NextPlat Corp (NXPL): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le paysage en évolution rapide de la technologie spatiale, NextPlat Corp (NXPL) émerge comme une force pionnière, se positionnant stratégiquement à l'intersection des communications satellites innovantes, une exploration spatiale avancée et des recherches de pointe. En fabriquant méticuleusement un modèle commercial qui plie les agences gouvernementales, les opérateurs commerciaux et les institutions de recherche, NextPlat Corp transforme les défis technologiques complexes en solutions évolutives et hautes performances qui remodeler notre compréhension des télécommunications spatiales et des capacités d'exploration.

NextPlat Corp (NXPL) - Modèle d'entreprise: partenariats clés

Institutions de recherche technologique de la NASA et de l'espace

NextPlat Corp a établi des partenariats collaboratifs avec la NASA par le biais de contrats de recherche sur l'innovation des petites entreprises (SBIR). Au quatrième trimestre 2023, la société a obtenu 2,3 ​​millions de dollars en financement de recherche de la NASA.

Institution partenaire	Valeur du contrat	Focus de recherche
Centre de recherche de la NASA Glenn	1,2 million de dollars	Technologies de propulsion avancées
Centre de recherche sur la NASA Ames	1,1 million de dollars	Systèmes de communication spatiale

Fournisseurs de technologies aérospatiales et de défense

NextPlat Corp collabore avec plusieurs fournisseurs de technologies de défense pour améliorer ses capacités technologiques.

• Raytheon Technologies - Supply des composants de communication par satellite
• Lockheed Martin - Consultations en génie aérospatiales
• Systèmes BAE - Intégration de la technologie de défense

Fournisseurs de communication par satellite commerciale

Les partenariats stratégiques avec les fournisseurs de communication par satellite permettent à NextPlat Corp d'élargir sa portée de marché.

Fournisseur	Détails du partenariat	Valeur de collaboration annuelle
Communications iridium	Intégration du réseau satellite	$750,000
Réseaux SES	Infrastructure de communication mondiale	$650,000

Agences d'exploration spatiale gouvernementales

NextPlat Corp entretient des partenariats avec plusieurs agences d'exploration spatiale gouvernementales, générant des revenus de recherche et de développement importants.

• Département américain de la Défense - Contrat annuel de 3,5 millions de dollars
• Agence spatiale européenne - 2,1 millions d'euros Contrat de recherche collaboratif
• Agence spatiale canadienne - Contrat de développement technologique de 1,8 million de dollars

Entreprises de développement de technologies spatiales privées

Les relations collaboratives avec les entreprises de technologie spatiale privées soutiennent l'écosystème de l'innovation de NextPlat Corp.

Entreprise partenaire	Type de collaboration	Valeur d'investissement / contrat
SpaceX	Échange de technologies	1,5 million de dollars
Origine bleue	Partenariat de recherche	1,2 million de dollars

NextPlat Corp (NXPL) - Modèle d'entreprise: activités clés

Développement de la technologie des satellites

NextPlat Corp se concentre sur le développement de technologies satellites avancées avec des spécifications techniques spécifiques:

Paramètre technologique	Spécification
Taille de satellite	Cubeat (10 cm x 10 cm x 10 cm)
Plage de poids	1-10 kg
Bande passante de communication	Bande X et bande ka
Altitude orbitale	400 à 600 km de basse orbite terrestre

Planification de la mission d'exploration spatiale

La planification de mission de NextPlat Corp implique des initiatives technologiques stratégiques:

• Développement de l'infrastructure de communication lunaire
• Recherche en technologie d'exploration de Mars
• Conception du système de communication de l'espace profond

Recherche avancée des télécommunications

Les domaines d'intérêt de la recherche comprennent:

Domaine de recherche	Investissement
Intégration satellite 5G / 6G	2,3 millions de dollars par an
Communication quantique	1,7 million de dollars par an
Protocoles de réseau inter-satellite	1,5 million de dollars par an

Ingénierie et tests prototypes

Les capacités d'ingénierie comprennent:

• Cycles de prototypage rapide
• Environnements de simulation avancés
• Tests de chambre à vide thermique

