Revenue decline of 29% YoY is the headline — the gross margin improvement is real but does not offset the top-line contraction. The ATM offering filed yesterday signals ongoing cash needs. Watch for Q2 collections on the $7.2M receivables and whether the 340B entity ramp in July materializes. The stock is likely to trade down on the revenue miss and dilution risk.
Price Chart
Executive Summary
NextPlat Corp reported Q1 2026 revenue of $9.9M, down 29% YoY from $13.9M, but gross margin improved to a record 35% (vs 21% a year ago). Net loss narrowed 42% to $1.1M from $1.9M. The company highlighted cost cuts and a shift to higher-margin healthcare contract services, though top-line decline remains steep. An ATM offering filed yesterday for up to $3.7M adds dilution overhang.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $9.9M, down 29% YoY from $13.9M
- Healthcare prescription revenue fell to $4.8M from $9.5M YoY
- Record consolidated gross margin of 35%, up from 21% YoY
- Net loss attributable to common stockholders narrowed to $1.1M from $1.9M YoY
- Operating expenses down 9% YoY to $4.5M
- Cash balance $11.0M at quarter end, down from $13.7M at Dec 2025
- ATM offering of up to $3.7M filed May 13, 2026 (1 day prior)
- Five new 340B entities contracted, expected to start July 2026
- NATO military IoT contract valued at ~$820K awarded to GTC subsidiary
Financial Impact
Revenue decline of $4.0M (-29% YoY) with net loss improvement of $0.8M; ATM offering up to $3.7M creates ~3-4% dilution
Risk Factors
- Continued revenue contraction in healthcare segment as prescription volume and reimbursement rates decline
- ATM offering creates near-term dilution overhang
- Cash burn: $2.7M decline in cash during Q1; runway limited without revenue stabilization
- Accumulated deficit grew to $61.2M, no near-term path to profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-016986 |
| Document: nxpl20260325_8k.htm | 0001437749-26-016986 |
| Document: 0001437749-26-016986-index-headers.html | 0001437749-26-016986 |
| Document: 0001437749-26-016986-index.html | 0001437749-26-016986 |
| Document: 0001437749-26-016986.txt | 0001437749-26-016986 |
| 8-K Data (Synthetic) | 0001437749-26-016986 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 5, 2026 20w ago | EFFECT | $0.0447 | awaiting T+20 | — | — |
May 14, 2026 23w ago | 8-K | $0.0447 $0.0447 | · 0.00% | ▼ −0.86% | — |
May 13, 2026 23w ago | 424B5 | $0.0447 $0.0447 | · 0.00% | ▼ −0.86% | — |
May 6, 2026 24w ago | S-3 | $0.0447 $0.0447 | · 0.00% | ▼ −3.14% | — |
Apr 6, 2026 29w ago | 8-K | $0.0447 $0.0447 | · 0.00% | ▼ −8.98% | — |
Mar 31, 2026 29w ago | 8-K | $0.0447 $0.0447 | · 0.00% | ▼ −9.72% | — |
US Market Status
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