and preserve liquidity.

Looking ahead, NextPlat aims to strengthen its liquidity position and support long-term growth through a combination of organic expansion and selective acquisitions. The management believes that existing cash resources are sufficient to support operations for at least the next 12 months, although additional capital may be required for future growth initiatives. The company remains focused on improving its operational performance and addressing the material weaknesses identified in its internal controls over financial reporting.