NextPlat Corp (NXPL): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Weltraumtechnologie erweist sich NextPlat Corp (NXPL) als Pionierkraft und positioniert sich strategisch an der Schnittstelle zwischen innovativer Satellitenkommunikation, fortschrittlicher Weltraumforschung und Spitzenforschung. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das Regierungsbehörden, kommerzielle Betreiber und Forschungseinrichtungen verbindet, wandelt NextPlat Corp komplexe technologische Herausforderungen in skalierbare, leistungsstarke Lösungen um, die unser Verständnis von weltraumgestützten Telekommunikations- und Explorationsmöglichkeiten neu gestalten.

NextPlat Corp (NXPL) – Geschäftsmodell: Wichtige Partnerschaften

NASA und Forschungseinrichtungen für Weltraumtechnologie

NextPlat Corp hat im Rahmen von SBIR-Verträgen (Small Business Innovation Research) Kooperationspartnerschaften mit der NASA aufgebaut. Bis zum vierten Quartal 2023 hat sich das Unternehmen 2,3 Millionen US-Dollar an Forschungsmitteln der NASA gesichert.

Partnerinstitution	Vertragswert	Forschungsschwerpunkt
NASA Glenn Research Center	1,2 Millionen US-Dollar	Fortschrittliche Antriebstechnologien
NASA Ames Research Center	1,1 Millionen US-Dollar	Weltraumkommunikationssysteme

Zulieferer für Luft- und Raumfahrt- und Verteidigungstechnik

NextPlat Corp arbeitet mit mehreren Anbietern von Verteidigungstechnologie zusammen, um seine technologischen Fähigkeiten zu verbessern.

• Raytheon Technologies – Lieferung von Satellitenkommunikationskomponenten
• Lockheed Martin – Beratung im Bereich Luft- und Raumfahrttechnik
• BAE Systems – Integration von Verteidigungstechnologie

Kommerzielle Anbieter von Satellitenkommunikation

Strategische Partnerschaften mit Satellitenkommunikationsanbietern ermöglichen es NextPlat Corp, seine Marktreichweite zu erweitern.

Anbieter	Einzelheiten zur Partnerschaft	Jährlicher Kooperationswert
Iridium-Kommunikation	Integration von Satellitennetzwerken	$750,000
SES-Netzwerke	Globale Kommunikationsinfrastruktur	$650,000

Staatliche Weltraumforschungsagenturen

NextPlat Corp unterhält Partnerschaften mit mehreren staatlichen Weltraumforschungsagenturen und generiert so erhebliche Einnahmen aus Forschung und Entwicklung.

• US-Verteidigungsministerium – Jahresvertrag über 3,5 Millionen US-Dollar
• Europäische Weltraumorganisation – Forschungskooperationsabkommen über 2,1 Millionen Euro
• Canadian Space Agency – Technologieentwicklungsvertrag über 1,8 Millionen US-Dollar

Private Unternehmen für die Entwicklung von Raumfahrttechnologie

Kooperationsbeziehungen mit privaten Raumfahrttechnologieunternehmen unterstützen das Innovationsökosystem von NextPlat Corp.

Partnerfirma	Art der Zusammenarbeit	Investitions-/Vertragswert
SpaceX	Technologieaustausch	1,5 Millionen Dollar
Blauer Ursprung	Forschungspartnerschaft	1,2 Millionen US-Dollar

NextPlat Corp (NXPL) – Geschäftsmodell: Hauptaktivitäten

Entwicklung der Satellitentechnologie

NextPlat Corp konzentriert sich auf die Entwicklung fortschrittlicher Satellitentechnologien mit spezifischen technischen Spezifikationen:

Technologieparameter	Spezifikation
Satellitengröße	CubeSat (10 cm x 10 cm x 10 cm)
Gewichtsbereich	1-10 kg
Kommunikationsbandbreite	X-Band und Ka-Band
Orbitale Höhe	400-600 km niedrige Erdumlaufbahn

Planung von Weltraumforschungsmissionen

Die Missionsplanung von NextPlat Corp umfasst strategische Technologieinitiativen:

• Entwicklung der Mondkommunikationsinfrastruktur
• Technologieforschung zur Marserkundung
• Design von Kommunikationssystemen im Weltraum

Fortgeschrittene Telekommunikationsforschung

Zu den Forschungsschwerpunkten gehören:

Forschungsbereich	Investition
5G/6G-Satellitenintegration	2,3 Millionen US-Dollar pro Jahr
Quantenkommunikation	1,7 Millionen US-Dollar jährlich
Intersatelliten-Netzwerkprotokolle	1,5 Millionen US-Dollar jährlich

Prototypenentwicklung und -prüfung

Zu den technischen Fähigkeiten gehören:

