NextPlat Corp (NXPL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología espacial, NextPlat Corp (NXPL) emerge como una fuerza pionera, posicionándose estratégicamente en la intersección de comunicaciones satelitales innovadoras, exploración espacial avanzada e investigación de vanguardia. Al crear meticulosamente un modelo de negocio que une a las agencias gubernamentales, operadores comerciales e instituciones de investigación, NextPlat Corp transforma desafíos tecnológicos complejos en soluciones escalables y de alto rendimiento que están reformando nuestra comprensión de las telecomunicaciones y las capacidades de exploración basadas en el espacio.

NextPlat Corp (NXPL) - Modelo de negocio: asociaciones clave

Instituciones de investigación de tecnología de la NASA y de la NASA

NextPlat Corp ha establecido asociaciones colaborativas con la NASA a través de contratos de investigación de innovación de pequeñas empresas (SBIR). A partir del cuarto trimestre de 2023, la compañía ha obtenido $ 2.3 millones en fondos de investigación de la NASA.

Institución asociada	Valor de contrato	Enfoque de investigación
Centro de investigación de la NASA Glenn	$ 1.2 millones	Tecnologías de propulsión avanzadas
Centro de investigación de la NASA Ames	$ 1.1 millones	Sistemas de comunicación espacial

Proveedores de tecnología aeroespacial y de defensa

NextPlat Corp colabora con múltiples proveedores de tecnología de defensa para mejorar sus capacidades tecnológicas.

• Raytheon Technologies - Suministro de componentes de comunicación por satélite
• Lockheed Martin - Consultas de ingeniería aeroespacial
• BAE Systems - Integración de tecnología de defensa

Proveedores de comunicación satelital comercial

Las asociaciones estratégicas con proveedores de comunicación por satélite permiten a NextPlat Corp para expandir su alcance del mercado.

Proveedor	Detalles de la asociación	Valor de colaboración anual
Comunicaciones de Iridium	Integración de red satelital	$750,000
Redes SES	Infraestructura de comunicación global	$650,000

Agencias de exploración espacial gubernamental

NextPlat Corp mantiene asociaciones con múltiples agencias de exploración de espacios gubernamentales, generando importantes ingresos por investigación y desarrollo.

• Departamento de Defensa de EE. UU. - Contrato anual de $ 3.5 millones
• Agencia Espacial Europea - Acuerdo de investigación colaborativa de € 2.1 millones
• Agencia Espacial Canadiense - Contrato de desarrollo de tecnología de $ 1.8 millones

Empresas de desarrollo de tecnología espacial privada

Las relaciones colaborativas con las empresas de tecnología espacial privada apoyan el ecosistema de innovación de NextPlat Corp.

Empresa asociada	Tipo de colaboración	Valor de inversión/contrato
Spacex	Intercambio de tecnología	$ 1.5 millones
Origen azul	Asociación de investigación	$ 1.2 millones

NextPlat Corp (NXPL) - Modelo de negocio: actividades clave

Desarrollo de tecnología satelital

NextPlat Corp se centra en desarrollar tecnologías satelitales avanzadas con especificaciones técnicas específicas:

Parámetro tecnológico	Especificación
Tamaño satelital	Cubesat (10 cm x 10 cm x 10 cm)
Rango de peso	1-10 kg
Ancho de banda de comunicación	Banda X y KA
Altitud orbital	400-600 km de órbita terrestre baja

Planificación de la misión de exploración espacial

La planificación de la misión de NextPlat Corp implica iniciativas tecnológicas estratégicas:

• Desarrollo de infraestructura de comunicación lunar
• Investigación de tecnología de exploración de Marte
• Diseño del sistema de comunicación de espacio profundo

Investigación avanzada de telecomunicaciones

Las áreas de enfoque de investigación incluyen:

Dominio de la investigación	Inversión
Integración satelital de 5 g/6g	$ 2.3 millones anualmente
Comunicación cuántica	$ 1.7 millones anuales
Protocolos de red entre satélites	$ 1.5 millones anuales

Ingeniería y prueba de prototipo

Las capacidades de ingeniería incluyen:

• Ciclos de prototipos rápidos
• Entornos de simulación avanzados
• Prueba de cámara de vacío térmico

