NextPlat Corp reported full‑year 2025 revenue of $54.3 million, a decline of 18% from $66.1 million in 2024, and a net loss of $11.7 million, translating to earnings per share of $(0.44). The loss reflects a 12.6 million drop in healthcare revenue, driven by lower 340B contract volumes and reduced retail prescription volumes, while e‑commerce revenue grew to $14.6 million from $13.8 million in 2024.
Healthcare revenue fell to $39.7 million from $52.3 million, a 24% decline, as fewer prescriptions were filled and 340B contract revenue contracted. In contrast, the e‑commerce segment expanded by 5% to $14.6 million, offsetting part of the overall revenue decline and supporting the company’s shift toward higher‑margin services.
Operating expenses were cut by 50%, a key driver of the company’s margin improvement. Gross margin contracted to 20% from 26% in 2024, largely due to the lower mix of 340B contracts, but the cost‑control program has begun to stabilize profitability and set the stage for a 2026 turnaround.
CEO David Phipps said, "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." He added, "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."
Investors responded positively to the earnings, citing the aggressive cost reductions and clear path to profitability. The company’s strategic pivot toward higher‑margin e‑commerce services and the successful execution of its cost‑cutting plan were highlighted as key factors driving the favorable market reaction.
The results underscore NextPlat’s ongoing turnaround effort. While revenue remains below 2024 levels, the company’s disciplined cost management, improving gross margin, and growing e‑commerce revenue signal a trajectory toward profitability in 2026, aligning with management’s guidance and reinforcing investor confidence in the company’s long‑term strategy.
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