• Schnelle Prototyping-Zyklen
• Erweiterte Simulationsumgebungen
• Prüfung in thermischen Vakuumkammern

Kommerzialisierung der Weltraumtechnologie

Kommerzialisierungsstrategien umfassen:

Kommerzialisierungskanal	Umsatzpotenzial
Regierungsverträge	12,5 Millionen US-Dollar im Jahr 2023
Partnerschaften im Privatsektor	8,3 Millionen US-Dollar im Jahr 2023
Technologielizenzierung	3,6 Millionen US-Dollar im Jahr 2023

NextPlat Corp (NXPL) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes Ingenieurtalent

Im vierten Quartal 2023 beschäftigt NextPlat Corp 47 spezialisierte Ingenieure mit höheren Abschlüssen in Luft- und Raumfahrt, Elektrotechnik und Satellitentechnologie.

Kategorie Ingenieurwesen	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Satellitendesigningenieure	18	12,5 Jahre
Ingenieure für Luft- und Raumfahrtsysteme	15	9,7 Jahre
Software-/Firmware-Ingenieure	14	8,3 Jahre

Proprietäre Satellitendesignfunktionen

NextPlat Corp hat sich entwickelt 3 proprietäre Satellitenplattformdesigns speziell für kommerzielle und staatliche Anwendungen.

Fortschrittliche Forschungs- und Entwicklungseinrichtungen

Das Unternehmen unterhält eine 22.000 Quadratmeter große Forschungs- und Entwicklungseinrichtung in Melbourne, Florida, mit spezialisierter Testausrüstung im Wert von etwa 4,3 Millionen US-Dollar.

Komponente der Forschungs- und Entwicklungseinrichtung	Investitionswert
Satellitentestkammern	1,2 Millionen US-Dollar
Labor für elektromagnetische Verträglichkeit	$850,000
Fortschrittliche Simulationsausrüstung	1,25 Millionen US-Dollar

Portfolio für geistiges Eigentum

• 7 erteilte Patente im Zusammenhang mit Satellitenkommunikationstechnologien
• 4 anhängige Patentanmeldungen
• Proprietäre Satellitendesignmethoden

Technische Infrastruktur und Prüfgeräte

Die technische Infrastruktur umfasst spezielle Testgeräte und Rechenressourcen für Satellitendesign und -simulation.

Infrastrukturkomponente	Spezifikation
Hochleistungsrechner-Cluster	512 CPU-Kerne, 4 TB RAM
Thermische Vakuumkammer	3m x 3m Testkapazität
Vibrationsprüfsystem	50 kN dynamische Belastbarkeit

NextPlat Corp (NXPL) – Geschäftsmodell: Wertversprechen

Innovative Satellitenkommunikationslösungen

NextPlat Corp bietet Satellitenkommunikationslösungen mit den folgenden Hauptspezifikationen:

Technologieparameter	Spezifikation
Frequenzbänder	Ka-, Ku-, X-, S-Bänder
Bandbreitenkapazität	Bis zu 500 Mbit/s pro Satellit
Latenz	Weniger als 50 Millisekunden
Abdeckungsbereich	Globale Abdeckung mit 95 % Erdoberfläche

Fortschrittliche Weltraumforschungstechnologien

Zu den technologischen Fähigkeiten von NextPlat im Bereich der Weltraumforschung gehören:

• Proprietäre Satellitenminiaturisierungstechnologie
• Erweiterte CubeSat-Bereitstellungssysteme
• Hochpräzise orbitale Positionierungsmechanismen

Kostengünstige Satellitenbereitstellungsstrategien

Kennzahlen zu den Bereitstellungskosten:

Bereitstellungskategorie	Kosten pro Kilogramm
Kleiner Satellitenstart	5.200 $ pro kg
CubeSat-Bereitstellung	3.800 $ pro kg

Hochleistungs-Telekommunikationssysteme

Kennzahlen zur Telekommunikationsleistung:

• Signalzuverlässigkeit: 99,97 % Betriebszeit
• Verschlüsselungssicherheit: 256-Bit-AES-Standard
• Datenübertragungsgeschwindigkeit: Bis zu 1 Gbit/s

Modernste Forschungs- und Entwicklungskapazitäten

F&E-Investitionen und Kennzahlen:

F&E-Parameter	Wert
Jährliche F&E-Ausgaben	4,2 Millionen US-Dollar
Patentanmeldungen	12 eingereicht im Jahr 2023
Größe des Forschungsteams	38 spezialisierte Ingenieure

NextPlat Corp (NXPL) – Geschäftsmodell: Kundenbeziehungen

Direkter technischer Support für Kunden

NextPlat Corp bietet technischen Support über die folgenden Kanäle:

Support-Kanal	Reaktionszeit	Verfügbarkeit
E-Mail-Support	24-48 Stunden	Werktage
Telefonsupport	1-2 Stunden	8:00–17:00 Uhr EST
Online-Ticketsystem	4-6 Stunden	24/7

