Nextplat

What Nextplat does

NextPlat Corp (NASDAQ: NXPL) is a diversified holding company organized around three operating divisions: Healthcare, Satellite Communications, and Global E-Commerce. Through wholly-owned subsidiaries PharmcoRx and ClearMetrX, the Healthcare division provides prescription fulfillment, 340B program management, compounding, long-term-care pharmacy, and analytics services to providers and institutions across the United States. Through Global Telesat Communications (UK), Orbital Satcom (Miami), and Outfitter Satellite (Nashville), the Satellite Communications division distributes voice, data, tracking, and IoT hardware from network operators including Iridium, Globalstar, Starlink, Inmarsat, and Thuraya, alongside Garmin and Zoleo messengers, serving government, military, and enterprise customers. The Global E-Commerce division operates brand storefronts and provides managed-services support across Amazon, Tmall Global, JD.com, WeChat, and Mercado Libre, and is the exclusive distributor of OPKO Health's human and animal healthcare products in China.

The company's product stack centers on the PharmcoRx pharmacy management system, which incorporates AI-powered prescription intake and processing technology (deployed April 2026) and the ClearMetrX 4.0 analytics platform for 340B program reporting. Satellite communications revenue is tied to reseller agreements with major satellite operators and to bespoke IoT deployments for customers such as NATO and the UK Ministry of Defence. Distribution is multi-channel: direct enterprise sales for healthcare and government contracts, satellite-network resellers for hardware, marketplace partnerships for consumer brands, and a partnership with HealthWarehouse.com (announced March 2026) extending pharmacy fulfillment to all 50 U.S. states. The company serves an aggregate of more than 150,000 e-commerce customers, more than 70,000 satellite communications customers, and fulfilled more than 380,000 prescriptions in 2025.

NextPlat generates revenue through transaction-based prescription fulfillment fees, hardware sales and service subscriptions in satellite communications, and managed-services fees for brands on global e-commerce platforms. FY2025 revenue was approximately $54.3M, down 18% from $66.1M in FY2024; Q1 2026 revenue was $9.9M, a 29% year-over-year decline. Despite revenue contraction, gross margin improved to 35% in Q1 2026 from 21% in the prior-year period, operating expenses were reduced 50% to $19.9M in FY2025, and 340B services revenue grew more than 90% sequentially in Q4 2025. The company executed a 1-for-10 reverse stock split in April 2026 to maintain Nasdaq listing compliance.

Name

Nextplat

Legal name

NextPlat Corp

Website

https://nextplat.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

NextPlat Corp (NASDAQ: NXPL) is a diversified holding company operating three divisions: healthcare and 340B pharmacy services through PharmcoRx, satellite communications and IoT through GTC subsidiaries, and global e-commerce services across 160+ countries.

Ownership category

akta.pro rank

Product category

Pharmacy and Healthcare Distribution Services with Satellite Communications

NAICS

Pharmacies and Drug Retailers (456110), Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Retail-Drug Stores And Proprietary Stores (5912), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Specialty Pharmacy & Complex Therapy Management Platforms (HLACAKAG)

Keywords

• Pharmacy fulfillment services
• Satellite communications IoT
• Global e-commerce enablement
• 340B program management
• Cross-border marketplace solutions

Headquarters

HQ city

Aventura

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Healthcare/Pharmacy Services: Prescription fulfillment services, 340B program management, long-term care pharmacy, and government healthcare contracts. Revenue derived from prescription volumes and contracted service fees with healthcare organizations.
2. Satellite Communications: Satellite-enabled voice, data, tracking, and IoT connectivity solutions through GTC, Orbital Satcom, and Outfitter Satellite subsidiaries. Revenue from hardware sales and service subscriptions with satellite network operators including Iridium, Globalstar, and Starlink.
3. E-commerce Platform Services: Global e-commerce development program helping brands sell on Amazon, Tmall Global, JD.com, and WeChat. Revenue from platform fees, storefront services, and logistics support for brands entering China and global markets.
4. 340B Contract Services: Higher-margin contracted healthcare services supporting 340B programs for eligible healthcare organizations through prescription fulfillment, inventory management, claims administration, compliance support and reporting.

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

NextPlat delivers a diversified portfolio spanning pharmacy and healthcare services through its PharmcoRx and ClearMetrX subsidiaries, satellite-enabled voice, data and IoT connectivity solutions through GTC, Orbital Satcom and Outfitter Satellite, and global cross-border e-commerce enablement services on Amazon, Tmall Global, JD.com, WeChat and Mercado Libre for consumer brands. Its proprietary offerings include AI-powered prescription processing, ClearMetrX 4.0 analytics, and the Florida Sunshine liposomal vitamin brand distributed as exclusive OPKO distributor in China.

