NextPlat Q4 340B Revenue Soars 94% as Expenses Fall 25% and Cash Hits $14M
NextPlat posted $54M revenue in 2025, an 18% decline, with healthcare operations falling to $40M and gross margin down to 20%. The company cut operating expenses by 25% to $20M saving $2M annually, 340B contracts surged 94% in Q4, e-commerce grew 6%, and cash reached $14M.
1. 2025 Financial Results
NextPlat recorded total revenue of $54M in 2025, down 18% from 2024. Healthcare operations revenue fell to $40M, and gross margin declined to 20%, compared with 26% the prior year.
2. Cost Reduction Initiatives
Operating expenses decreased by 25% to $20M, yielding annualized savings of over $2M. The company implemented overhead and staffing cuts to bolster profitability.
3. Segment Performance
340B contract revenue surged 94% in Q4, while e-commerce sales rose 6% driven by satellite connectivity and Internet of Things product demand. Expansion of healthcare services beyond Florida positions the company for national growth.
4. Liquidity and Capital Structure
NextPlat ended 2025 with nearly $14M in cash and no meaningful debt following a reverse stock split to maintain Nasdaq listing. Strong liquidity provides flexibility for strategic investments.