Revenue growth remains in a contractionary phase, evidenced by a 32.2% year-over-year decline in 2026Q1 alongside a compressed gross margin of 9.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 49.65M | 54.32M | 65.48M | 37.76M | 11.71M | 7.74M | 5.69M | 5.87M | 5.73M | 6M | 4.7M | 3.95M | 8.41K | 1.54M | 0 | 0 | 0 | 0 | 456.27K | 438.78K | 554.98K | 471.47K | 0 | 0 | 0 |
| Revenue Growth % | -20.58% | -17.04% | 73.44% | 222.43% | 51.29% | 36.03% | -3.06% | 2.5% | -4.64% | 27.8% | 18.93% | 46875.04% | -99.45% | - | - | - | - | -100% | 3.99% | -20.94% | 17.71% | - | - | - | - |
| Cost of Goods Sold | 41.31M | 43.42M | 49.25M | 26.45M | 9.22M | 5.88M | 4.46M | 4.65M | 4.69M | 4.85M | 3.62M | 2.84M | 202 | 1.15M | 0 | 0 | 0 | 0 | 256.44K | 290.5K | 247.82K | 239.45K | 0 | 0 | 0 |
| COGS % of Revenue | - | 79.92% | 75.22% | 70.04% | 78.74% | 75.97% | 78.46% | 79.16% | 81.93% | 80.84% | 77.12% | 71.85% | 2.4% | 74.87% | - | - | - | - | 56.2% | 66.21% | 44.65% | 50.79% | - | - | - |
| Gross Profit | 8.35M | 10.91M | 16.23M | 11.31M | 2.49M | 1.86M | 1.23M | 1.22M | 1.03M | 1.15M | 1.08M | 1.11M | 8.21K | 386.11K | 0 | 0 | 0 | 0 | 199.83K | 148.28K | 307.17K | 232.02K | 0 | 0 | 0 |
| Gross Margin % | 16.81% | 20.08% | 24.78% | 29.96% | 21.26% | 24.03% | 21.54% | 20.84% | 18.07% | 19.16% | 22.88% | 28.15% | 97.6% | 25.14% | - | - | - | - | 43.8% | 33.79% | 55.35% | 49.21% | - | - | - |
| Gross Profit Growth % | - | -32.8% | 43.48% | 354.44% | 33.84% | 51.77% | 0.16% | 18.22% | -10.07% | 7.03% | -3.32% | 13448.73% | -97.87% | - | - | - | - | -100% | 34.77% | -51.73% | 32.39% | - | - | - | - |
| Operating Expenses | 16.71M | 19.66M | 39.85M | 34.54M | 9.69M | 8.48M | 3.26M | 2.33M | 2.16M | 2.71M | 2.71M | 3.1M | 426.65K | 573.79K | 4.67M | 1.44M | 4.29M | 279.7K | 2.67M | 2.87M | 5.37M | 1.46M | 405.52K | 181.2K | 119.77K |
| OpEx % of Revenue | - | 36.18% | 60.86% | 91.48% | 82.77% | 109.59% | 57.28% | 39.78% | 37.8% | 45.1% | 57.58% | 78.56% | 5073.13% | 37.35% | - | - | - | - | 585.14% | 653.8% | 968.06% | 310.64% | - | - | - |
| Selling, General & Admin | 16.27M | 19.01M | 7.86M | 18.53M | 9.2M | 8.16M | 2.96M | 2.06M | 1.88M | 2.42M | 2.41M | 2.81M | 426.65K | 568.79K | 4.55M | 1.29M | 4.29M | 279.7K | 2.39M | 2.55M | 4.97M | 1.23M | 405.52K | 181.2K | 119.77K |
| SG&A % of Revenue | - | 35% | 12% | 49.09% | 78.58% | 105.49% | 52.1% | 35.09% | 32.75% | 40.37% | 51.37% | 71.01% | 5073.13% | 37.03% | - | - | - | - | 523.24% | 580.62% | 896.27% | 261.75% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50K | 0 | 0 | 0 | 156.36K | 0 | 0 | 282.44K | 321.09K | 398.45K | 230.52K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 1.27% | - | - | - | - | - | - | 61.9% | 73.18% | 71.79% | 48.89% | - | - | - |
| Other Operating Expenses | 446K | 642K | 31.99M | 16M | 490K | 317.1K | 294.93K | 275.33K | -375.95K | -2.31M | -679.78K | 298.05K | 0 | 5K | 115.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.37M | -8.75M | -23.62M | -23.23M | -7.2M | -6.62M | -2.03M | -1.11M | -1.13M | -1.58M | -1.63M | -1.99M | -418.24K | -573.79K | -4.67M | -1.94M | -4.29M | -279.7K | -2.47M | -2.72M | -5.07M | -1.23M | -405.52K | -181.2K | -119.77K |
