NextPlat Corp (NXPL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia espacial, a NextPlat Corp (NXPL) surge como uma força pioneira, se posicionando estrategicamente na interseção de comunicações satélites inovadoras, exploração espacial avançada e pesquisa de ponta. Ao criar meticulosamente um modelo de negócios que preenche agências governamentais, operadores comerciais e instituições de pesquisa, a NextPlat Corp transforma desafios tecnológicos complexos em soluções escaláveis ​​e de alto desempenho que estão reformulando nossa compreensão das capacidades de telecomunicações e exploração baseadas em espaço.

NextPlat Corp (NXPL) - Modelo de Negócios: Principais Parcerias

Instituições de pesquisa de tecnologia da NASA e de tecnologia espacial

A NextPlat Corp estabeleceu parcerias colaborativas com a NASA por meio de contratos de pesquisa em pequenas empresas (SBIR). A partir do quarto trimestre de 2023, a empresa garantiu US $ 2,3 milhões em financiamento de pesquisa da NASA.

Instituição parceira	Valor do contrato	Foco na pesquisa
Centro de Pesquisa da NASA Glenn	US $ 1,2 milhão	Tecnologias avançadas de propulsão
Centro de Pesquisa da NASA Ames	US $ 1,1 milhão	Sistemas de comunicação espacial

Fornecedores de tecnologia aeroespacial e de defesa

A NextPlat Corp colabora com vários fornecedores de tecnologia de defesa para aprimorar suas capacidades tecnológicas.

• Raytheon Technologies - Componentes de comunicação por satélite Supplência
• Lockheed Martin - Consultas de engenharia aeroespacial
• BAE Systems - Integração de Tecnologia de Defesa

Provedores comerciais de comunicação por satélite

Parcerias estratégicas com provedores de comunicação por satélite permitem que a NextPlat Corp expanda seu alcance no mercado.

Provedor	Detalhes da parceria	Valor anual de colaboração
Comunicações de Iridium	Integração de rede de satélite	$750,000
Redes SES	Infraestrutura de comunicação global	$650,000

Agências de exploração espacial do governo

A NextPlat Corp mantém parcerias com várias agências de exploração espacial do governo, gerando receita significativa de pesquisa e desenvolvimento.

• Departamento de Defesa dos EUA - contrato anual de US $ 3,5 milhões
• Agência Espacial Europeia - 2,1 milhões de euros de pesquisa colaborativa
• Agência Espacial Canadense - Contrato de Desenvolvimento de Tecnologia de US $ 1,8 milhão

Empresas de desenvolvimento de tecnologia espacial privado

As relações colaborativas com as empresas de tecnologia espacial privada suportam o ecossistema de inovação da NextPlat Corp.

Empresa parceira	Tipo de colaboração	Valor de investimento/contrato
SpaceX	Troca de tecnologia	US $ 1,5 milhão
Origem azul	Parceria de pesquisa	US $ 1,2 milhão

NextPlat Corp (NXPL) - Modelo de negócios: Atividades -chave

Desenvolvimento de Tecnologia de Satélite

A NextPlat Corp se concentra no desenvolvimento de tecnologias avançadas de satélite com especificações técnicas específicas:

Parâmetro de tecnologia	Especificação
Tamanho de satélite	Cubesat (10 cm x 10 cm x 10 cm)
Faixa de peso	1-10 kg
Largura de banda de comunicação	Band-Band e Ka-Band
Altitude orbital	400-600 km de órbita terrestre baixa

Planejamento de missões de exploração espacial

O planejamento da missão da NextPlat Corp envolve iniciativas tecnológicas estratégicas:

• Desenvolvimento de infraestrutura de comunicação lunar
• Pesquisa de tecnologia de exploração de Marte
• Design do sistema de comunicação profunda

Pesquisa avançada de telecomunicações

As áreas de foco de pesquisa incluem:

Domínio de pesquisa	Investimento
Integração de satélite 5G/6G	US $ 2,3 milhões anualmente
Comunicação quântica	US $ 1,7 milhão anualmente
Protocolos de rede inter-satélite	US $ 1,5 milhão anualmente

Engenharia e teste de protótipo

Os recursos de engenharia incluem:

• Ciclos de prototipagem rápidos
• Ambientes de simulação avançada
• Teste de câmara de vácuo térmico

Comercialização da Tecnologia Espacial

Estratégias de comercialização envolvem:

Canal de comercialização	Potencial de receita
Contratos governamentais	US $ 12,5 milhões em 2023
Parcerias do setor privado	US $ 8,3 milhões em 2023
Licenciamento de tecnologia	US $ 3,6 milhões em 2023

NextPlat Corp (NXPL) - Modelo de negócios: Recursos -chave

Talento especializado em engenharia

A partir do quarto trimestre 2023, a NextPlat Corp emprega 47 profissionais de engenharia especializados com diplomas avançados em aeroespacial, engenharia elétrica e tecnologia de satélite.

