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1. Company Snapshot

1.a. Company Description

NextPlat Corp, together with its subsidiaries, provides mobile satellite services (MSS) solutions for satellite-enabled voice, data, personnel and asset tracking, machine-to-machine, and Internet of Things (IoT) connectivity services in the United States and internationally.It offers satellite communications products, which enable users to make voice calls, send and receive text messages and emails, and transmit GPS location coordinates virtually; GPS enabled emergency locator distress beacons that enables essential communication between customers, and search and rescue organizations during emergency situations and pinpoint locational information to search and rescue services; and SolarTrack, an IoT tracking device powered by the sun for tracking and monitoring anything that moves or remote asset used outdoors.The company also offers GTCTrack, a subscription-based mapping and tracking portal that allows managers to track, command, and control assets in near-real-time.


The company provides its solutions for businesses, governments, military, humanitarian organizations, and individual users.It offers its products and services directly to end users and reseller networks; operates e-commerce websites that offer a range of MSS products and solutions; and offers portable satellite voice, data, and tracking solutions through various third-party e-commerce storefronts.The company was formerly known as Orbsat Corp.


and changed its name to NextPlat Corp in January 2022.NextPlat Corp is headquartered in Coconut Grove, Florida.

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1.b. Last Insights on NXPL

Negative drivers behind NextPlat Corp's recent 3 months performance include the sudden passing of its Executive Chairman and CEO Charles M. Fernandez, which led to a leadership vacuum and potential disruption to the company's operations. Additionally, the company received a Nasdaq notification regarding minimum bid requirements, indicating that its closing bid price for common shares were below $1.00 per share for the last 30 consecutive business days. Furthermore, the company's operating expenses declined 26% as expected, but this was partly offset by rising drug prices and potential tariff impacts, which may continue to affect the company's profitability.

1.c. Company Highlights

2. NextPlat Corp Earnings Analysis: Challenges and Growth Opportunities

NextPlat Corp delivered a mixed performance in 2024, with revenue reaching $65.5 million, driven by the healthcare segment and the acquisition of Outfitter Satellite. However, the company faced significant headwinds, including declining gross profit margins, rising operating expenses, and a net loss of $12.3 million. The merger with Progressive Care added complexity, with $750,000 in non-recurring expenses impacting the bottom line, as noted by CFO Cecile Munnik during the earnings call. Despite these challenges, the company remains focused on strategic initiatives to improve profitability and market position.

Publication Date: Apr -03

📋 Highlights
  • Merger and Acquisition Activity:: The company completed the merger with Progressive Care and the acquisition of Outfitter Satellite, contributing to revenue growth despite challenges in the healthcare segment.
  • Revenue and Financial Performance:: Total revenue reached $65.5 million, driven by the healthcare segment and Outfitter Satellite. However, gross profit margins declined due to rising costs and competition.
  • E-commerce Expansion:: E-commerce revenue increased, with strong performance in recurring airtime contracts. The company secured agreements with Starlink, Iridium, and government entities, while also expanding in China through JD.com and Florida Sunshine.
  • Healthcare Segment Challenges:: Despite challenges in the healthcare segment, the merger with Progressive Care has strengthened the company's market position. The focus is on expanding services for 340B entities and reducing operating losses by 2026.
  • Share Buybacks and Investor Awareness:: The company may initiate share buybacks soon, subject to SEC rules and market conditions. The low stock price is attributed to broader market trends, but the company is focused on improving financial performance and increasing investor awareness.

Financial Performance and Margins

Revenue growth was partially offset by a decline in gross margins, which fell to 18% in 2024, reflecting increased competition and cost pressures. Operating expenses rose due to non-cash charges, though management emphasized cost-saving measures to achieve cash neutrality by 2026. The company’s cash position decreased by $20 million, largely due to merger-related costs and acquisitions. While these metrics highlight near-term challenges, management remains optimistic about the long-term potential of the business.

Operational Focus and Strategic Initiatives

Despite headwinds in the healthcare segment, NextPlat has made progress in expanding its e-commerce platform and securing key partnerships. CEO Charles Fernandez highlighted the success of recurring airtime contracts with Starlink, Iridium, and government entities, signaling a shift toward more predictable revenue streams. Additionally, the company has made strides in the Chinese market, with OPKO products now available on JD.com and Florida Sunshine nearing launch. These efforts, combined with a focus on organic growth and market expansion, underscore NextPlat’s strategic pivot to mitigate risks and capitalize on emerging opportunities.