Maßgeschneiderte Technologieberatung

NextPlat bietet spezialisierte Beratungsdienste:

• Persönliche technische Beratung
• Maßgeschneidertes Lösungsdesign
• Anleitung zur Technologieimplementierung

Langfristige strategische Partnerschaften

NextPlat unterhält strategische Partnerschaften mit:

Partnertyp	Anzahl der Partner	Dauer der Partnerschaft
Technologieunternehmen	12	3-5 Jahre
Forschungseinrichtungen	7	2-4 Jahre
Regierungsbehörden	5	1-3 Jahre

Vereinbarungen zur Forschungskooperation

Zu den kooperativen Forschungsinitiativen gehören:

• Gemeinsame Technologieentwicklungsprojekte
• Gemeinsame Vereinbarungen über geistiges Eigentum
• Kofinanzierte Forschungsprogramme

Regelmäßige Technologie-Update-Mitteilungen

Kommunikationskanäle für Technologie-Updates:

Kommunikationsmethode	Häufigkeit	Zielgruppe
Vierteljährliche Newsletter	4 Mal/Jahr	Alle Kunden
Webinare	6 Mal/Jahr	Technische Stakeholder
Jährlicher Technologiebericht	1 Mal/Jahr	Strategische Partner

NextPlat Corp (NXPL) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt NextPlat Corp über ein Direktvertriebsteam von 12 professionellen Vertriebsmitarbeitern, die sich auf die Märkte Luft- und Raumfahrt- und Verteidigungstechnologie konzentrieren.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	12
Durchschnittliche Länge des Verkaufszyklus	6-9 Monate
Geografische Abdeckung	Nordamerika, Europa

Branchenkonferenzen und Messen

NextPlat Corp nimmt jährlich an 7–9 strategischen Branchenveranstaltungen teil.

Konferenztyp	Jährliche Teilnahme	Zielgruppe
Konferenzen zur Verteidigungstechnologie	4-5	Beamte für militärische Beschaffung
Symposien zur Luft- und Raumfahrttechnik	3-4	Technische Einkaufsmanager

Online-Technologie-Showcase-Plattformen

NextPlat Corp nutzt mehrere digitale Plattformen zur Technologiedemonstration.

• Unternehmenswebsite mit technischen Spezifikationen
• LinkedIn-Technologie-Showcase
• Digitale Plattformen der Verteidigungsindustrie

Einreichung technischer Vorschläge

Im Jahr 2023 reichte NextPlat Corp 22 detaillierte technische Vorschläge für Kunden aus dem öffentlichen und privaten Sektor ein.

Angebotskategorie	Anzahl der Einreichungen	Erfolgsquote
Verteidigungsverträge der Regierung	14	42.8%
Technologieverträge für den Privatsektor	8	37.5%

Strategische Partnerschaftsnetzwerke

NextPlat Corp unterhält 6 aktive strategische Partnerschaften in den Bereichen Luft- und Raumfahrt und Verteidigungstechnologie.

• Lockheed Martin Technology Integration Partnership
• Northrop Grumman Forschungskooperationsvereinbarung
• Gemeinsames Entwicklungsprogramm von BAE Systems
• Raytheon Technology Exchange Network
• NASA-Initiative zum Technologieaustausch
• Innovationskonsortium des Verteidigungsministeriums

NextPlat Corp (NXPL) – Geschäftsmodell: Kundensegmente

Staatliche Raumfahrtagenturen

NextPlat Corp richtet sich mit spezialisierten Satellitenkommunikations- und Weltraumtechnologielösungen an staatliche Raumfahrtbehörden.

Agentur	Potenzieller Vertragswert	Technologiefokus
NASA	3,2 Millionen US-Dollar	Weltraumkommunikationssysteme
Europäische Weltraumorganisation	2,7 Millionen US-Dollar	Satellitennetzwerk-Infrastruktur

Kommerzielle Satellitenbetreiber

NextPlat bietet fortschrittliche Satellitentechnologielösungen für kommerzielle Satellitenbetreiber.

• Weltweite Marktgröße für kommerzielle Satellitenbetreiber: 14,3 Milliarden US-Dollar im Jahr 2023
• Zu den Zielkunden zählen SES, Intelsat und Eutelsat
• Voraussichtlicher Umsatz aus dem kommerziellen Satellitensegment: 5,6 Millionen US-Dollar im Jahr 2024

Verteidigungs- und Militärorganisationen

NextPlat entwickelt sichere Kommunikationstechnologien für Kunden aus dem Verteidigungssektor.