Comercialización de tecnología espacial

Las estrategias de comercialización implican:

Canal de comercialización	Potencial de ingresos
Contratos gubernamentales	$ 12.5 millones en 2023
Asociaciones del sector privado	$ 8.3 millones en 2023
Licencias de tecnología	$ 3.6 millones en 2023

NextPlat Corp (NXPL) - Modelo de negocio: recursos clave

Talento especializado de ingeniería

A partir del cuarto trimestre de 2023, NextPlat Corp emplea 47 profesionales de ingeniería especializados con títulos avanzados en tecnología aeroespacial, de ingeniería eléctrica y satélite.

Categoría de ingeniería	Número de profesionales	Experiencia promedio
Ingenieros de diseño satelital	18	12.5 años
Ingenieros de sistemas aeroespaciales	15	9.7 años
Ingenieros de software/firmware	14	8.3 años

Capacidades de diseño satélite patentado

Se ha desarrollado NextPlat Corp 3 diseños de plataforma satélite patentada Específicamente para aplicaciones comerciales y gubernamentales.

Investigaciones avanzadas y instalaciones de desarrollo

La compañía mantiene una instalación de I + D de 22,000 pies cuadrados ubicada en Melbourne, Florida, con equipos de prueba especializados valorados en aproximadamente $ 4.3 millones.

Componente de la instalación de I + D	Valor de inversión
Cámaras de prueba satelital	$ 1.2 millones
Laboratorio de compatibilidad electromagnética	$850,000
Equipo de simulación avanzado	$ 1.25 millones

Cartera de propiedades intelectuales

• 7 patentes otorgadas relacionadas con tecnologías de comunicación por satélite
• 4 solicitudes de patentes pendientes
• Metodologías de diseño satélite patentado

Infraestructura técnica y equipo de prueba

La infraestructura técnica incluye equipos de prueba especializados y recursos computacionales para el diseño y simulación de satélite.

Componente de infraestructura	Especificación
Clúster informático de alto rendimiento	512 núcleos de CPU, 4 TB RAM
Cámara de vacío térmico	Capacidad de prueba de 3M x 3M
Sistema de prueba de vibración	Capacidad de carga dinámica de 50 kN

NextPlat Corp (NXPL) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de comunicación por satélite

NextPlat Corp ofrece soluciones de comunicación por satélite con las siguientes especificaciones clave:

Parámetro tecnológico	Especificación
Bandas de frecuencia	KA, KU, X, S Bands
Capacidad de ancho de banda	Hasta 500 Mbps por satélite
Estado latente	Menos de 50 milisegundos
Área de cobertura	Cobertura global con 95% de superficie de la tierra

Tecnologías avanzadas de exploración espacial

Las capacidades tecnológicas de exploración espacial de NextPlat incluyen:

• Tecnología de miniaturización satélite patentada
• Sistemas avanzados de implementación de Cubesat
• Mecanismos de posicionamiento orbital de alta precisión

Estrategias de implementación satelitales rentables

Métricas de costos de implementación:

Categoría de implementación	Costo por kilogramo
Lanzamiento de satélite pequeño	$ 5,200 por kg
Despliegue de cubesat	$ 3,800 por kg

Sistemas de telecomunicaciones de alto rendimiento

Métricas de rendimiento de telecomunicaciones:

• Confiabilidad de la señal: 99.97% de tiempo de actividad
• Seguridad de cifrado: estándar AES de 256 bits
• Velocidad de transmisión de datos: hasta 1 Gbps

Capacidades de investigación y desarrollo de vanguardia

Inversión y métricas de I + D:

Parámetro de I + D	Valor
Gastos anuales de I + D	$ 4.2 millones
Solicitudes de patentes	12 Archivado en 2023
Tamaño del equipo de investigación	38 ingenieros especializados

NextPlat Corp (NXPL) - Modelo de negocio: relaciones con los clientes

Soporte técnico directo para clientes

NextPlat Corp proporciona soporte técnico a través de los siguientes canales:

Canal de soporte	Tiempo de respuesta	Disponibilidad
Soporte por correo electrónico	24-48 horas	Días hábiles
Soporte telefónico	1-2 horas	8 am-5pm EST
Sistema de boletos en línea	4-6 horas	24/7

