Refocusing and Cost Cutting Efforts Now Delivering Operational Improvement Including Sequential Margin Expansion and Significant Cost Reductions
HALLANDALE BEACH, Fla., March 31, 2026 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global consumer products and services company providing healthcare and technology solutions through e-commerce and retail channels worldwide, today announced the financial results for the year ended December 31, 2025, reflecting the performance of its healthcare and e-commerce operations.
"The closing of 2025 marks the start of an exciting new period for our company as we successfully execute on our turnaround and cost-cutting plans, efforts that began to drive fundamental improvements across operational and financial metrics in the fourth quarter, putting NextPlat on a growth and profitability pathway in 2026 as outlined in our recently issued guidance press release," said David Phipps, Chief Executive Officer and President of NextPlat Corp. "Looking into the first half of 2026, supported by a strong financial foundation and investments into business development, organizational process improvements, and enhanced customer service in our healthcare operations, we are now positioned to significantly grow the business. We believe the improved performance and profitability that we forecast for 2026 will finally deliver the value proposition that we've promised our shareholders for quite some time."
Fourth Quarter and Full Year 2025 Financial Highlights
-- Consolidated revenue for the full year ended December 31, 2025, was
approximately $54.3 million, compared to approximately $66.1 million for
the prior year, an overall decrease of 18%.
-- Full year 2025 Healthcare Operations revenue decreased
approximately $12.6 million to $39.7 million from $52.3 million in
the prior year. The year-over-year decline in total revenue was
attributable to the decrease in the number of total prescriptions
filled of approximately $11.3 million and a decrease in 340B
contract revenue of approximately $6.4 million, which were offset
by the increase in reimbursement rates per prescription filled of
approximately $5.1 million. During the year ended December 31,
2025, we filled approximately 374,000 prescriptions versus 473,000
in the prior year. In the fourth quarter of 2025, revenue was
approximately $9.0 million compared sequentially to approximately
$10.1 million in the third quarter of 2025, reflecting a 94%
growth in 340B contract revenue, offset by the decrease in
prescription revenue. The Company continues to shift its
healthcare focus towards higher margin, higher growth pharmacy
contract services such as 340B contract revenue and medication
fulfillment services which are expected to drive more profitable
revenue and improved gross margins despite lower total retail
prescription volume.
-- Total e-Commerce revenues were approximately $14.6 million and
$13.8 million for the years ended December 31, 2025, and 2024,
respectively, an increase of approximately $0.8 million primarily
due to an increase in airtime and hardware sales of approximately
$0.4 million and a favorable foreign currency impact of
approximately $0.4 million. During the year, the Company continued
to see strong global demand for satellite-based connectivity and
IoT products highlighted by the sales of over 5,000 Iridium and
Globalstar devices along with more than 12,000 satellite-enabled
trackers and messengers which also set new annual sales records.
-- Overall gross margin for the year ended December 31, 2024, declined to
approximately 20% when compared to the prior year of approximately 26%.
-- Gross margin for Healthcare Operations decreased during 2025 to
approximately 19% from 26% when compared to 2024 and was primarily
attributable to the decrease in pharmacy 340B contract revenue.
During the fourth quarter of 2025, the Company successfully
reengaged with 340B covered entities and experienced new, higher
margin medication fulfillment services exceeding 6,000+
prescriptions per month. This growth is expected to continue into
the first half of 2026 with new covered entity contracts
commencing combined with increased prescription volumes from
contracted medication fulfillment services.
-- Gross margin for e-Commerce Operations decreased slightly during
2025 to approximately 23% from 25% when compared to 2024 due to a
service provider airtime contract that expired on December 31,
2024, which introduced new airtime costs beginning January 1,
2025, and temporary rate reductions for some customers affected by
ongoing network service interruptions.
-- Total operating expenses for the year ended December 31, 2025, were
approximately $19.9 million, a decrease of approximately $20.1 million,
or 50%, from total operating expenses for the prior year of approximately
$40.0 million, which included a non-recurring impairment loss of
approximately $13.7 million. Overall operating expenses declined
significantly due to the Company's ongoing refocusing and streamlining
efforts highlighted by a 20% decrease in salaries and wages resulting
from reductions in total headcount and executive compensation, and a 49%
decrease in professional fees. Management expects further meaningful
reductions in operating expenses throughout 2026.