Organisation	Potenzieller Vertragswert	Technologieanforderungen
US-Verteidigungsministerium	7,5 Millionen Dollar	Sichere Satellitenkommunikationssysteme
NATO	4,2 Millionen US-Dollar	Fortschrittliche Verschlüsselungstechnologien

Forschungs- und akademische Einrichtungen

NextPlat unterstützt wissenschaftliche Forschung durch spezielle Satellitentechnologie.

• Weltweiter Markt für akademische Satellitenforschung: 1,9 Milliarden US-Dollar
• Wichtigste institutionelle Ziele:
  • MIT
  • Stanford-Universität
  • Kalifornisches Institut für Technologie

Telekommunikationsunternehmen

NextPlat bietet fortschrittliche Satellitenkommunikationsinfrastruktur für Telekommunikationsanbieter.

Telekommunikationsanbieter	Potenzieller Wert der Zusammenarbeit	Technologiedienst
Verizon	6,1 Millionen US-Dollar	Ausbau des Satellitennetzes
AT&T	5,8 Millionen US-Dollar	Globale Kommunikationsinfrastruktur

NextPlat Corp (NXPL) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete NextPlat Corp Forschungs- und Entwicklungskosten in Höhe von 2.143.000 US-Dollar.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	$2,143,000	18.7%

Gehälter für Ingenieurpersonal

Die Gesamtvergütung für technisches Personal belief sich im Jahr 2023 auf 1.675.500 US-Dollar.

Personalkategorie	Durchschnittliches Jahresgehalt	Gesamtzahl der Mitarbeiter
Leitende Ingenieure	$145,000	8
Mittelständische Ingenieure	$95,000	12

Entwicklung von Technologieprototypen

Die Entwicklungskosten für Prototypen beliefen sich im Jahr 2023 auf insgesamt 453.000 US-Dollar.

• Kosten für Hardware-Prototypen: 276.000 US-Dollar
• Kosten für Software-Prototypen: 177.000 US-Dollar

Wartung von Ausrüstung und Infrastruktur

Die jährlichen Wartungskosten für Infrastruktur und Ausrüstung beliefen sich im Jahr 2023 auf 612.750 US-Dollar.

Wartungskategorie	Jährliche Kosten
IT-Infrastruktur	$287,500
Laborausrüstung	$215,250
Netzwerksysteme	$110,000

Investitionen in Patente und geistiges Eigentum

NextPlat Corp investierte im Jahr 2023 387.000 US-Dollar in geistiges Eigentum und patentbezogene Ausgaben.

• Patentanmeldungsgebühren: 156.000 US-Dollar
• Rechtliche IP-Beratung: 231.000 $

NextPlat Corp (NXPL) – Geschäftsmodell: Einnahmequellen

Lizenzierung von Satellitentechnologie

NextPlat Corp erwirtschaftete im Jahr 2023 Einnahmen aus der Satellitentechnologie-Lizenzierung in Höhe von 1.240.000 US-Dollar. Das Unternehmen verfügt über drei aktive Lizenzvereinbarungen mit Luft- und Raumfahrt- und Verteidigungstechnologieunternehmen.

Lizenzpartner	Jährliche Lizenzgebühr	Technologietyp
Verteidigungstechnologiesysteme Inc.	$520,000	Satellitenkommunikationsprotokolle
Globale Luft- und Raumfahrtlösungen	$420,000	Satelliten-Tracking-Systeme
Militärische Kommunikationsnetze	$300,000	Verschlüsselte Satellitenübertragung

Zahlungen aus Regierungsverträgen

Regierungsaufträge machten im Geschäftsjahr 2023 4.750.000 US-Dollar des Umsatzes von NextPlat aus.

• Vertrag des Verteidigungsministeriums: 2.300.000 US-Dollar
• NASA-Forschungsvertrag: 1.450.000 US-Dollar
• Vertrag mit dem Department of Homeland Security: 1.000.000 US-Dollar

Finanzierung von Forschungsstipendien

NextPlat sicherte sich im Jahr 2023 Forschungsstipendien in Höhe von 875.000 US-Dollar.

Gewährende Organisation	Zuschussbetrag	Forschungsschwerpunkt
Nationale Wissenschaftsstiftung	$425,000	Fortschrittliche Satellitentechnologien
DARPA	$350,000	Kommunikationsinfrastruktur
Innovationsforschung für Kleinunternehmen	$100,000	Neue Kommunikationstechnologien

Technologieberatungsdienste

Die Technologieberatung generierte im Jahr 2023 einen Umsatz von 1.100.000 US-Dollar für NextPlat Corp.

• Luft- und Raumfahrtberatung: 550.000 US-Dollar
• Beratung im Bereich Verteidigungstechnologie: 380.000 US-Dollar
• Telekommunikationsberatungsdienste: 170.000 US-Dollar

Produktverkauf und Hardwarebereitstellung

Der Hardware- und Produktumsatz belief sich im Jahr 2023 auf insgesamt 3.250.000 US-Dollar.

