NextPlat reports Q1 revenue of $9.9 million, 35% gross margins

NextPlat Corp (NASDAQ: NXPL) reported revenue of $9.9 million for the first quarter ended March 31, 2026, compared to $13.9 million in the prior year period, according to a company press release. The 29% decrease reflected lower healthcare revenue driven by reduced reimbursement rates and prescription volume contraction.

The company achieved gross margins of 35% in the first quarter, up from 21% in the same period last year. Healthcare operations gross margins nearly doubled to 39% from 20% in the prior year quarter, attributed to new contracted medication fulfillment services and improved drug costing from the Medicare Maximum Fair Price program that began in January 2026.

Healthcare operations pharmacy prescription revenue decreased to $4.8 million from $9.5 million in the prior year, while pharmacy contract revenue increased to $1.9 million from $1.4 million. E-commerce revenues increased slightly to $3.2 million from $3.0 million, primarily due to higher airtime sales.

Operating expenses decreased to $4.5 million from $4.9 million in the prior year quarter, a reduction of $400,000 or 9%. The company reduced headcount and executive compensation while decreasing professional fees.

Net loss attributable to common stockholders decreased 42% to $1.1 million, or $0.42 per diluted share, compared to a net loss of $1.9 million, or $0.75 per diluted share, in the prior year quarter.

NextPlat ended the quarter with $11.0 million in cash, working capital of $14.2 million, and zero unsecured debt. The company contracted five new 340B entities during the quarter, expected to commence activities in July 2026.

The company's Global Telesat Communications subsidiary received an $820,000 contract from a U.K. government prime supplier for satellite-enabled IoT hardware supporting a NATO military customer.

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