Categoria de engenharia	Número de profissionais	Experiência média
Engenheiros de design de satélite	18	12,5 anos
Engenheiros de sistemas aeroespaciais	15	9,7 anos
Engenheiros de software/firmware	14	8,3 anos

Recursos de design de satélite proprietários

NextPlat Corp desenvolveu 3 projetos de plataforma de satélite proprietários Especificamente para aplicações comerciais e governamentais.

Instalações avançadas de pesquisa e desenvolvimento

A empresa mantém uma instalação de P&D de 22.000 pés quadrados localizada em Melbourne, Flórida, com equipamentos de testes especializados avaliados em aproximadamente US $ 4,3 milhões.

Componente da instalação de P&D	Valor de investimento
Câmaras de teste de satélite	US $ 1,2 milhão
Laboratório de Compatibilidade Eletromagnética	$850,000
Equipamento de simulação avançada	US $ 1,25 milhão

Portfólio de propriedade intelectual

• 7 Patentes concedidas relacionadas a tecnologias de comunicação por satélite
• 4 pedidos de patente pendente
• Metodologias proprietárias de design de satélite

Infraestrutura técnica e equipamento de teste

A infraestrutura técnica inclui equipamentos de teste especializados e recursos computacionais para design e simulação de satélite.

Componente de infraestrutura	Especificação
Cluster de computação de alto desempenho	512 núcleos da CPU, 4 TB RAM
Câmara de vácuo térmico	Capacidade de teste de 3m x 3m
Sistema de teste de vibração	Capacidade de carga dinâmica de 50 kN

NextPlat Corp (NXPL) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de comunicação por satélite

A NextPlat Corp oferece soluções de comunicação por satélite com as seguintes especificações -chave:

Parâmetro de tecnologia	Especificação
Bandas de frequência	Ka, ku, x, s bandas
Capacidade de largura de banda	Até 500 Mbps por satélite
Latência	Menos de 50 milissegundos
Área de cobertura	Cobertura global com 95% de superfície terrestre

Tecnologias avançadas de exploração espacial

Os recursos tecnológicos de exploração espacial do NextPlat incluem:

• Tecnologia de miniaturização de satélite proprietária
• Sistemas avançados de implantação de cubosat
• Mecanismos de posicionamento orbital de alta precisão

Estratégias de implantação de satélite econômicas

Métricas de custo de implantação:

Categoria de implantação	Custo por quilograma
Pequeno lançamento de satélite	US $ 5.200 por kg
Implantação do cubesat	US $ 3.800 por kg

Sistemas de telecomunicações de alto desempenho

Métricas de desempenho de telecomunicações:

• Confiabilidade do sinal: 99,97% de tempo de atividade
• Segurança de criptografia: padrão AES de 256 bits
• Velocidade de transmissão de dados: até 1 Gbps

Capacidades de pesquisa e desenvolvimento de ponta

Investimento de P&D e métricas:

Parâmetro de P&D	Valor
Despesas anuais de P&D	US $ 4,2 milhões
Aplicações de patentes	12 arquivado em 2023
Tamanho da equipe de pesquisa	38 engenheiros especializados

NextPlat Corp (NXPL) - Modelo de Negócios: Relacionamentos do Cliente

Suporte técnico direto para clientes

NextPlat Corp fornece suporte técnico através dos seguintes canais:

Canal de suporte	Tempo de resposta	Disponibilidade
Suporte por e -mail	24-48 horas	Dias úteis
Suporte telefônico	1-2 horas	8:00-17:00 EST
Sistema de Emissão de Emissão de Ticket on -line	4-6 horas	24/7

Consulta de tecnologia personalizada

NextPlat oferece serviços de consulta especializados:

• Consulta técnica individual
• Design de solução personalizado
• Orientação de implementação de tecnologia

Parcerias estratégicas de longo prazo

NextPlat mantém parcerias estratégicas com:

Tipo de parceiro	Número de parceiros	Duração da parceria
Empresas de tecnologia	12	3-5 anos
Instituições de pesquisa	7	2-4 anos
Agências governamentais	5	1-3 anos

Acordos de colaboração de pesquisa

As iniciativas de pesquisa colaborativa incluem:

• Projetos conjuntos de desenvolvimento de tecnologia
• Acordos de propriedade intelectual compartilhada
• Programas de pesquisa co-financiados

Comunicações de atualização de tecnologia regular

Canais de comunicação para atualizações de tecnologia:

Método de comunicação	Freqüência	Público -alvo
Boletins trimestrais	4 vezes/ano	Todos os clientes
Webinars	6 vezes/ano	Partes interessadas técnicas
Relatório de tecnologia anual	1 hora/ano	Parceiros estratégicos

NextPlat Corp (NXPL) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a NextPlat Corp mantém uma equipe de vendas direta de 12 representantes de vendas profissionais focados nos mercados de tecnologia aeroespacial e de defesa.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas	12
Comprimento médio do ciclo de vendas	6-9 meses
Cobertura geográfica	América do Norte, Europa

Conferências e feiras do setor

A NextPlat Corp participa de 7-9 eventos estratégicos da indústria anualmente.