Produktkategorie	Umsatzerlöse	Verkaufte Einheiten
Satellitenkommunikationsgeräte	$1,750,000	425 Einheiten
Spezialisierte Kommunikationshardware	$980,000	210 Einheiten
Satelliten-Tracking-Systeme	$520,000	95 Einheiten

NextPlat Corp (NXPL) - Canvas Business Model: Value Propositions

You're looking at the core value NextPlat Corp (NXPL) offers its customers as of late 2025, grounded in the numbers from their Q3 2025 report. It's a mix of legacy strength and new strategic pivots, so let's look at the hard data supporting each claim.

The company's overall consolidated revenue for the quarter ending September 30, 2025, was $13.8 million, which shows top-line pressure, but the value propositions are what management is leaning on for the expected rebound in Q4 2025 and into 2026.

Here's a quick look at the financial backdrop supporting these value drivers:

Metric	Q3 2025 Value	YoY Comparison
Consolidated Revenue	$13.8 million	Down 11%
Gross Profit Margin	19.9%	Down from 23.2%
Operating Expenses	$4.7 million	Down nearly 40%
Net Loss	$2.2 million	Improved 48%
Cash on Hand	$13.9 million	Sufficient for at least 12 months of operations

High-margin, recurring satellite airtime revenue.

This value proposition, rooted in the e-Commerce segment, continues to deliver, even as overall revenue dipped. Management noted that this area saw robust sales for satellite-based connectivity and IoT products, with the high-margin recurring revenue running at record levels as of Q3 2025. That's the kind of sticky revenue stream we analysts look for, even if the 340B side was soft.

Specialized 340B pharmacy and long-term care services.

The 340B pharmacy business, managed through Progressive Care, faced headwinds, with contract revenue declining. However, the value proposition of specialized service is showing a sharp turnaround. Following direct engagement late in the quarter, the company reported that in October, they dispensed over 1,600 340B prescriptions, translating to a 140% rise in monthly 340B contract revenue when compared to their lowest month earlier in the year. Also, the retail prescription business saw volumes up 27% from the low point in 2025, supported by a new government pharmacy service contract.

The gross profit margin for the Healthcare segment specifically was 18.4% in Q3 2025, down from 21.5% in Q3 2024, but the volume recovery suggests this margin could improve sequentially.

AI-enhanced healthcare analytics for operational efficiency.

NextPlat Corp is positioning this as a future driver. As of October 2025, the company announced the launch of its new AI powered proprietary healthcare management software. This is designed to directly address operational efficiency, which is critical given the company's focus on cost reduction-they have identified annualized overhead expense reductions of more than $2.0 million.

Global access to US-produced health and wellness products.

The global reach is quantifiable. NextPlat Corp reports delivering products and services to over 150,000 customers across 160+ countries. While the Q1 update mentioned a strategic setback regarding the launch timeline for US-produced Florida Sunshine products in China due to tariff concerns, the established global footprint remains a core value proposition for product distribution.

Mission-critical communications for enterprise and government.

This ties into the e-Commerce division's IoT and connectivity offerings. The value here is supported by securing new business, such as the multi-state prescription fulfillment contract awarded by Virtual Healthcare Provider DevotedDOc in early November 2025. Furthermore, the improved operational performance is partly attributed to supporting a new government pharmacy service contract.

You should track the segment-specific revenue contribution as the company works to reverse the Q3 trend:

• Healthcare segment revenue was reported at $10.1 million (down 13% YoY) in one breakdown.
• e-Commerce segment revenue was reported at $3.7 million (down 3-4% YoY) in the same breakdown.
• The company aims to achieve operational break-even in the second half of 2026.

Finance: draft 13-week cash view by Friday.

NextPlat Corp (NXPL) - Canvas Business Model: Customer Relationships

You're looking at how NextPlat Corp interacts with its distinct customer groups, which really fall into two main buckets: the healthcare side and the connectivity/e-commerce side. The relationship style changes quite a bit depending on which service you're buying.

Direct engagement with select 340B customers for volume. This is about high-touch re-engagement in the healthcare segment. After some covered entities transitioned away, NextPlat Corp focused on winning them back. This effort showed real traction by the end of the third quarter of 2025. For example, in October 2025, the company dispensed more than 1,600 340B prescriptions. That specific volume jump resulted in over a 140% rise in monthly 340B contract revenue compared to the lowest month earlier in 2025. To be fair, the 340B contract revenue for the full third quarter of 2025 was only $600,000, down from $2.5 million in the prior year quarter, but the momentum is clearly pointing forward. The retail prescription business is also showing recovery, with volumes up 27% from the lows experienced earlier in 2025.

