NextPlat Reports $9.9 Million in Revenue for Q1 2026 with Record Quarterly Consolidated Gross Margins of 35%

Published: 2026-05-14 08:03:23 ET NXPL

Published on 05/14/2026 at 08:03 am EDT

Turnaround Efforts Deliver 9% Reductions in Sequential Quarterly Expenses Creating Efficient Foundation for Expected Positive Income from Operations in Latter Half of 2026

HALLANDALE BEACH, Fla., May 14, 2026 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global consumer products and services company providing healthcare and technology solutions through e-commerce and retail channels worldwide, today announced improved operating results for its first quarter ended March 31, 2026 as it continues to execute against its ongoing turnaround efforts.

"We are pleased with the significant progress we have made in successfully refocusing our operations to deliver improved results as demonstrated in the first quarter. These results reflect the continuation of the positive trends established late in 2025 as we executed on our plans to improve the fundamentals of the business and create a sustainable foundation for growth throughout 2026," said David Phipps, Chief Executive Officer and President of NextPlat Corp. "Supported by a dramatically more efficient and effective cost structure, enhanced business development capabilities and a renewed commitment to customer service, we believe we are now positioned to capitalize on multiple opportunities ahead of us to drive more profitable growth in the months ahead and to deliver value to all of our stakeholders."

First Quarter 2026 Financial Highlights:

Organizational Highlights and Recent Business Developments:

First Quarter 2026 Conference Call Notification

NextPlat's Chief Executive Officer and President, David Phipps, its Chief Financial Officer, Amanda Ferrio, and Vice President of Healthcare Operations, Birute Norkute, will host a conference call today, May 14th at 8:30 a.m. Eastern time to discuss the results for the quarter ended March 31, 2026, as well as other recent developments.

To access the call, please use the following information:

Date:

Thursday, May 14, 2026

Time:

8:30 a.m. Eastern time

Toll-free dial-in number:

1-800-836-8184

International dial-in number:

1-646-357-8785

Conference webcast link:

https://app.webinar.net/aK21yzvyep9

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast live and available for replay at https://app.webinar.net/aK21yzvyep9 and via the investor relations section of the Company's website at https://ir.nextplat.com/news-events/ir-calendar/detail/20260514-q1-2026-results-conference-call. A replay of the conference call will be available after 12:00 p.m. Eastern time through May 21, 2026.

Toll-free replay number:

1-888-660-6345

International replay number:

1-646-517-4150

Replay entry code:

39044#

The financial information included in this press release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, to be filed with the Securities and Exchange Commission.

About NextPlat Corp

NextPlat is a global consumer products and services company providing healthcare and technology solutions through e-Commerce and retail channels worldwide. Through acquisitions, joint ventures and collaborations, the Company seeks to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-Commerce presence and revenue. NextPlat currently operates an e-Commerce communications division offering voice, data, tracking, and IoT products and services worldwide as well as pharmacy and healthcare data management services in the United States through its subsidiary, Progressive Care.

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company's ability to launch additional e-commerce capabilities for consumer and healthcare products and its ability to grow and expand as intended, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating), including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.

Media and Investor Contact for NextPlat Corp:

Michael GlickmanMWGCO, [email protected]

NEXTPLAT CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share data)

(Unaudited)

Three Months Ended March 31,

2026

2025

Revenue, net

9,855

13,926

Cost of revenue

6,443

11,062

Gross profit

3,412

2,864

Operating expenses:

Selling, general and administrative

2,006

2,037

Salaries, wages and payroll taxes

2,419

2,715

Depreciation and amortization

170

Intangible asset amortization

Total operating expenses

4,515

4,948

Operating loss

(1,103)

(2,084)

Non-operating expense (income)

(151)

Loss before income taxes

(1,132)

(1,933)

Income taxes

—

(9)

Net loss

(1,132)

(1,942)

Net loss attributable to non-controlling interest

—

Net loss attributable to common stockholders

(1,118)

(1,942)

Comprehensive loss:

Net loss

(1,132)

(1,942)

Foreign currency gain (loss)

(11)

Comprehensive loss

(1,109)

(1,953)

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

(1,118)

(1,942)

Weighted number of common shares outstanding – basic and diluted

2,693

2,596

Basic and diluted loss per share

(0.42)

(0.75)

NEXTPLAT CORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except shares and par value data)

March 31, 2026

December 31, 2025

(Unaudited)

(Audited)

ASSETS

Current Assets

Cash

11,008

13,709

Receivables, net of allowances of $46 and $40 as of March 31, 2026 and December 31, 2025, respectively

7,226

5,944

Inventory, net of inventory reserves of $419 and $418 as of March 31, 2026 and December 31, 2025, respectively

3,968

3,396

Other current assets

1,054

1,107

Total Current Assets

23,256

24,156

Property and equipment, net of accumulated depreciation of $1,428 and $3,527 as of March 31, 2026 and December 31, 2025, respectively

2,438

2,505

Operating right-of-use assets, net

634

189

Other noncurrent assets

590

615

Total Assets

26,918

27,465

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses

8,348

8,265

Notes payable

305

416

Operating lease liabilities

231

158

Other current liabilities

204

287

Total Current Liabilities

9,088

9,126

Long Term Liabilities:

Notes payable, net of current portion

846

876

Operating lease liabilities, net of current portion

410

Total Liabilities

10,344

10,043

Commitments and Contingencies

—

Equity

Preferred stock ($0.0001 par value; 3,333,333 shares authorized; no shares issued or outstanding)

—

Common stock ($0.0001 par value; 50,000,000 shares authorized, 2,702,622 and 2,676,788 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)

Additional paid-in capital

77,847

77,586

Accumulated deficit

(61,181)

(60,063)

Accumulated other comprehensive loss

(95)

(118)

Treasury stock (at cost; 13,054 shares as of March 31, 2026 and December 31, 2025, respectively)

(100)

Equity attributable to common stockholders

16,474

17,308

Equity attributable to non-controlling interests

100

114

Total Equity

16,574

17,422

Total Liabilities and Equity

26,918

27,465

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SOURCE NextPlat Corp.