NXPL

MKT CAP:$18M

NextPlat Corp

Market Cap

$18M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$6.31+$5.73 (+997.39%)

Apr 24, 2026

Company Details

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...

CEO

David Phipps

IPO Date

Nov 2, 1999

Website

www.nextplat.com

Key Metrics TTM

Revenue

$57M

+10.2% YoY

Net Income

-$8M

EPS (Diluted)

-$0.32

Free Cash Flow

-$6M

Revenue / Share

$2.20

Gross Margin

14.6%

Operating Margin

-14.3%

Net Margin

-14.6%

FCF Margin

-11.0%

P/S

0.3x

P/E

—

Earnings Reports

Q3 2025

Nov 12, 2025

$14MEPS -$0.08

Q2 2025

Aug 13, 2025

$13M-22.1%EPS -$0.07

Q1 2025

May 14, 2025

$15MEPS -$0.05

Q4 2024

Mar 21, 2025

$16M-6.0%EPS -$0.12

Q2 2024

Aug 13, 2024

$17M+474.5%EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$2M	$541.5K	-$549.3K
Q3 21	$2M	$493.1K	-$2M
Q4 21	$2M	$387.6K	-$4M
Q1 22	$4M	$801.1K	-$834.6K
Q2 22	$3M	$567.4K	-$1M
Q3 22	$3M	$678.8K	-$2M
Q4 22	$3M	-$307.5K	-$3M
Q1 23	$3M	$621.0K	-$1M
Q2 23	$3M	$844.0K	-$3M
Q3 23	$15M	$5M	-$3M
Q4 23	$17M	$2M	-$1M
Q2 24	$17M	$6M	-$11M
Q4 24	$16M	$2M	-$3M
Q1 25	$15M	$3M	-$1M
Q2 25	$13M	$3M	-$2M
Q3 25	$14M	-$90.0K	-$2M

Valuation

Quarter	P/S	P/E
Q2 21	4.4x	—
Q3 21	4.6x	—
Q4 21	4.2x	—
Q1 22	2.5x	—
Q2 22	1.9x	—
Q3 22	2.6x	—
Q4 22	1.9x	—
Q1 23	2.6x	—
Q2 23	4.5x	—
Q3 23	1.5x	—
Q4 23	0.9x	—
Q2 24	0.4x	—
Q4 24	0.3x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$811.1K	-$837.9K
Q3 21	-$2M	-$2M
Q4 21	-$1M	-$1M
Q1 22	-$868.6K	-$936.6K
Q2 22	-$1M	-$1M
Q3 22	-$842.8K	-$918.7K
Q4 22	-$870.4K	-$1M
Q1 23	-$2M	-$2M
Q2 23	-$1M	-$1M
Q3 23	-$948.1K	-$1M
Q4 23	$652.3K	$463.2K
Q2 24	$2M	$2M
Q4 24	-$476.0K	-$444.0K
Q1 25	-$2M	-$2M
Q2 25	-$1M	-$1M
Q3 25	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q2 21	$26.8K
Q3 21	$68.4K
Q4 21	$133.7K
Q1 22	$68.0K
Q2 22	$327.2K
Q3 22	$75.9K
Q4 22	$244.5K
Q1 23	$69.0K
Q2 23	$34.0K
Q3 23	$354.5K
Q4 23	$189.1K
Q2 24	$60.0K
Q4 24	$32.0K
Q1 25	$22.0K
Q2 25	$12.0K
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+60.3%	+77.8%
Q3 21	+52.5%	+130.1%
Q4 21	+35.8%	+57.6%
Q1 22	+144.8%	+150.7%
Q2 22	+46.8%	+71.3%
Q3 22	+16.9%	+6.9%
Q4 22	+26.9%	-5.5%
Q1 23	-19.6%	-6.8%
Q2 23	+3.0%	+47.0%
Q3 23	+481.2%	+291.3%
Q4 23	+532.4%	+237.7%
Q2 24	+490.7%	+577.8%
Q4 24	+428.7%	+193.4%
Q1 25	-5.0%	-14.7%
Q2 25	-20.4%	-15.8%
Q3 25	-19.1%	-43.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$2M	117.6%
Q1 22	$34.8K	1.0%
Q2 22	$654.2K	22.8%
Q3 22	$654.5K	24.9%
Q4 22	$2M	62.0%
Q1 23	$243.0K	8.4%
Q2 23	$2M	60.3%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$546.0K	3.2%
Q4 24	-$5.0K	-0.0%
Q1 25	$7.0K	0.0%
Q2 25	$4.0K	0.0%
Q3 25	$205.0K	1.5%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 21	$1M	—	—
Q3 21	$3M	—	—
Q4 21	$4M	—	—
Q1 22	$2M	—	—
Q2 22	$157.0K	$2M	—
Q3 22	$3M	—	—
Q4 22	—	—	$2M
Q1 23	$2M	—	—
Q2 23	$4M	—	—
Q3 23	$520.7K	$4M	—
Q4 23	$6M	—	—
Q2 24	$1M	$5M	—
Q4 24	$5M	—	—
Q1 25	$5M	—	—
Q2 25	$5M	—	—
Q3 25	—	—	$2M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 21	60.3%	-22.7%	37.6
Q3 21	52.5%	-98.4%	-45.9
Q4 21	35.8%	-165.9%	-130.1
Q1 22	144.8%	-20.6%	124.2
Q2 22	46.8%	-49.5%	-2.7
Q3 22	16.9%	-78.1%	-61.2
Q4 22	26.9%	-90.2%	-63.2
Q1 23	-19.6%	-32.7%	-52.3
Q2 23	3.0%	-89.9%	-86.9
Q3 23	481.2%	-16.2%	465.0
Q4 23	532.4%	-81.9%	450.5
Q2 24	490.7%	-57.0%	433.7
Q4 24	428.7%	-17.4%	411.3
Q1 25	-5.0%	-7.0%	-12.0
Q2 25	-20.4%	-11.2%	-31.6
Q3 25	-19.1%	-14.2%	-33.2

