NextPlat Corp NXPL
NextPlat Corp ("NextPlat," "the Company," "we," "our," or "us") is a global e-commerce and healthcare services company that operates through two reportable segments: e-Commerce Operations and Healthcare Operations. Through these segments, the Company provides satellite-enabled communication products and services, global online distribution capabilities, pharmacy services, healthcare technology solutions, and data analytics services. Our platforms serve consumers, enterprises, healthcare providers, government organizations, and other institutions across multiple geographic markets. For the year ended December 31, 2025, approximately 27% of revenue was generated by our e-Commerce segment and 73% by our healthcare segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.3M | $66.1M | $37.8M | $11.7M | $7.7M | $5.7M | $5.9M | $5.7M | $6.0M | $4.7M |
| Cost of revenue | $43.4M | $49.1M | $26.4M | $9.2M | $5.9M | $4.5M | $4.6M | $4.7M | $4.9M | $3.6M |
| Gross profit | $10.9M | $17.0M | $11.3M | $2.5M | $1.9M | $1.2M | $1.2M | $1.0M | $1.2M | $1.1M |
| R&D | — | — | — | — | $0 | $0 | — | $0 | $0 | $0 |
| SG&A | $6.0M | $6.2M | $9.9M | $5.1M | $5.1M | $694.4K | $761.2K | $664.8K | $583.9K | $566.2K |
| Total operating expenses | $19.9M | $40.0M | $34.5M | $9.7M | $8.5M | $3.3M | $2.3M | $2.2M | $2.7M | $2.7M |
| Operating income | -$9.0M | -$23.0M | -$23.2M | -$7.2M | -$6.6M | -$2.0M | -$1.1M | -$1.1M | -$1.6M | -$1.6M |
| Interest expense | $64.0K | $81.0K | $79.0K | $24.0K | — | — | — | — | — | — |
| Pre-tax income | -$10.5M | -$22.5M | -$12.4M | -$9.1M | -$8.1M | -$2.8M | -$1.4M | -$1.2M | -$3.9M | -$2.6M |
| Income tax | $0 | $71.0K | $28.0K | $87.0K | — | — | $747 | $8.5K | $23.5K | — |
| Net income | -$10.5K | -$22.5K | -$12.4K | -$9.2M | -$8.1M | -$2.8M | -$1.4M | -$1.2M | -$3.9M | -$2.6M |
| EPS, basic | -0.44 | -0.65 | -0.22 | -0.96 | -1.98 | — | — | — | -8.10 | -11.42 |
| EPS, diluted | -0.44 | -0.65 | -0.22 | -0.96 | -1.98 | -132.05 | -13.00 | -19.14 | -8.10 | -11.42 |
| Shares, diluted (wtd. avg.) | $26.5M | $20.6M | $17.5M | $9.6M | $4.1M | — | — | — | $482.5K | $228.5K |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.7M | $20.0M | $26.3M | $18.9M | $17.3M | $728.8K | $75.4K | $142.9K | $233.3K | $114.7K |
| Receivables | $4.0M | $4.9M | $8.9M | $384.0K | $349.8K | $177.0K | $244.4K | $170.5K | $294.5K | $96.8K |
| Inventory | $3.4M | $4.9M | $5.1M | $1.3M | $1.0M | $361.4K | $366.3K | $269.0K | $332.9K | $335.3K |
| Total current assets | $24.2M | $32.1M | $43.6M | $21.2M | $19.4M | $1.4M | $877.4K | $715.2K | $1.1M | $802.1K |
| Property, plant and equipment | $2.5M | $3.4M | $4.0M | $1.2M | $1.0M | $1.1M | $1.3M | $1.5M | $1.8M | $2.0M |
| Goodwill | $156.0K | $156.0K | $731.0K | $0 | $0 | — | — | — | — | — |
| Other intangibles | $422.0K | $524.0K | $14.4M | $50.0K | $75.0K | $100.0K | $125.0K | $200.0K | $225.0K | $250.0K |
| Total assets | $27.5M | $37.1M | $64.5M | $28.6M | $20.6M | $2.6M | $2.4M | $2.4M | $3.6M | $3.0M |
| Accounts payable | $5.8M | $6.6M | $12.1M | $1.2M | $846.4K | $747.5K | $901.2K | $625.2K | $855.7K | $536.9K |
| Total current liabilities | $9.1M | $8.2M | $14.2M | $2.1M | $2.8M | $1.5M | $1.4M | $1.1M | $1.2M | $720.6K |
| Long-term debt | $1.3M | $1.4M | $1.5M | — | — | — | — | — | — | — |
| Total liabilities | $10.0M | $9.7M | $16.4M | $2.9M | $3.0M | $2.1M | $1.8M | $1.1M | $1.2M | $720.6K |
| Retained earnings | -$60.1M | -$48.4M | -$34.9M | -$31.1M | -$22.0M | -$13.9M | -$11.1M | -$9.7M | -$8.5M | -$4.6M |
| Total equity | $17.3M | $27.3M | $48.1M | $25.8M | $17.5M | $565.2K | $639.7K | $1.4M | $1.9M | $2.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6.1M | -$5.5M | -$3.6M | -$3.6M | -$4.1M | -$837.0K | -$659.2K | -$590.2K | -$315.2K | -$1.0M |
| Depreciation and amortisation | $535.0K | $768.0K | $758.0K | $465.0K | $292.1K | $269.9K | $250.3K | $263.9K | $259.4K | $266.8K |
| Stock-based compensation | — | — | — | — | $3.8M | $904.9K | — | $219.5K | $600.0K | $190.0K |
| Capital expenditure | $71.0K | $189.0K | $647.0K | $716.0K | $229.3K | $34.9K | $70.2K | $30.3K | $33.2K | $26.4K |
| Investing cash flow | $163.0K | -$953.0K | $5.2M | -$7.7M | -$229.3K | -$34.9K | -$70.2K | -$30.3K | -$33.2K | -$26.4K |
| Financing cash flow | -$225.0K | $72.0K | $5.9M | $13.0M | $20.8M | $1.6M | $659.3K | $532.0K | $439.5K | $242.6K |
| Buybacks | $100.0K | $0 | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-014186.
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