-- Net loss attributable to common stockholders for the year ended December
31, 2025, was approximately $11.7 million, or ($0.44) per diluted share,
compared to a net loss attributable to common stockholders of
approximately $13.4 million, or ($0.65) diluted earnings per share for
the year ended December 31, 2024.
-- The Company ended 2025 with approximately $13.7 million in cash, no
meaningful unsecured debt, and approximately $15.0 million in working
capital.
Organizational Highlights and Recent Business Developments
-- The Company expanded its senior leadership team with the appointments of
Rodney Barreto as Chairman of the Board, David Phipps as Chief Executive
Officer, Amanda Ferrio as Chief Financial Officer, and Birute Norkute as
Vice President of Healthcare Operations.
-- The Company successfully cut $2+ million in annualized costs across the
organization, streamlining operations, eliminating unused office space,
and reducing staff headcount by more than 25%.
-- During the second half of 2025, the Company prioritized higher margin
healthcare business development over traditional retail pharmacy business,
recruited new, dedicated sales teams targeting the large 340B and
long-term care facility markets, and secured new high volume contracted
medication fulfillment services supporting two facilities in Florida.
-- The Company continued to grow its e-commerce sales and distribution
platforms for satellite connectivity and communications products with new
and expanded relationships with leading providers including Globalstar
and Iridium in Europe, and more recently, launched sales in Latin
America.
-- Evaluation of several growth opportunities such as acquisitions and
joint-ventures will enable the Company to expand its mail order
medication fulfilment offerings nationwide including the potential launch
of direct-to-consumer online websites in support of new and existing
customers. These growth opportunities and nationwide fulfilment through
its partnership with Healthwarehouse.com are expected to significantly
expand the Company's addressable market beyond Florida where the
Company's healthcare segment currently generates nearly $40 million in
annual revenue.
Full Year 2025 Conference Call Notification
NextPlat's Chief Executive Officer and President, David Phipps, its Chief Financial Officer, Amanda Ferrio, and Vice President of Healthcare Operations, Birute Norkute, will host a conference call today, March 31(st) at 8:30 a.m. Eastern time to discuss the results for the year ended December 31, 2025, as well as other recent developments.
To access the call, please use the following information:
Date: Tuesday, March 31, 2026 Time: 8:30 a.m. Eastern time Toll-free dial-in number: 1-800-836-8184 International dial-in number: 1-646-357-8785 Conference webcast link: https://app.webinar.net/wbRV9ab8NLa
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.
The conference call will be broadcast live and available for replay at https://app.webinar.net/wbRV9ab8NLa and via the investor relations section of the Company's website at https://ir.nextplat.com/news-events/ir-calendar/detail/20260331-full-year-2025-results-conference-call. A replay of the conference call will be available after 12:00 p.m. Eastern time through April 7, 2026.
Toll-free replay number: 1-888-660-6345 International replay number: 1-646-517-4150 Replay entry code: 97518#
The financial information included in this press release should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the Securities and Exchange Commission today.