| Operating Margin % | -16.85% | -16.11% | -36.08% | -61.52% | -61.51% | -85.56% | -35.75% | -18.93% | -19.73% | -26.27% | -34.7% | -50.41% | -4973.13% | -37.35% | - | - | - | - | -541.35% | -620.01% | -912.71% | -261.43% | - | - | - |
| Operating Income Growth % | - | 62.96% | -1.7% | -222.48% | -8.77% | -225.6% | -83.01% | 1.62% | 28.4% | 3.25% | 18.12% | -376.12% | 27.11% | 87.71% | -140.27% | 54.68% | -1433.34% | 88.68% | 9.21% | 46.29% | -310.96% | -203.95% | -123.79% | -51.29% | - |
| EBITDA | -8.03M | -8.21M | -20.8M | -20.7M | -6.61M | -6.27M | -1.71M | -826.45K | -840.77K | -1.29M | -1.34M | -1.7M | -405.69K | -555.76K | -4.66M | -1.44M | -4.28M | -220.5K | -2.43M | -2.68M | -5.05M | -1.22M | -405K | -166.2K | -54.37K |
| EBITDA Margin % | -16.18% | -15.11% | -31.77% | -54.83% | -56.42% | -81.04% | -30.07% | -14.08% | -14.68% | -21.54% | -28.49% | -42.96% | -4823.96% | -36.18% | - | - | - | - | -533.07% | -611.32% | -909.77% | -258.39% | - | - | - |
| EBITDA Growth % | 62.07% | 60.53% | -0.49% | -213.32% | -5.34% | -266.61% | -107.02% | 1.7% | 34.99% | 3.4% | 21.13% | -318.38% | 27% | 88.07% | -222.56% | 66.29% | -1842.55% | 90.93% | 9.32% | 46.87% | -314.46% | -200.8% | -143.68% | -205.68% | - |
| D&A (Non-Cash Add-back) | 335K | 540K | 2.82M | 2.53M | 596K | 350.06K | 323K | 284.88K | 288.86K | 284.39K | 291.8K | 293.99K | 12.54K | 18.03K | 13.39K | 500K | 5.36K | 59.2K | 37.77K | 38.11K | 16.35K | 14.35K | 521 | 15K | 65.4K |
| EBIT | -10.19M | -10.4M | -22.97M | -22.21M | -7.31M | -6.64M | -1.74M | -1.09M | -1.19M | -3.92M | -1.99M | -2.06M | -411.23K | 22.02K | -4.68M | -8.06M | -10.04M | -338.89K | -3.71M | -2.72M | -5.07M | -1.23M | 102.43K | -181.2K | -119.77K |
| Net Interest Income | 204K | 294K | 650K | 541K | -3K | -1.46M | -1.02M | -291.88K | -110 | -831 | -603.16K | -6.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.22K | -20.9K | -137 | 0 | 0 |
| Interest Income | 250K | 358K | 731K | 620K | 21K | 6.88K | 115 | 1.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46K | 64K | 81K | 79K | 24K | 1.47M | 1.02M | 293.5K | 110 | 831 | 603.16K | 6.07K | 0 | 120.58K | 127.48K | 658.15K | -439.79K | -2.11K | 4.38K | 0 | 6.22K | 20.9K | 137 | 9 | 2.95K |
| Other Income/Expense | -1.89M | -1.71M | 570K | 10.85M | -1.87M | -1.49M | -729.5K | -267.68K | -56.54K | -2.34M | -959.4K | -72.89K | 7.01K | 1.2M | -140.87K | -6.78M | -6.19M | -61.31K | -3.28M | -3.33M | -3.47M | 27.09K | 1.47M | 0 | 0 |
| Pretax Income | -10.26M | -10.46M | -23.05M | -12.38M | -9.07M | -8.11M | -2.76M | -1.38M | -1.19M | -3.92M | -2.59M | -2.06M | -411.23K | 624.12K | -4.81M | -8.72M | -10.48M | -341K | -5.75M | -6.05M | -8.53M | -1.21M | 0 | 0 | 0 |
| Pretax Margin % | -20.67% | -19.26% | -35.21% | -32.79% | -77.49% | -104.75% | -48.57% | -23.49% | -20.71% | -65.21% | -55.12% | -52.25% | -4889.82% | 40.63% | - | - | - | - | -1259.57% | -1379.52% | -1537.14% | -255.69% | - | - | - |