Commercialisation de la technologie spatiale

Les stratégies de commercialisation impliquent:

Canal de commercialisation	Potentiel de revenus
Contrats du gouvernement	12,5 millions de dollars en 2023
Partenariats du secteur privé	8,3 millions de dollars en 2023
Licence de technologie	3,6 millions de dollars en 2023

NextPlat Corp (NXPL) - Modèle d'entreprise: Ressources clés

Talent d'ingénierie spécialisé

Depuis le quatrième trimestre 2023, NextPlat Corp emploie 47 professionnels de l'ingénierie spécialisés titulaires d'un diplôme avancé en aérospatial, en génie électrique et en technologie des satellites.

Catégorie d'ingénierie	Nombre de professionnels	Expérience moyenne
Ingénieurs de conception satellite	18	12,5 ans
Ingénieurs de systèmes aérospatiaux	15	9,7 ans
Ingénieurs logiciels / micrologiciels	14	8,3 ans

Capacités de conception par satellite propriétaire

NextPlat Corp a développé 3 conceptions de plate-forme satellite propriétaire en particulier pour les applications commerciales et gouvernementales.

Installations de recherche et développement avancées

La société maintient une installation de R&D de 22 000 pieds carrés située à Melbourne, en Floride, avec un équipement de test spécialisé d'une valeur d'environ 4,3 millions de dollars.

Composant de l'installation R&D	Valeur d'investissement
Chambres de test satellite	1,2 million de dollars
Laboratoire de compatibilité électromagnétique	$850,000
Équipement de simulation avancée	1,25 million de dollars

Portefeuille de propriété intellectuelle

• 7 Brevets accordés liés aux technologies de communication par satellite
• 4 demandes de brevet en instance
• Méthodologies de conception satellite propriétaire

Infrastructure technique et équipement de test

L'infrastructure technique comprend des équipements de test spécialisés et des ressources de calcul pour la conception et la simulation de satellites.

Composant d'infrastructure	Spécification
Cluster informatique haute performance	512 cœurs de processeur, 4 To RAM
Chambre à vide thermique	Capacité de test de 3M x 3M
Système de test de vibration	Capacité de charge dynamique de 50 kN

NextPlat Corp (NXPL) - Modèle d'entreprise: propositions de valeur

Solutions de communication par satellite innovantes

NextPlat Corp propose des solutions de communication par satellite avec les spécifications clés suivantes:

Paramètre technologique	Spécification
Bandes de fréquence	Bandes ka, ku, x, s
Capacité de bande passante	Jusqu'à 500 Mbps par satellite
Latence	Moins de 50 millisecondes
Zone de couverture	Couverture globale avec une surface de la terre à 95%

Technologies d'exploration spatiale avancées

Les capacités technologiques de l'exploration spatiale de NextPlat comprennent:

• Technologie de miniaturisation par satellite propriétaire
• Systèmes de déploiement avancé
• Mécanismes de positionnement orbital de haute précision

Stratégies de déploiement par satellite rentable

Métriques des coûts de déploiement:

Catégorie de déploiement	Coût par kilogramme
Lancement de petit satellite	5 200 $ par kg
Déploiement de CubeSat	3 800 $ par kg

Systèmes de télécommunications hautes performances

Métriques de performance des télécommunications:

• Fiabilité du signal: 99,97% de disponibilité
• Sécurité du chiffrement: norme AES 256 bits
• Vitesse de transmission des données: jusqu'à 1 Gbps

Capacités de recherche et de développement de pointe

Investissement et métriques de R&D:

Paramètre R&D	Valeur
Dépenses annuelles de R&D	4,2 millions de dollars
Demandes de brevet	12 déposés en 2023
Taille de l'équipe de recherche	38 ingénieurs spécialisés

NextPlat Corp (NXPL) - Modèle d'entreprise: relations clients

Support technique direct pour les clients

NextPlat Corp fournit un support technique sur les canaux suivants:

Canal de support	Temps de réponse	Disponibilité
Assistance par e-mail	24-48 heures	Jours ouvrables
Support téléphonique	1-2 heures	8 h à 17 h HNE
Système de billetterie en ligne	4-6 heures	24/7