Rule of 40

Revenue Segments

Quarter	Product	Service
Q3 23	$13M	$3M
Q2 24	$14M	$3M
Q2 25	$12M	$977.0K
Q3 25	$13M	$653.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$22M	$0	$22M
Q2 22	$20M	$0	$20M
Q3 22	$12M	$5.1K	$12M
Q4 22	$19M	$0	$19M
Q1 23	$17M	$0	$17M
Q2 23	$21M	$0	$21M
Q3 23	$26M	$0	$26M
Q4 23	$26M	$0	$26M
Q1 24	$24M	$0	$24M
Q2 24	$25M	$0	$25M
Q3 24	$20M	$0	$20M
Q4 24	$20M	$0	$20M
Q1 25	$18M	$0	$18M
Q2 25	$17M	$0	$17M
Q3 25	$14M	$0	$14M
Q4 25	$14M	$0	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	6M	+475.3%	+11000.6%
Q3 21	6M	+11.0%	+782.4%
Q4 21	6M	0.0%	+782.4%
Q1 22	9M	+45.7%	+830.4%
Q2 22	9M	+1.4%	+63.9%
Q3 22	9M	+1.9%	+50.5%
Q4 22	14M	+45.0%	+118.3%
Q1 23	14M	+5.0%	+57.3%
Q2 23	18M	+25.4%	+94.5%
Q3 23	19M	+3.5%	+97.5%
Q4 23	19M	+0.1%	+36.3%
Q2 24	19M	+0.5%	+30.6%
Q4 24	19M	+0.8%	+5.0%
Q1 25	26M	+36.8%	+38.8%
Q2 25	26M	0.0%	+38.7%
Q3 25	26M	+0.1%	+38.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$652.1K	3
Q3 21	$750.1K	3
Q4 21	$414.4K	5
Q1 22	$715.6K	5
Q2 22	$574.3K	5
Q3 22	$526.2K	5
Q4 22	$146.1K	18
Q1 23	$159.8K	18
Q2 23	$164.3K	18
Q3 23	$849.5K	18
Q4 23	$117.1K	142
Q2 24	$119.6K	142
Q4 24	$96.5K	162
Q1 25	$89.7K	162
Q2 25	$81.7K	162
Q3 25	$84.9K	162

Revenue / Employee