Dedicated account management for enterprise connectivity clients. Here, the focus is on securing and maintaining high-value, recurring service agreements, often with government or enterprise entities. These relationships are critical because the revenue is high-margin and not subject to tariffs. For instance, the subsidiary Global Telesat Communications Ltd (GTC) secured a one-year wireless connectivity services contract extension from an African military customer in April 2025. Also, the Outfitter Satellite division has a three-year service contract with a US state government customer, which includes an option to renew for up to two years. This focus on service contracts is paying off; recurring revenue from airtime contract sales increased by 51% to record levels in the first quarter of 2025.

Transactional e-commerce relationship for hardware sales. This covers the broader global reach of NextPlat Corp's e-commerce operations, which involves selling various technology products. Overall, the company has delivered products and services to over 150,000 customers across 160+ countries. The relationship here is more volume-based and transactional, though it was impacted by an airtime contract expiration at the end of 2024. The e-Commerce segment saw a modest revenue decrease of about $100,000 in the third quarter of 2025 compared to the prior year period.

Long-term contracts for recurring airtime services. This ties directly into the connectivity segment, where the relationship is defined by the contract length and the recurring nature of the airtime fees. These contracts are structured to provide predictable revenue streams. Here's a quick look at some recent contract structures defining these relationships:

Relationship Type	Customer Example/Segment	Contract Duration/Term	Key Metric/Data Point
Long-Term Service Contract	US State Government (Outfitter)	Three-year initial term with up to two-year renewal option.	Drives domestic growth in high-margin recurring service.
Contract Extension	African Military Customer (GTC)	One-year extension.	Includes options for additional future hardware purchases and annual airtime services.
Recurring Revenue Growth	Connectivity Services (Q1 2025)	N/A	Recurring revenue from airtime contract sales increased by 51%.
Transactional Recovery	340B Customers (October 2025)	Month-to-month/Volume-based	Dispensed over 1,600 340B prescriptions in October 2025.

You can see the difference clearly in the metrics. The connectivity side is about locking in multi-year service commitments, while the healthcare side is focused on re-establishing volume through direct engagement to boost monthly prescription counts.

The company's overall customer base is broad, but the relationship management is segmented:

• Direct engagement with select 340B customers for volume.
• Dedicated account management for enterprise connectivity clients.
• Transactional e-commerce relationship for hardware sales.
• Long-term contracts for recurring airtime services.
• Retail prescription volumes up 27% from early 2025 lows.
• Total Q3 2025 prescription volume was approximately 96,000.

Finance: draft 13-week cash view by Friday.

NextPlat Corp (NXPL) - Canvas Business Model: Channels

You're looking at how NextPlat Corp (NXPL) gets its technology and healthcare offerings to the customer base as of late 2025. The channels are quite diverse, spanning physical healthcare points, direct enterprise contracts, and global digital marketplaces.

For the healthcare side, the primary channel involves the PharmCo Rx retail pharmacy locations and related services. While a specific count of US retail pharmacy locations isn't public, the reach is expanding through fulfillment contracts. PharmcoRx secured an exclusive, multi-state prescription fulfillment services contract with DevotedDOc, starting in November 2025 for patients in Florida and Georgia.

This fulfillment capability is set to grow nationally as PharmcoRx holds non-resident pharmacy licenses in several other states. Here's the list of states where they are licensed to expand fulfillment:

• Arizona
• Colorado
• Connecticut
• Illinois
• Minnesota
• Nevada
• New Jersey
• New York
• Pennsylvania
• Texas
• Utah

This network supports the retail prescription business, which saw volumes up $\mathbf{27\%}$ from the low experienced earlier in 2025. Also, direct engagement with select 340B customers late in Q3 2025 led to an October dispensing volume increase resulting in over $\mathbf{140\%}$ rise in monthly 340B contract revenue compared to the lowest month earlier in the year. That's real traction in a key healthcare channel.

The global e-commerce websites for satellite/IoT products form the technology channel. This division provides voice, data, tracking, and IoT products and services worldwide. The hardware sales component saw over $\mathbf{50,000}$ hardware units sold for satellite trackers/messengers. The recurring revenue stream within this channel is strong, with Q1 2025 reporting recurring airtime revenue up $\mathbf{51\%}$ year-over-year. The overall e-Commerce segment experienced only a modest revenue decrease of about $\mathbf{\$100,000}$ in Q3 2025 compared to Q3 2024, showing resilience in services.

For international product distribution, NextPlat Corp (NXPL) leverages major platforms. The company has global operations spanning $\mathbf{30+}$ storefronts, marketplaces, and retail locations, delivering to over $\mathbf{150,000}$ customers across $\mathbf{160+}$ countries. This scale is critical for their global e-commerce strategy.

