NextPlat Corp

Listed Company

NXPLCIK 0001058307NasdaqNon-AcceleratedSmaller ReportingTelephone Communications (No Radiotelephone)NevadaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-10.46M

Total Assets

$27.46M

Equity

$17.31M

Shares Out

27.03M

Op. Cash Flow

$-6.13M

Business

NextPlat Corp is a global e-commerce and healthcare company that operates and integrates online marketplaces with satellite communications and pharmacy services. It offers e-commerce platforms and storefronts, mobile satellite services (voice, data, IoT/M2M), satellite tracking and mapping portals, emergency locator beacons, handheld terminals, prescription pharmaceuticals, medication therapy management, and healthcare data management and third‑party administration services. The company reports two business segments: e‑Commerce Operations and Healthcare Operations. It sells globally via two primary websites, 25 third‑party storefronts (e.g., Alibaba, Amazon, OnBuy, Walmart), regional subsidiaries, and pharmacy distribution channels including in‑state and licensed non‑resident shipping.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	54	66	38	12	—
Cost of revenue	43	49	26	9	6
Gross profit	11	17	11	2	2
Selling, general and administrative	6	6	10	5	5
Salaries, wages and payroll taxes	11	13	7	3	2
Goodwill, Impairment Loss	0	14	14	0	—
Professional fees	2	4	2	2	1
Depreciation and amortization	540,000	788,000	—	—	—
Intangible asset amortization	100,000	2	—	—	—
Loss on settlement of litigation	250,000	0	—	—	—
Total operating expenses	20	40	35	10	8
Loss before other (income) expense	−9	−23	−23	−7	−7
Loss (gain) on sale or disposal of property and equipment	213,000	−94,000	0	—	—
Interest expense	64,000	81,000	79,000	—	—
Interest earned	−358,000	−731,000	−620,000	−21,000	—
Contingent loss on settlement of litigation	2	0	—	—	—
Asset Impairment Charges	0	111,000	28,000	0	—
Other income	0	−2,000	−317,000	0	—
Foreign currency exchange rate variance	−206,000	65,000	−107,000	129,000	45,737
Total other expense (income)	1	−570,000	−937,000	132,000	1
Loss before income taxes	−10	−22	—	−7	−8
Income taxes	0	−71,000	−28,000	−87,000	—
Net loss	−10	−23	−12	−9	−8
Deemed dividend	−1	0	—	—	—
Net loss attributable to non-controlling interest	0	9	9	0	—
Net loss attributable to common stockholders	−12	−13	−4	—	—
Foreign currency loss	−52,000	−3,000	−22,000	−44,000	—
Comprehensive loss	−11	−23	−12	−9	−8
Weighted number of common shares outstanding basic and diluted (in shares)	27	21	17	10	4
Basic and diluted loss per share (in dollars per share)	−0.44	−0.65	−0.22	−0.96	−1.98