| Income Tax | 1.24M | 1.25M | 71K | 28K | 87K | 0 | 0 | 747 | 8.53K | 23.46K | 0 | 10.12K | 0 | 6.1K | 0 | 0 | 0 | 0 | 3.28M | 0 | 0 | 0 | 137 | 9 | 596.51K |
| Effective Tax Rate % | -12.08% | -11.94% | -0.31% | -0.23% | -0.96% | 0% | 0% | -0.05% | -0.72% | -0.6% | 0% | -0.49% | 0% | 0.98% | 0% | 0% | 0% | 0% | -57.02% | 0% | 0% | 0% | - | - | - |
| Net Income | -11.49M | -11.71M | -14.03M | -3.78M | -9.16M | -8.11M | -2.76M | -1.38M | -1.19M | -3.94M | -2.59M | -2.06M | -411.23K | 624.12K | -4.81M | -8.72M | -11.58M | -2.25M | -5.75M | -6.05M | -8.53M | -1.21M | -405.66K | -181.21K | -716.28K |
| Net Margin % | -23.14% | -21.56% | -21.42% | -10.01% | -78.23% | -104.75% | -48.57% | -23.51% | -20.86% | -65.6% | -55.12% | -52.25% | -4889.82% | 40.63% | - | - | - | - | -1259.57% | -1379.52% | -1537.14% | -255.69% | - | - | - |
| Net Income Growth % | 17.28% | 16.49% | -271.23% | 58.76% | -12.99% | -193.4% | -100.28% | -15.49% | 69.67% | -52.1% | -25.47% | -401.96% | -165.89% | 112.97% | 44.84% | 24.67% | -414.95% | 60.87% | 5.05% | 29.05% | -607.67% | -197.17% | -123.86% | 74.7% | - |
| Net Income (Continuing) | -11.5M | -11.71M | -23.13M | -12.41M | -9.16M | -8.11M | -2.76M | -1.38M | -1.19M | -3.94M | -2.59M | -2.06M | -411.23K | 624.12K | -4.81M | -8.72M | -10.48M | -341K | -444.55K | -6.05M | -8.53M | -1.21M | 1.06M | -181.21K | -716.28K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 100K | 114K | 114K | 15.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.42 | -4.50 | -6.80 | -2.20 | -9.51 | -19.87 | -142.30 | -649.80 | -956.80 | -3154.70 | -5084.30 | -12064.40 | -3370.80 | 46576.00 | -322890.70 | -655810.10 | -999999.00 | -591753.90 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| EPS Growth % | 33.63% | 33.82% | -209.09% | 76.87% | 52.14% | 86.04% | 78.1% | 32.09% | 69.67% | 37.95% | 57.86% | -257.91% | -107.24% | 114.42% | 50.76% | 42.8% | -93.74% | 99.6% | 68.13% | 31.84% | -281.59% | -90.19% | 97.82% | 80.09% | - |
| EPS (Basic) | - | -4.50 | -6.80 | -2.20 | -9.51 | -19.87 | -142.30 | -649.80 | -956.80 | -3154.70 | -5084.30 | -12064.40 | -3370.80 | 46576.00 | -322890.70 | -655810.10 | -999999.00 | -591753.90 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 2.6M | 2.6M | 2.06M | 1.75M | 962.96K | 408.08K | 26.79K | 2.12K | 1.25K | 1.25K | 509 | 171 | 122 | 13 | 15 | 13 | 10 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 2.6M | 2.6M | 2.06M | 1.75M | 962.96K | 408.08K | 26.79K | 2.12K | 1.25K | 1.25K | 509 | 171 | 122 | 13 | 15 | 13 | 10 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As indicated by the most recent quarterly filings, NextPlat's revenue has experienced a sustained downward trend, culminating in a 32.2% year-over-year decline in 2026Q1, which suggests that the company is struggling to maintain its market position within the competitive satellite services distribution landscape.