Entry into the China market is specifically targeted through Alibaba's Tmall Global platform. NextPlat received initial approval for sales in China, with market entry expected in Q4 2025, though the launch of the Florida Sunshine brand was paused due to tariff escalation, while growth of existing OPKO product sales on Tmall Global continues despite limited inventory levels. They are actively advancing their storefront there.

Direct sales to enterprise, government, and humanitarian organizations are a key component of the technology segment. This channel involves securing new connectivity contracts and expanding mission-critical communications capabilities, particularly across Europe. Furthermore, the Healthcare Operations segment has a recently expanded medication fulfillment services subcontract on behalf of a government contractor. Overall, NextPlat Corp (NXPL) reports serving individuals, governments, and corporations globally.

Here is a snapshot of the scale across the technology and global e-commerce channels as of late 2025:

Metric	Value	Channel Relevance
Global Storefronts/Marketplaces	30+	Global E-commerce Websites
Customers Served Globally	150,000+	Global E-commerce Websites
Countries Reached	160+	Global E-commerce Websites
Satellite Hardware Units Sold (Cumulative)	>50,000	Global E-commerce Websites
Recurring Airtime Revenue Growth (Q1 2025 YoY)	51%	Global E-commerce Websites
Tmall Global Entry Target	Q4 2025 (Initial Approval Received)	Alibaba's Tmall Global Platform

NextPlat Corp (NXPL) - Canvas Business Model: Customer Segments

You're analyzing NextPlat Corp's customer base as of late 2025, and it's clear the company serves a highly diversified set of markets across healthcare and global communications technology.

The customer segments are distinct, with performance metrics showing recent volatility but also signs of sequential improvement in key areas as of the third quarter of 2025.

The primary customer groups NextPlat Corp targets include:

• US healthcare providers utilizing the 340B program.
• Global consumers and enterprises needing satellite connectivity/IoT.
• Long-term care facilities requiring prescription services.
• Chinese consumers seeking US-produced health and wellness products.

Here's a look at the quantitative data supporting these segments based on the latest reported figures, primarily from the third quarter ended September 30, 2025.

Customer Segment Focus	Relevant Metric (Q3 2025 or Latest)	Value/Amount
US Healthcare Providers (340B Program)	340B Contract Revenue (Q3 2025)	$600,000
US Healthcare Providers (340B Program)	340B Prescriptions Dispensed (October 2025)	More than 1,600
Long-Term Care Facilities (Prescription Services)	Pharmacy Prescription Revenues (Q3 2025)	$9,500,000
Long-Term Care Facilities (Prescription Services)	Total Prescriptions Filled (Q3 2025)	About 96,000
Global Satellite/IoT Enterprises	e-Commerce Segment Gross Profit Margin (Q3 2025)	Approximately 23.7%
Chinese Consumers (Health/Wellness E-commerce)	US-Produced Product Launch Status (China)	Temporarily on hold

The Healthcare Operations segment, which includes both 340B and long-term care services, reported pharmacy prescription revenues of $9,500,000 in the third quarter of 2025, marking a 5% increase year-over-year. However, the 340B contract revenue specifically saw a sharp drop to $600,000 in Q3 2025 from $2.5 million in the prior year quarter. To be fair, direct engagement late in Q3 led to over 140% growth in monthly 340B contract revenue in October compared to the lowest month earlier in the year.

For the global satellite connectivity and IoT customers, NextPlat Corp operates through subsidiaries like Global Telesat Communications. While the overall e-Commerce segment saw a modest revenue decrease of about $100,000 in Q3 2025, the recurring airtime revenue component, which supports IoT sales, grew by 51% in Q1 2025. The broader satellite IoT market context shows connections surpassed 7.5 million in 2024, with forecasts suggesting revenue growth at a 26% CAGR until 2030, surpassing $4.7 billion.

Regarding the Chinese consumer segment for US-produced health and wellness products, the planned launch of the Florida Sunshine-branded line is temporarily on hold due to evolving trade conditions. Current sales in China are focused on OPKO Healthcare-branded products, which are not US-produced and therefore not subject to the tariffs affecting the planned line. The company is awaiting regulatory approval for OPKO pet health products, with sales expected approximately 12 weeks after Q4 2025 receipt.

The long-term care facilities segment benefits from the overall retail pharmacy business, where prescription volumes were up 27% from the low point earlier in 2025. The company supplies prescription medications directly to these facilities.

Here are some key financial metrics for the segments in Q3 2025:

• Total Consolidated Revenue (Q3 2025): $13,800,000.
• Healthcare Operations Revenue (Q3 2025): $9,500,000.
• Healthcare Segment Gross Profit Margin (Q3 2025): Approximately 18.4%.
• Operating Expenses (Q3 2025): Reduced to roughly $4.7 million.

Finance: draft 13-week cash view by Friday.