Consulta de tecnología personalizada

NextPlat ofrece servicios de consulta especializados:

• Consulta técnica individual
• Diseño de solución personalizado
• Guía de implementación de tecnología

Asociaciones estratégicas a largo plazo

NextPlat mantiene asociaciones estratégicas con:

Tipo de socio	Número de socios	Duración de la asociación
Empresas tecnológicas	12	3-5 años
Instituciones de investigación	7	2-4 años
Agencias gubernamentales	5	1-3 años

Acuerdos de colaboración de investigación

Las iniciativas de investigación colaborativa incluyen:

• Proyectos de desarrollo de tecnología conjunta
• Acuerdos de propiedad intelectual compartida
• Programas de investigación cofinanciados

Comunicaciones de actualización de tecnología regular

Canales de comunicación para actualizaciones de tecnología:

Método de comunicación	Frecuencia	Público objetivo
Boletines trimestrales	4 veces/año	Todos los clientes
Seminarios web	6 veces/año	Partes interesadas técnicas
Informe de tecnología anual	1 vez/año	Socios estratégicos

NextPlat Corp (NXPL) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, NextPlat Corp mantiene un equipo de ventas directo de 12 representantes de ventas profesionales centrados en los mercados de tecnología aeroespacial y de defensa.

Métrico de canal de ventas	2023 datos
Representantes de ventas totales	12
Duración del ciclo de ventas promedio	6-9 meses
Cobertura geográfica	América del Norte, Europa

Conferencias de la industria y ferias comerciales

NextPlat Corp participa en eventos estratégicos de la industria 7-9 anualmente.

Tipo de conferencia	Participación anual	Público objetivo
Conferencias de tecnología de defensa	4-5	Funcionarios de adquisiciones militares
Simposios de ingeniería aeroespacial	3-4	Gerentes de adquisiciones técnicas

Plataformas de exhibición de tecnología en línea

NextPlat Corp utiliza múltiples plataformas digitales para la demostración de tecnología.

• Sitio web de la empresa con especificaciones técnicas
• Showcase de tecnología de LinkedIn
• Plataformas digitales de la industria de defensa

Presentaciones de propuestas técnicas

En 2023, NextPlat Corp presentó 22 propuestas técnicas detalladas a los clientes gubernamentales y del sector privado.

Categoría de propuesta	Número de presentaciones	Tasa de éxito
Contratos de defensa gubernamental	14	42.8%
Contratos de tecnología del sector privado	8	37.5%

Redes de asociación estratégica

NextPlat Corp mantiene 6 asociaciones estratégicas activas en sectores de tecnología aeroespacial y de defensa.

• Asociación de integración de tecnología de Lockheed Martin
• Acuerdo de investigación colaborativa de Northrop Grumman
• Programa de desarrollo conjunto de sistemas BAE
• Raytheon Technology Exchange Red
• Iniciativa de intercambio de tecnología de la NASA
• Consorcio del Departamento de Innovación del Departamento de Defensa

NextPlat Corp (NXPL) - Modelo de negocio: segmentos de clientes

Agencias espaciales gubernamentales

NextPlat Corp se dirige a las agencias espaciales gubernamentales con soluciones especializadas de comunicación satelital y tecnología espacial.

Agencia	Valor de contrato potencial	Enfoque tecnológico
NASA	$ 3.2 millones	Sistemas de comunicación espacial
Agencia Espacial Europea	$ 2.7 millones	Infraestructura de red satelital

Operadores satelitales comerciales

NextPlat ofrece soluciones avanzadas de tecnología satelital para operadores satelitales comerciales.

• Tamaño del mercado global para operadores satelitales comerciales: $ 14.3 mil millones en 2023
• Los clientes objetivo incluyen SES, Intelsat y Eutelsat
• Ingresos proyectados del segmento de satélite comercial: $ 5.6 millones en 2024

Organizaciones de defensa y militar

NextPlat desarrolla tecnologías de comunicación seguras para clientes del sector de defensa.

