NextPlat Corp (NASDAQ: NXPL)

NextPlat Corp is a global e-commerce and healthcare services company that operates through two reportable segments: e-Commerce Operations and Healthcare Operations. Through these segments, the Company provides satellite-enabled communication products and services, global online distribution capabilities, pharmacy services, healthcare technology solutions, and data analytics services.

The Company generates revenue from product sales and recurring service subscriptions. In the e-Commerce segment, revenue comes from selling satellite phones, tracking devices, broadband terminals, and related equipment, as well as from recurring airtime subscriptions, messaging plans, and connectivity services. In the Healthcare segment, revenue is derived from dispensing prescription pharmaceuticals, compounded medications, specialty medications, medication therapy management, and data management services provided to healthcare organizations and payors. The Company serves consumers, enterprises, healthcare providers, government organizations, and other institutions across multiple geographic markets. For the year ended December 31, 2025, approximately 27% of revenue was generated by the e-Commerce segment and 73% by the healthcare segment.

The company operates through the following segments: e-Commerce Operations and Healthcare Operations.

• e-Commerce Operations provides satellite communications products, connectivity services, and related equipment to customers globally through proprietary online platforms and third-party marketplaces. This segment includes three proprietary global e-Commerce websites, approximately 25 third-party marketplace storefronts, and more than 10,000 product listings across multiple marketplaces, enabling distribution to customers in more than 165 countries. Revenue is generated from product sales and recurring service revenue such as satellite airtime subscriptions, messaging plans, and connectivity services. A significant portion of e-Commerce revenue comes from third-party marketplaces, particularly Amazon, which represented approximately 31% of total e-Commerce revenue in 2025.

• Healthcare Operations operates through a wholly owned subsidiary, Progressive Care, LLC, which includes pharmacy subsidiaries Pharmco and ClearMetrX. Pharmco provides prescription pharmaceuticals, compounded medications, anti-retroviral and other specialty medications, medication therapy management, and contracted pharmacy services for 340B covered entities and government facilities. ClearMetrX offers data management and reporting services, including pharmacy data analytics and Third-Party Administration services for 340B covered entities, to support healthcare organizations in improving patient outcomes and practice performance. The pharmacies accept most major insurance plans and provide access to co-pay assistance programs, discount and manufacturer coupons, and competitive cash payment options.

The Company competes in the mobile satellite products and services sector of the global communications industry for its e-Commerce operations, facing competition from other resellers of leading satellite networks such as Iridium, Inmarsat, Thuraya, Globalstar, and Starlink. In the Healthcare segment, it competes with national and independent retail drug stores, supermarkets, convenience stores, mail order prescription providers, discount merchandisers, membership clubs, health clinics, provider dispensaries, and internet pharmacies. Competitive strengths include a global e-commerce presence enabling 24/7/365 customer support, significant inventory stored in fulfillment centers for rapid order fulfillment, economies of scale across the supply chain, long-standing partnerships with satellite networks like Globalstar, high performance scores in pharmacy operations (Five Stars per EQuIPP® for 2025), proactive patient engagement models, and a diverse workforce with multilingual capabilities that enhance service delivery across communities.

The Company serves consumers, enterprises, healthcare providers, government organizations, military and humanitarian organizations, individual users, lone workers, and institutions across more than 165 countries. Specific customer types include recreational travelers, government and military users, corporations, emergency services, maritime, aviation, utilities, oil and gas, mining, recreation, forestry, heavy equipment, construction, and transportation sectors. In healthcare, the customer base includes patients, physicians, health systems, and payors such as health insurance plans and pharmacy benefit managers.