Product overview

NextPlat (Nasdaq: NXPL) is a global consumer products and services company operating three core divisions: Healthcare, Satellite Communications, and Global E-Commerce. The Healthcare division is anchored by PharmcoRx, a full-service pharmacy fulfilling more than 380,000 prescriptions in 2025 with services spanning retail, specialty, institutional, 340B program management, and government contracts, supported by AI-powered prescription intake technology and HIPAA-compliant digital workflows. ClearMetrX provides advanced healthcare analytics and reporting. The Satellite Communications division operates through three subsidiaries: Global Telesat Communications (UK-based, serving Europe and worldwide), Orbital Satcom (US-based, serving the Americas), and Outfitter Satellite (US-based, serving North American government and enterprise), collectively offering satellite-enabled voice, data, tracking, and IoT connectivity in partnership with networks including Iridium, Globalstar, Starlink, and Inmarsat. The Global E-Commerce division provides turnkey storefront, logistics, marketing, and expansion support services across Amazon, Tmall Global, and Mercado Libre platforms. NextPlat serves customers in 160+ countries through 30+ storefronts, marketplaces, and retail locations.

Differentiator

Problem solved

Functional benefit

Brands

• PharmcoRx: Full-service community and specialty pharmacy providing retail prescriptions, compounding, long-term care support, and 340B partnership expertise
• ClearMetrX
• Florida Sunshine
• Global Telesat Communications
• Orbital Satcom
• Outfitter Satellite

Products and services

• PharmcoRx Pharmacy Services Full-service community and specialty pharmacy providing retail prescriptions, compounding, long-term care support, and 340B program expertise across all 50 U.S. states for healthcare providers, long-term care facilities and government healthcare programs.
• ClearMetrX 4.0 Analytics Platform Healthcare analytics and reporting platform transforming operational and clinical pharmacy data into actionable insights for 340B program management, prescription trends and therapy-gap identification for healthcare organizations.
• Global Telesat Communications (GTC) Satellite Services One of Europe's largest providers of satellite-enabled voice, data and IoT services, distributing SPOT, Garmin and Zoleo satellite messengers under reseller agreements with Iridium, Globalstar and Starlink for government, military and enterprise customers.
• Orbital Satcom Satellite Services U.S.-headquartered provider of satellite-enabled voice, data and IoT services and customized connectivity solutions for customers across North and South America.
• Outfitter Satellite Solutions Nashville-based provider of satellite-enabled voice and data solutions for local and state governments and corporate users across North America, supporting emergency preparedness, remote working and leisure travel.
• Florida Sunshine Liposomal Vitamins Proprietary brand of premium made-in-USA liposomal vitamins designed with advanced absorption technology to support immunity, energy, heart health and overall wellness for consumer and China-market distribution.
• Global E-Commerce Enablement Services Turnkey global e-commerce enablement program helping consumer brands sell across Amazon, Tmall Global, JD.com, WeChat and Mercado Libre through branded storefronts, A+ content product listings, targeted brand awareness campaigns, and inventory management services.

Quantifiable outcome

• Record quarterly gross margin of 35% in Q1 2026, up from 21% in Q1 2025
• +5 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and significant.