Consultation technologique personnalisée

NextPlat offre des services de consultation spécialisés:

• Consultation technique individuelle
• Conception de solution personnalisée
• Conseils de mise en œuvre de la technologie

Partenariats stratégiques à long terme

NextPlat maintient des partenariats stratégiques avec:

Type de partenaire	Nombre de partenaires	Durée du partenariat
Entreprises technologiques	12	3-5 ans
Institutions de recherche	7	2-4 ans
Agences gouvernementales	5	1 à 3 ans

Accords de collaboration de recherche

Les initiatives de recherche collaborative comprennent:

• Projets de développement technologique conjoint
• Accords de propriété intellectuelle partagée
• Programmes de recherche cofinancés

Communications de mise à jour de la technologie régulière

Canaux de communication pour les mises à jour de la technologie:

Méthode de communication	Fréquence	Public cible
Newsletters trimestriels	4 fois / an	Tous les clients
Webinaires	6 fois / an	Parties prenantes techniques
Rapport technologique annuel	1 heure / an	Partenaires stratégiques

NextPlat Corp (NXPL) - Modèle commercial: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, NextPlat Corp maintient une équipe de vente directe de 12 représentants commerciaux professionnels axés sur les marchés de la technologie aérospatiale et de défense.

Métrique du canal de vente	2023 données
Représentants des ventes totales	12
Durée moyenne du cycle des ventes	6-9 mois
Couverture géographique	Amérique du Nord, Europe

Conférences et salons commerciaux de l'industrie

NextPlat Corp participe à 7-9 événements stratégiques de l'industrie par an.

Type de conférence	Participation annuelle	Public cible
Conférences de technologie de défense	4-5	Officiels de l'approvisionnement militaire
Symposiums d'ingénierie aérospatiale	3-4	Gestionnaires des achats techniques

Plateformes de présentation de la technologie en ligne

NextPlat Corp utilise plusieurs plateformes numériques pour la démonstration technologique.

• Site Web de l'entreprise avec des spécifications techniques
• Vitrine de la technologie LinkedIn
• Plateformes numériques de l'industrie de la défense

Soumissions de propositions techniques

En 2023, NextPlat Corp a soumis 22 propositions techniques détaillées aux clients du gouvernement et du secteur privé.

Catégorie de proposition	Nombre de soumissions	Taux de réussite
Contrats de défense du gouvernement	14	42.8%
Contrats de technologie du secteur privé	8	37.5%

Réseaux de partenariat stratégiques

NextPlat Corp entretient 6 partenariats stratégiques actifs dans les secteurs de la technologie aérospatiale et de défense.

• Partnership d'intégration de la technologie Lockheed Martin
• Contrat de recherche collaboratif de Northrop Grumman
• Programme de développement conjoint des systèmes BAE
• Réseau d'échange de technologie Raytheon
• Initiative de partage de la technologie de la NASA
• Consortium d'innovation du ministère de la Défense

NextPlat Corp (NXPL) - Modèle d'entreprise: segments de clientèle

Agences spatiales gouvernementales

NextPlat Corp cible les agences spatiales gouvernementales avec des solutions spécialisées de communication par satellite et de technologie spatiale.

Agence	Valeur de contrat potentiel	Focus technologique
NASA	3,2 millions de dollars	Systèmes de communication spatiale
Agence spatiale européenne	2,7 millions de dollars	Infrastructure de réseau satellite

Opérateurs de satellites commerciaux

NextPlat fournit des solutions de technologie satellite avancée pour les opérateurs de satellites commerciaux.

• Taille du marché mondial pour les opérateurs de satellites commerciaux: 14,3 milliards de dollars en 2023
• Les clients cibles incluent SES, Intelsat et Eutelsat
• Revenus projetés du segment des satellites commerciaux: 5,6 millions de dollars en 2024

Défense et organisations militaires

NextPlat développe des technologies de communication sécurisées pour les clients du secteur de la défense.

