8-K
NextPlat Corp (NXPL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): March 31, 2026
NEXTPLAT CORP
(Exact Name of Registrant as Specified in its Charter)
| Nevada | 001-40447 | 65-0783722 |
|---|---|---|
| (State or Other Jurisdiction<br><br> <br>of Incorporation or Organization) | (Commission<br><br> <br>File No.) | (I.R.S. Employer<br><br> <br>Identification No.) |
400 Ansin Blvd., Suite A
Hallandale Beach, FL 33009
(Address of principal executive offices and zip code)
(305) 560-5381
(Registrant’s telephone number, including area code)
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-14(c)). |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol (s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.0001 | NXPL | The Nasdaq Stock Market, Inc. |
| Warrants | NXPLW | The Nasdaq Stock Market, Inc. |
Item 2.02. Results of Operations and Financial Condition
On March 31, 2026, NextPlat Corp (the “Registrant”) issued a press release announcing its results of operations and financial condition for its most recent fiscal year ended December 31, 2025 (“Earnings Press Release”). A copy of the Earnings Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Earnings Press Release |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NEXTPLAT CORP. | ||
|---|---|---|
| By: | /s/ David Phipps | |
| Name: | David Phipps | |
| Title: | Chief Executive Officer and President | |
| Dated: March 31, 2026 |
ex_892260.htm
Exhibit 99.1
NextPlat Reports $54 Million in Revenue for Full Year 2025 as Business Turnaround Initiatives Support Operational Profitability Goals in 2026
Refocusing and Cost Cutting Efforts Now Delivering Operational Improvement Including Sequential Margin Expansion and Significant Cost Reductions
HALLANDALE BEACH, FL – March 31, 2026 – 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%. |
|---|---|
| ○ | |
| ○ | |
| ● | Overall gross margin for the year ended December 31, 2024, declined to approximately 20% when compared to the prior year of approximately 26%. |
| ○ | |
| ○ | |
| ● | 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. |
All values are in US Dollars.
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 shares and par value data)
| December 31, 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 |
All values are in US Dollars.