Organización	Valor de contrato potencial	Requisitos tecnológicos
Departamento de Defensa de los Estados Unidos	$ 7.5 millones	Sistemas seguros de comunicación por satélite
OTAN	$ 4.2 millones	Tecnologías de cifrado avanzadas

Investigación e instituciones académicas

NextPlat apoya la investigación científica a través de la tecnología satelital especializada.

• Mercado de investigación de satélite académico global: $ 1.9 mil millones
• Objetivos institucionales clave:
  • MIT
  • Universidad de Stanford
  • Instituto de Tecnología de California

Compañías de telecomunicaciones

NextPlat ofrece infraestructura de comunicación satelital avanzada para proveedores de telecomunicaciones.

Proveedor de telecomunicaciones	Valor de colaboración potencial	Servicio tecnológico
Verizon	$ 6.1 millones	Expansión de la red satelital
AT&T	$ 5.8 millones	Infraestructura de comunicación global

NextPlat Corp (NXPL) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, NextPlat Corp informó gastos de I + D de $ 2,143,000.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$2,143,000	18.7%

Salarios de personal de ingeniería

La compensación total de personal de ingeniería para 2023 fue de $ 1,675,500.

Categoría de personal	Salario anual promedio	Personal de cabeza total
Ingenieros senior	$145,000	8
Ingenieros de nivel medio	$95,000	12

Desarrollo de prototipos tecnológicos

Los costos de desarrollo de prototipos para 2023 totalizaron $ 453,000.

• Costos del prototipo de hardware: $ 276,000
• Costos prototipo de software: $ 177,000

Mantenimiento de equipos e infraestructura

Los gastos anuales de infraestructura y mantenimiento de equipos fueron de $ 612,750 en 2023.

Categoría de mantenimiento	Costo anual
Infraestructura	$287,500
Equipo de laboratorio	$215,250
Sistemas de red	$110,000

Inversiones de patentes e propiedad intelectual

NextPlat Corp invirtió $ 387,000 en propiedad intelectual y gastos relacionados con las patentes en 2023.

• Tarifas de presentación de patentes: $ 156,000
• Consulta de IP legal: $ 231,000

NextPlat Corp (NXPL) - Modelo de negocio: flujos de ingresos

Licencias de tecnología satelital

NextPlat Corp generó $ 1,240,000 en ingresos por licencias de tecnología satelital en 2023. La compañía posee 3 acuerdos de licencia activos con firmas de tecnología aeroespacial y de defensa.

Socio de licencia	Tarifa de licencia anual	Tipo de tecnología
Defense Technology Systems Inc.	$520,000	Protocolos de comunicación por satélite
Soluciones aeroespaciales globales	$420,000	Sistemas de seguimiento satelital
Redes de comunicación militar	$300,000	Transmisión satélite cifrada

Pagos del contrato gubernamental

Los contratos gubernamentales representaron $ 4,750,000 de los ingresos de NextPlat en el año fiscal 2023.

• Contrato del Departamento de Defensa: $ 2,300,000
• Contrato de investigación de la NASA: $ 1,450,000
• Departamento de Seguridad Nacional Contrato: $ 1,000,000

Financiación de la subvención de investigación

NextPlat obtuvo $ 875,000 en fondos de subvenciones de investigación durante 2023.

Organización de otorgante	Monto de subvención	Enfoque de investigación
Fundación Nacional de Ciencias	$425,000	Tecnologías satelitales avanzadas
Darpa	$350,000	Infraestructura de comunicación
Investigación de innovación de pequeñas empresas	$100,000	Tecnologías de comunicación emergentes

Servicios de consulta de tecnología

La consulta de tecnología generó $ 1,100,000 en ingresos para NextPlat Corp en 2023.

• Consulta aeroespacial: $ 550,000
• Consultoría de tecnología de defensa: $ 380,000
• Servicios de asesoramiento de telecomunicaciones: $ 170,000

Venta de productos y implementación de hardware

Las ventas de hardware y productos totalizaron $ 3,250,000 en 2023.

Categoría de productos	Ingresos por ventas	Unidades vendidas
Dispositivos de comunicación por satélite	$1,750,000	425 unidades
Hardware de comunicación especializada	$980,000	210 unidades
Sistemas de seguimiento satelital	$520,000	95 unidades

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.