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-03-31
Cash	14	20	26	19	—
Accounts receivable, net	4	5	9	384,000	—
Receivables - other	2	1	2	0	—
Inventory, net	3	5	5	1	—
Unbilled revenue	292,000	237,000	189,000	142,000	—
VAT receivable	352,000	371,000	342,000	433,000	95,759
Prepaid expenses	463,000	404,000	640,000	46,000	—
Total Current Assets	24	32	44	21	—
Property and equipment, net	3	3	4	1	—
Goodwill	200,000	200,000	731,000	0	—
Intangible assets, net	422,000	524,000	14	50,000	—
Operating right-of-use assets, net	189,000	812,000	2	855,000	—
Finance right-of-use assets, net	0	5,000	22,000	0	—
Deposits	37,000	94,000	39,000	0	—
Total Other Assets	804,000	2	17	6	—
Total Assets	27	37	64	29	—
Accounts payable and accrued expenses	8	7	13	2	—
Contract liabilities	193,000	89,000	42,000	36,000	—
Notes payable	416,000	380,000	312,000	60,000	—
Due to related party	82,000	48,000	18,000	28,000	—
Operating lease liabilities	158,000	404,000	532,000	209,000	—
Finance lease liabilities	0	5,000	18,000	0	—
Income taxes payable	12,000	54,000	139,000	94,000	—
Total Current Liabilities	9	8	14	2	—
Long-term portion of notes payable	876,000	1	1	156,000	—
Operating lease liabilities, net of current portion	41,000	438,000	929,000	650,000	—
Total Liabilities	10	10	16	3	—
Commitments and Contingencies	—	—	—	0	—
Preferred stock ($0.0001 par value; 3,333,333 shares authorized; no shares issued or outstanding)	0	0	0	0	—
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)	3,000	3,000	2,000	1,000	—
Additional paid-in capital	78	76	67	57	—
Accumulated deficit	−60	−48	−35	−31	—
Accumulated other comprehensive loss	−118,000	−66,000	−63,000	−41,000	—
Treasury stock (at cost, 130,549 shares at December 31, 2025 and no shares at December 31, 2024, respectively)	−100,000	0	—	—	—
Equity attributable to common stockholders	17	27	32	26	—
Equity attributable to noncontrolling interests	114,000	114,000	16	0	—
Total Equity	17	27	48	26	—
Total Liabilities and Equity	27	37	64	29	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash received from interest income	358,000	987,000	620,000	—	—
Cash received from other sources	−245,000	−94,000	317,000	—	—
Cash paid for inventory purchases and other costs of revenue	−47	−49	−5	—	—
Cash paid for salaries and related expenses	−10	−11	−7	—	—
Cash paid for other recurring operating expenses	−7	−13	—	—	—
Cash paid for other non-recurring expenses and merger costs	−839,000	−3	0	—	—
Cash paid for interest expense	−64,000	−81,000	−79,000	11,000	143,234
Cash paid for income taxes	−35,000	−156,000	—	10,069	38,615
Net cash used in operating activities	−6	−5	−4	—	—
Purchase of property and equipment	−71,000	−189,000	−647,000	−716,000	−229,307
Proceeds from sale or disposal of property and equipment	234,000	94,000	0	—	—
Net cash provided by (used in) investing activities	163,000	−953,000	5	−8	−229,307
Repayments of notes payable	−120,000	−111,000	−299,000	−60,000	—
Acquisition of issued common stock held in treasury	−100,000	0	—	—	—
Payments on finance lease liabilities	−5,000	−24,000	−15,000	0	—
Proceeds from exercise of warrants	0	85,000	184,000	0	5
Capital contribution of non-controlling interest	0	122,000	0	—	—
Net cash (used in) provided by financing activities	−225,000	72,000	6	13	21
Net decrease in cash	−6	−6	7	2	17
Effect of exchange rate on cash	−59,000	−2,000	−47,000	−70,000	43,296
Depreciation expense	500,000	800,000	800,000	465,000	292,102
Change in allowance for credit losses	−100,000	−100,000	47,000	0	—
Change in inventory reserve	21,000	379,000	—	—	—
Amortization of right-of-use assets - operating leases	396,000	325,000	417,000	106,000	32,963
Amortization of right-of-use assets - finance leases	5,000	20,000	15,000	0	—
Write-off of right-of-use asset	0	111,000	28,000	—	—
Stock-based compensation	640,000	2	5	3	—
Accounts receivable	383,000	5	−3	−34,000	−172,805
Inventories	1	12,000	−2	−267,000	−658,274
Unbilled revenue	−55,000	−48,000	−47,000	−41,000	−24,866
Prepaid expense	−59,000	309,000	22,000	52,000	−145,151
Other assets	0	256,000	0	—	—
Deposits	57,000	−55,000	0	49,000	—
VAT receivable	19,000	−29,000	91,000	59,000	−491,417
Accounts payable and accrued expenses	1	−6	3	453,000	10,741
Operating lease liabilities	−522,000	−427,000	−464,000	−101,000	−32,936
Income taxes payable	−42,000	−85,000	45,000	37,000	—
Contract liabilities	104,000	47,000	6,000	0	61
Net cash used in operating activities	−6	−5	−4	−4	−4

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