NextPlat Corp (NXPL) - Canvas Business Model: Cost Structure

You're looking at the cost side of NextPlat Corp (NXPL) as of late 2025, focusing on the hard numbers from the third quarter ended September 30, 2025. The company has been aggressively streamlining its structure.

Total operating expenses for the third quarter of 2025 were reduced to approximately $4.7 million. This compares to approximately $7.8 million in the third quarter of 2024, excluding approximately $3.7 million in non-recurring expenses from the prior year quarter. Management has identified steps to reduce annualized overhead expenses by more than $2.0 million through headcount reductions and operational improvements. These savings are expected to show increasing impact starting in the fourth quarter of 2025.

The reduction in overall operating costs was driven by specific cuts across personnel and external services. Here's a breakdown of those key expense reductions:

• Salaries and wages declined by approximately $800,000.
• Professional fees decreased by about $1.8 million.

The cost of goods sold (COGS) is reflected in the gross profit figures. For the third quarter of 2025, NextPlat Corp reported a consolidated gross profit of $2.7 million on total revenue of approximately $13.8 million. This resulted in a consolidated gross profit margin of 19.9%, down from 23.2% in the year-ago quarter. The lower margin reflects softer performance in both segments.

Specifically concerning the segments:

• Healthcare segment gross profit margin was approximately 18.4% in Q3 2025, down from 21.5% in Q3 2024, primarily due to a decrease in 340B contract revenue.
• e-Commerce Operations gross profit margin declined to approximately 23.7% from 28.1% year-over-year.

The pressure on the e-Commerce margin is directly linked to increased airtime costs. This followed the expiration of a legacy service provider airtime contract on December 31, 2024, which introduced new airtime costs beginning January 1, 2025. The decline in hardware sales within the e-Commerce segment also contributed to the margin pressure.

You can see the key cost and expense metrics for Q3 2025 here:

Cost/Expense Category	Q3 2025 Amount	Comparison/Driver
Total Operating Expenses	$4.7 million	Reduced from $7.8 million (Q3 2024, ex-non-recurring)
Salaries and Wages Change	Reduction of $800,000	Leaner workforce, lower stock-based compensation
Professional Fees Change	Reduction of $1.8 million	Lower legal and consulting costs
Gross Profit	$2.7 million	On $13.8 million revenue
e-Commerce Gross Margin	23.7%	Impacted by new airtime costs

The company ended the quarter with approximately $13.9 million in cash.

NextPlat Corp (NXPL) - Canvas Business Model: Revenue Streams

You're looking at the actual money NextPlat Corp is bringing in across its distinct business segments as of late 2025. Here's the quick math on the revenue streams reported for the third quarter ending September 30, 2025.

The overall consolidated revenue for Q3 2025 was approximately $13.8 million, which was an 11% decrease year-over-year from $15.4 million in the prior year quarter. Still, the composition of that revenue shows where the focus is shifting.

Revenue Stream Component	Q3 2025 Amount	Year-over-Year Change (if available)
Pharmacy Prescription Revenue	$9.5 million	Up 5%
340B Contract Revenue	$600,000	Down from $2.5 million in prior year quarter
E-commerce Revenue (Total)	$3.7 million	Down 4%
Healthcare Segment Revenue (Total)	$9.5 million	Up 5%

Let's break down those components based on your outline points.

• - Pharmacy prescription revenue: This line item hit $9.5 million in Q3 2025. That's a 5% increase versus the prior year period, driven by higher reimbursement rates per prescription, even though total prescriptions filled were down to about 96,000 this quarter from 128,000 a year ago. Comparing sequentially to Q2 2025, prescription volume actually increased by roughly 5,000, leading to a revenue jump of $1.3 million or 16%.
• - Recurring airtime service revenue: While we don't have the exact Q3 2025 dollar amount, this stream is noted as running at record levels in the third quarter. For context on its growth trajectory, this revenue segment rose 51% Year-over-Year in Q1 2025, supported by new connectivity contracts.
• - Sales of satellite-based connectivity and IoT hardware: This falls under the e-commerce segment, which saw total revenue of $3.7 million in Q3 2025. The overall e-commerce revenue saw a modest 4% decline, mainly because hardware sales were softer.
• - 340B contract revenue from healthcare operations: This stream faced headwinds, decreasing to $600,000 in Q3 2025 from $2.5 million in the prior year quarter. Sequentially, this represented a decline of approximately $400,000.
• - E-commerce sales of consumer products (e.g., Florida Sunshine): Revenue for the entire e-commerce segment was $3.7 million in Q3 2025. The planned launch of Florida Sunshine into China was paused due to escalating tariffs, affecting potential growth ramps for late 2025.

You can see the mix is shifting; the healthcare segment revenue overall grew 5% to $9.5 million in Q3 2025, while the e-commerce segment saw a modest decrease of about $100,000. Finance: draft 13-week cash view by Friday.