Valuation and Market Sentiment

NextPlat’s stock price reflects broader market trends and operational challenges, with the company’s valuation metrics indicating potential undervaluation. Using key ratios, the price-to-sales (P/S) ratio of 0.31 suggests the market may be underpricing the company relative to its revenue growth. However, negative metrics such as the enterprise value-to-EBITDA (EV/EBITDA) ratio of -0.13 and negative free cash flow yield (-27.65%) highlight the company’s near-term financial pressures. Additionally, the return on invested capital (ROIC) of -49.46% and return on equity (ROE) of -52.48% underscore operational inefficiencies and weak profitability. Despite these challenges, the company’s focus on cost optimization and strategic partnerships may help improve its financial profile over the next two years.

Growth Outlook and Shareholder Engagement

Looking ahead, NextPlat is prioritizing organic growth through investments in e-commerce, healthcare services, and international markets. Management has also indicated plans to explore share buybacks, subject to regulatory approval, as a way to return value to shareholders. While the company faces near-term challenges, its strategic initiatives and focus on cash neutrality by 2026 suggest a potential turnaround. Shareholders should remain cautious, but the company’s long-term growth potential and undervaluation metrics may warrant further attention.

3. NewsRoom

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NextPlat Reports Third Quarter 2025 Results

Nov -13

Source: prnewswire.com

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NextPlat's Healthcare Division Awarded Multi-State Prescription Fulfillment Contract by Virtual Healthcare Provider DevotedDOc

Nov -05

Source: prnewswire.com

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NextPlat to Release Third Quarter 2025 Results on Thursday, November 13, 2025

Nov -03

Source: prnewswire.com

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NextPlat Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Requirement

Oct -29

Source: prnewswire.com

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NextPlat Names Amanda L. Ferrio, Vice President of Accounting & Finance, as its New Chief Financial Officer

Oct -14

Source: prnewswire.com

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NextPlat Issues CEO Shareholder Update Letter

Oct -08

Source: prnewswire.com

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NextPlat's ClearMetrx Subsidiary to Launch Artificial Intelligence-Powered ClearMetrX 4.0 Software for Modernized Healthcare Analytics and Reporting

Sep -23

Source: prnewswire.com

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NextPlat Launches its Florida Sunshine Brand of Premium Vitamins in Europe and North America and Receives Initial Approval for Sale in China

Sep -16

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (20.97%)

6. Segments

Healthcare Operations

Expected Growth: None%

None

E-commerce Operations

Expected Growth: None%

None

7. Detailed Products

NextCloud

A cloud-based platform for storing, sharing, and collaborating on files and data.

NextAI

An artificial intelligence platform for automating business processes and gaining insights from data.

NextConnect

A communication and collaboration platform for teams and organizations.

NextSecure

A cybersecurity platform for protecting sensitive data and preventing cyber threats.

NextAnalytics

A business intelligence platform for analyzing and visualizing data.

8. NextPlat Corp's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for NextPlat Corp is moderate due to the presence of alternative platforms and services that can replace our offerings.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of alternative platforms and services, which gives them the power to negotiate prices and terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers and the company's ability to negotiate favorable terms.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple competitors and the need to constantly innovate and differentiate our offerings to stay ahead.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.05%
Debt Cost 3.95%
Equity Weight 93.95%
Equity Cost 10.15%
WACC 9.77%
Leverage 6.44%

11. Quality Control: NextPlat Corp passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CoreCard

A-Score: 5.1/10

Value: 3.7

Growth: 5.7

Quality: 7.4

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Paycor HCM

A-Score: 5.0/10

Value: 2.8

Growth: 7.7

Quality: 5.2

Yield: 0.0

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Rimini Street

A-Score: 4.7/10

Value: 7.9

Growth: 2.4

Quality: 6.0

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
SoundHound AI

A-Score: 4.0/10

Value: 6.0

Growth: 4.3

Quality: 3.9

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
NextPlat

A-Score: 3.7/10

Value: 9.2

Growth: 5.6

Quality: 4.2

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Getaround

A-Score: 3.4/10

Value: 10.0

Growth: 5.0

Quality: 5.4

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.65$

Current Price

0.65$

Potential

-0.00%

Expected Cash-Flows