The consistent quarter-over-quarter revenue erosion implies that the company's current e-commerce distribution model may be losing traction or facing significant headwinds in its core maritime and remote connectivity markets. Investors should monitor whether this contraction reflects a strategic pivot away from low-margin hardware or a fundamental loss of competitive relevance.
According to historical financial data, NextPlat's gross margins have fluctuated significantly, dropping to a low of 9.2% in 2026Q1, which highlights the inherent difficulty in achieving profitability when relying on a hardware-heavy revenue mix that lacks the scale of pure-play software providers.
The inability to maintain gross margins above the 20% threshold suggests that the company's cost of goods sold is heavily burdened by third-party network access fees and hardware procurement costs. This margin profile appears inconsistent with the company's classification as a software-application firm, warranting further investigation into the sustainability of its current pricing power.
Based on reported figures, NextPlat has failed to demonstrate positive operating leverage, as evidenced by the persistent operating losses that reached $1.1 million in 2026Q1 despite significant reductions in revenue, indicating that fixed SG&A costs remain disproportionately high relative to the company's current scale.
The company's inability to scale operating income alongside its revenue suggests that the current cost structure is misaligned with its operational output. Without a meaningful shift toward high-margin recurring software subscriptions, the company may continue to face challenges in achieving break-even status on an operating basis.
As highlighted by the recent financial statements, the company's reliance on hardware sales combined with negative operating margins raises concerns regarding the long-term viability of its current business model, particularly as the market for specialized satellite hardware faces increasing pressure from consumer-grade connectivity alternatives.
Short-term observers may focus on the potential for further inventory write-downs or the exhaustion of cash reserves if the current burn rate persists. The discrepancy between the company's software-centric branding and its hardware-dominated financial reality suggests that valuation multiples may face continued downward pressure until a clear path to profitability is established.
Quick answers to the most common questions about buying NXPL stock.
For fiscal year 2025, NextPlat Corp (NXPL) reported total revenue of $54.3M.
NextPlat Corp (NXPL) reported a net loss of $11.7M for the fiscal year ending 2025.
NextPlat Corp (NXPL) reported an operating income of $-8.8M, resulting in an operating profit margin of -16.1%. This margin reflects the operational efficiency of the business before interest and taxes.
NextPlat Corp (NXPL) generated $10.9M in gross profit for the year, representing a gross profit margin of 20.1%. This demonstrates the company's core pricing power and production efficiency.