NXPL · NextPlat Corp

NextPlat Corp’s full year 2025 results reflect early progress on its business turnaround, with cost-cutting initiatives driving a 50% year-over-year reduction in operating expenses to $19.9 million, partially offsetting an 18% decline in total revenue to $54.3 million. Revenue declines were concentrated in the healthcare segment, where lower prescription volumes and reduced 340B contract revenue pushed segment revenue down to $39.7 million, while the e-commerce segment grew revenue 6% to $14.6 million on strong demand for satellite connectivity and IoT products. Gross margins fell 600 basis points to 20% year-over-year due to lower 340B revenue and higher e-commerce airtime costs, though fourth quarter results showed sequential margin expansion as the company reengaged 340B partners and shifted focus to higher-margin medication fulfillment services. Net loss attributable to common shareholders narrowed 13% to $11.7 million, or $0.44 per diluted share, from $13.4 million, or $0.65 per diluted share, in 2024. Management noted that completed turnaround actions, including 25% headcount reductions, $2 million in annualized cost cuts, and a strategic shift to higher-margin healthcare contracts and expanded e-commerce distribution, position the company to achieve operational profitability and revenue growth in 2026. The company ended 2025 with a strong liquidity position, including $13.7 million in cash, no meaningful unsecured debt, and $15 million in working capital to support planned growth initiatives.