• HealthWarehouse.comcoreStrategic or Co-development Partner · 26 March 2026Strategic partnership enabling NextPlat's PharmcoRx division to expand prescription and over-the-counter product fulfillment across all 50 U.S. states. Leverages HealthWarehouse's fully licensed, NABP-accredited digital pharmacy platform and national fulfillment infrastructure. Partnership enables NextPlat to integrate platforms creating online and e-commerce sales channels for nationwide distribution of healthcare products and services.
• Telit CinterionsignificantTechnology or Integration · 17 December 2025Agreement expanding GTC's IoT product portfolio with advanced 5G connectivity solutions, complementing existing satellite and terrestrial connectivity suite. Enables expansion into fast-growing industrial and enterprise IoT sectors including manufacturing, agriculture, transport and logistics, energy and utilities.
• DevotedDOcsignificantChannel Partner/ Reseller/ Distributor · 5 November 2025Multi-state prescription fulfillment contract awarded to PharmcoRx subsidiary for fulfillment of prescriptions including urgent care and medication treatment for opioid use disorder. Initially covers Florida and Georgia with plans for nationwide expansion.
• Alibaba/Tmall GlobalcoreChannel Partner/ Reseller/ DistributorPremier B2C cross-border e-commerce platform partnership enabling global brands to reach Chinese consumers through Tmall Global storefronts. Part of NextPlat's e-commerce development program targeting China market access.
• AmazoncoreChannel Partner/ Reseller/ DistributorGlobal e-commerce platform partnership for branded storefront creation, A+ content product listings, targeted brand awareness campaigns, and inventory management services across major Amazon storefronts worldwide.
• OPKO HealthcoreOEM/ Whitelabel/ Licensing PartnerExclusive distributor agreement for OPKO's human and animal healthcare products in China, bringing world-class healthcare solutions to one of the fastest-growing markets. Includes OPKO-branded storefront launched on Tmall with immersive online and offline marketing support.
• IridiumcoreTechnology or IntegrationStrategic satellite network partnership providing Iridium Certus-powered IoT terminals and satellite connectivity solutions for voice, data, and asset management capabilities supporting government, military, and enterprise customers worldwide.
• GlobalstarcoreTechnology or IntegrationSatellite network operator partnership for satellite-enabled voice, data, and IoT connectivity solutions. GTC holds reseller agreements for Globalstar products supporting military and enterprise customers.
• StarlinkcoreTechnology or IntegrationSatellite network operator partnership providing broadband satellite connectivity solutions. GTC holds reseller agreements for Starlink services expanding global connectivity offerings.
• InmarsatsignificantTechnology or IntegrationSatellite network operator partnership for global mobile satellite communications services including voice, data, and IoT connectivity for maritime, defense, and enterprise applications.
• GarminsignificantChannel Partner/ Reseller/ DistributorHardware and safety brand partnership for distribution of SPOT and Garmin satellite messengers through GTC's satellite communications network.
• Pharmacy Technology Software VendorsignificantTechnology or IntegrationEstablished pharmacy technology software vendor providing AI-powered prescription intake and processing technology integrated into PharmcoRx's pharmacy management system for automation of manual processes.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Globalstar: Globalstar is the operator partner for SPOT products distributed by GTC and Orbital Satcom, and its constellation underpins NextPlat's consumer and IoT offerings. As a public satellite operator serving overlapping government and commercial customers, Globalstar is closely comparable to the supply side of NextPlat's communications business.
• Amazon Pharmacy: Amazon Pharmacy is a nationwide online prescription fulfillment competitor to PharmcoRx and the HealthWarehouse partnership, with similar digital workflow ambitions and AI-assisted processing. It is the most relevant direct comparable for the consumer-facing fulfillment arm of NextPlat's healthcare division.
• Iridium Communications: Iridium operates one of the satellite networks GTC resells and is a key supply partner for NextPlat's voice, data, and IoT solutions. Both companies serve government, military, and enterprise customers with satellite-enabled connectivity, making Iridium the most directly comparable reference point for NextPlat's communications division economics.
• Pattern (Pattern Brands): Pattern is a leading global e-commerce accelerator that helps brands launch and scale on Amazon, Tmall, and other marketplaces. NextPlat's e-commerce division performs the same brand-acceleration function across Amazon, Tmall Global, JD.com, and Mercado Libre, making Pattern the closest functional comparable.

Broad incumbents

• Global-e Online: Global-e is a public cross-border e-commerce enablement platform helping brands sell internationally with localized checkout, logistics, and marketplace integration. It competes with NextPlat's e-commerce division at a much larger scale and is the most relevant public peer for cross-border brand enablement.
• ChannelAdvisor (CommerceHub): ChannelAdvisor, now part of CommerceHub, sells marketplace management and digital commerce automation software used by brands selling on Amazon and other platforms. It overlaps with NextPlat's marketplace storefront services for Tmall Global, JD.com, Amazon, and Mercado Libre, but at substantially greater software-platform scale.
• Walgreens Boots Alliance: Walgreens is one of the largest U.S. retail pharmacy operators with extensive 340B program exposure and nationwide fulfillment. While not a digital pharmacy, it serves as the dominant incumbent whose scale and contracts define the opportunity NextPlat is targeting with PharmcoRx and HealthWarehouse-based 50-state fulfillment.
• Viasat: Viasat is a larger, established satellite communications provider serving defense, aviation, and enterprise with broadband and IoT services. It overlaps with NextPlat's GTC and Orbital Satcom in government and commercial satellite communications but operates at materially greater scale and vertical integration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/orbsatcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nextplat