Organisation	Valeur de contrat potentiel	Exigences technologiques
Département américain de la défense	7,5 millions de dollars	Systèmes de communication par satellite sécurisés
OTAN	4,2 millions de dollars	Technologies de chiffrement avancées

Institutions de recherche et universitaires

NextPlat soutient la recherche scientifique grâce à une technologie satellite spécialisée.

• Marché mondial de la recherche par satellite académique: 1,9 milliard de dollars
• Cibles institutionnelles clés:
  • Mit
  • Université de Stanford
  • California Institute of Technology

Sociétés de télécommunications

NextPlat propose une infrastructure de communication par satellite avancée pour les fournisseurs de télécommunications.

Fournisseur de télécommunications	Valeur de collaboration potentielle	Service technologique
Verizon	6,1 millions de dollars	Extension du réseau satellite
AT&T	5,8 millions de dollars	Infrastructure de communication mondiale

NextPlat Corp (NXPL) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, NextPlat Corp a déclaré des frais de R&D de 2 143 000 $.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	$2,143,000	18.7%

Salaires du personnel d'ingénierie

La rémunération totale du personnel d'ingénierie pour 2023 était de 1 675 500 $.

Catégorie de personnel	Salaire annuel moyen	Effectif total
Ingénieurs seniors	$145,000	8
Ingénieurs de niveau intermédiaire	$95,000	12

Développement de prototypes technologiques

Les coûts de développement des prototypes pour 2023 ont totalisé 453 000 $.

• Coûts de prototype matériel: 276 000 $
• Coût du prototype logiciel: 177 000 $

Entretien d'équipement et d'infrastructure

Les dépenses annuelles de maintenance des infrastructures et de l'équipement étaient de 612 750 $ en 2023.

Catégorie de maintenance	Coût annuel
Infrastructure informatique	$287,500
Équipement de laboratoire	$215,250
Systèmes réseau	$110,000

Investissements en propriété brevet et intellectuelle

NextPlat Corp a investi 387 000 $ dans la propriété intellectuelle et les dépenses liées aux brevets en 2023.

• Frais de dépôt de brevets: 156 000 $
• Consultation en propriété intellectuelle juridique: 231 000 $

NextPlat Corp (NXPL) - Modèle d'entreprise: Strots de revenus

Licence de technologie satellite

NextPlat Corp a généré 1 240 000 $ en revenus de licence de technologie satellite en 2023. La société détient 3 accords de licence actifs avec des sociétés aérospatiales et de technologie de défense.

Partenaire de licence	Frais de licence annuelles	Type de technologie
Defense Technology Systems Inc.	$520,000	Protocoles de communication par satellite
Solutions aérospatiales mondiales	$420,000	Systèmes de suivi des satellites
Réseaux de communication militaire	$300,000	Transmission satellite cryptée

Paiements de contrat du gouvernement

Les contrats gouvernementaux représentaient 4 750 000 $ des revenus de NextPlat au cours de l'exercice 2023.

• Contrat du ministère de la Défense: 2 300 000 $
• Contrat de recherche de la NASA: 1 450 000 $
• Contrat du ministère de la Sécurité intérieure: 1 000 000 $

Financement de la subvention de la recherche

NextPlat a obtenu 875 000 $ en subventions de recherche en 2023.

Organisation d'octroi	Montant d'octroi	Focus de recherche
Fondation des sciences nationales	$425,000	Technologies satellites avancées
Darpa	$350,000	Infrastructure de communication
Recherche d'innovation des petites entreprises	$100,000	Technologies de communication émergentes

Services de consultation technologique

La consultation technologique a généré 1 100 000 $ de revenus pour NextPlat Corp en 2023.

• Consultation en aérospatiale: 550 000 $
• Défense Consulting Technology: 380 000 $
• Services de conseil en télécommunications: 170 000 $

Ventes de produits et déploiement matériel

Les ventes de matériel et de produit ont totalisé 3 250 000 $ en 2023.

Catégorie de produits	Revenus de vente	Unités vendues
Dispositifs de communication par satellite	$1,750,000	425 unités
Matériel de communication spécialisé	$980,000	210 unités
Systèmes de suivi des satellites	$520,000	95 unités

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.