About NextPlat Corp
NextPlat is a global consumer products and services company providing healthcare and technology solutions through e-Commerce and retail channels worldwide. Through acquisitions, joint ventures and collaborations, the Company seeks to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-Commerce presence and revenue. NextPlat currently operates an e-Commerce communications division offering voice, data, tracking, and IoT products and services worldwide as well as pharmacy and healthcare data management services in the United States through its subsidiary, Progressive Care.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company's ability to launch additional e-commerce capabilities for consumer and healthcare products and its ability to grow and expand as intended, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating), including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Media and Investor Contact for NextPlat Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
NEXTPLAT CORP AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share
data)
Years Ended December 31,
----------------------------
2025 2024
--------------- -----------
Sales of products, net $ 49,665 $ 55,540
Revenues from services 4,657 10,542
----------- ----------
Revenue, net 54,322 66,082
Cost of products 43,374 49,033
Cost of services 42 41
----------- ----------
Cost of revenue 43,416 49,074
Gross profit 10,906 17,008
----------- ----------
Operating expenses:
Selling, general and administrative 6,043 6,179
Salaries, wages and payroll taxes 10,707 13,303
Impairment loss -- 13,653
Professional fees 2,264 4,401
Depreciation and amortization 540 788
Intangible asset amortization 102 1,709
Loss on settlement of litigation 250 --
----------- ----------
Total operating expenses 19,906 40,033
----------- ----------
Loss before other (income) expense (9,000) (23,025)
----------- ----------
Other (income) expense:
Loss (gain) on sale or disposal of
property and equipment 213 (94)
Interest expense 64 81
Interest earned (358) (731)
Contingent loss on settlement of
litigation 1,750 --
Asset write-off -- 111
Other income -- (2)
Foreign currency exchange rate
variance (206) 65
----------- ----------
Total other expense (income) 1,463 (570)
----------- ----------
Loss before income taxes (10,463) (22,455)
----------- ----------
Income taxes -- (71)
----------- ----------
Net loss (10,463) (22,526)
Deemed dividend (1,249) --
Net loss attributable to
non-controlling interest -- 9,100
----------- ----------
Net loss attributable to common
stockholders $ (11,712) $ (13,426)
=========== ==========
Comprehensive loss:
Net loss $ (10,463) $ (22,526)
Foreign currency loss (52) (3)
----------- ----------
Comprehensive loss $ (10,515) $ (22,529)
=========== ==========
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS $ (11,712) $ (13,426)
----------- ----------
Weighted number of common shares
outstanding -- basic and diluted 26,535 20,614
=========== ==========
Basic and diluted loss per share $ (0.44) $ (0.65)
=========== ==========
NEXTPLAT CORP AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands, except sharesand par value data)
December 31, December 31,
2025 2024
-------------- --------------
ASSETS
Current Assets
Cash $ 13,709 $ 19,960
Accounts receivable, net 4,014 4,895
Receivables - other 1,930 1,331
Inventory, net 3,396 4,881
Unbilled revenue 292 237
VAT receivable 352 371
Prepaid expenses 463 404
Total Current Assets 24,156 32,079
---------- ----------
Property and equipment, net 2,505 3,407
Goodwill 156 156
Intangible assets, net 422 524
Operating right-of-use assets, net 189 812
Finance right-of-use assets, net -- 5
Deposits 37 94
Total Other Assets 804 1,591
---------- ----------
Total Assets $ 27,465 $ 37,077
========== ==========
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses $ 8,265 $ 7,230
Contract liabilities 193 89
Notes payable 416 380
Due to related party 82 48
Operating lease liabilities 158 404
Finance lease liabilities -- 5
Income taxes payable 12 54
---------- ----------
Total Current Liabilities 9,126 8,210
---------- ----------
Long Term Liabilities
Notes payable, net of current portion 876 1,032
Operating lease liabilities, net of
current portion 41 438
Total Liabilities 10,043 9,680
---------- ----------
Commitments and Contingencies -- --
Equity
Preferred stock ($0.0001 par value;
3,333,333 shares authorized; no
shares issued or outstanding) -- --
Common stock ($0.0001 par value;
50,000,000 shares authorized;
26,767,882 and 25,963,051 shares
issued and outstanding as of December
31, 2025 and 2024, respectively) 3 3
Additional paid-in capital 77,586 75,697
Accumulated deficit (60,063) (48,351)
Accumulated other comprehensive loss (118) (66)
Treasury stock (at cost, 130,549
shares at December 31, 2025 and no
shares at December 31, 2024,
respectively) (100) --
---------- ----------
Equity attributable to common
stockholders 17,308 27,283
Equity attributable to noncontrolling
interests 114 114
---------- ----------
Total Equity 17,422 27,397
---------- ----------
Total Liabilities and Equity $ 27,465 $ 37,077
========== ==========
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SOURCE NextPlat Corp.
(END) Dow Jones Newswires
March 31, 2026 08:01 ET (12:01 GMT)
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