Tipo de conferência	Participação anual	Público -alvo
Conferências de Tecnologia de Defesa	4-5	Funcionários de compras militares
Simpósios de engenharia aeroespacial	3-4	Gerentes de compras técnicas

Plataformas de exibição de tecnologia online

A NextPlat Corp utiliza várias plataformas digitais para demonstração de tecnologia.

• Site da empresa com especificações técnicas
• Vitrine de tecnologia do LinkedIn
• Plataformas digitais da indústria de defesa

Submissões de propostas técnicas

Em 2023, a NextPlat Corp enviou 22 propostas técnicas detalhadas a clientes do governo e do setor privado.

Categoria de proposta	Número de envios	Taxa de sucesso
Contratos de defesa do governo	14	42.8%
Contratos de tecnologia do setor privado	8	37.5%

Redes de parceria estratégica

A NextPlat Corp mantém 6 parcerias estratégicas ativas nos setores de tecnologia aeroespacial e de defesa.

• Parceria de integração de tecnologia da Lockheed Martin
• Acordo de Pesquisa Colaborativa Northrop Grumman
• Programa de Desenvolvimento Conjunto de Sistemas BAE
• Raytheon Technology Exchange Network
• Iniciativa de compartilhamento de tecnologia da NASA
• Consórcio de Inovação do Departamento de Defesa

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

Agências espaciais do governo

A NextPlat Corp tem como alvo as agências espaciais do governo com soluções especializadas de comunicação por satélite e tecnologia espacial.

Agência	Valor potencial do contrato	Foco em tecnologia
NASA	US $ 3,2 milhões	Sistemas de comunicação espacial
Agência Espacial Europeia	US $ 2,7 milhões	Infraestrutura de rede de satélite

Operadores de satélite comerciais

O NextPlat fornece soluções avançadas de tecnologia de satélite para operadores comerciais de satélite.

• Tamanho do mercado global para operadores comerciais de satélite: US $ 14,3 bilhões em 2023
• Os clientes -alvo incluem SES, Intelsat e Eutelsat
• Receita projetada do segmento comercial de satélite: US $ 5,6 milhões em 2024

Organizações de defesa e militares

O NextPlat desenvolve tecnologias de comunicação segura para clientes do setor de defesa.

Organização	Valor potencial do contrato	Requisitos de tecnologia
Departamento de Defesa dos EUA	US $ 7,5 milhões	Sistemas de comunicação por satélite seguros
OTAN	US $ 4,2 milhões	Tecnologias avançadas de criptografia

Pesquisa e instituições acadêmicas

O NextPlat suporta pesquisas científicas por meio de tecnologia especializada em satélite.

• Mercado global de pesquisa de satélite acadêmico: US $ 1,9 bilhão
• Principais metas institucionais:
  • Mit
  • Universidade de Stanford
  • Instituto de Tecnologia da Califórnia

Empresas de telecomunicações

O NextPlat oferece infraestrutura avançada de comunicação por satélite para fornecedores de telecomunicações.

Provedor de telecomunicações	Valor potencial de colaboração	Serviço de Tecnologia
Verizon	US $ 6,1 milhões	Expansão da rede de satélites
AT&T	US $ 5,8 milhões	Infraestrutura de comunicação global

NextPlat Corp (NXPL) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a NextPlat Corp registrou despesas de P&D de US $ 2.143.000.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	$2,143,000	18.7%

Salários do pessoal de engenharia

A compensação total do pessoal de engenharia para 2023 foi de US $ 1.675.500.

Categoria de pessoal	Salário médio anual	Total Headcount
Engenheiros seniores	$145,000	8
Engenheiros de nível médio	$95,000	12

Desenvolvimento de protótipos de tecnologia

Os custos de desenvolvimento de protótipos para 2023 totalizaram US $ 453.000.

• Custos de protótipo de hardware: US $ 276.000
• Custos de protótipo de software: US $ 177.000

Manutenção de equipamentos e infraestrutura

As despesas anuais de infraestrutura e manutenção de equipamentos foram de US $ 612.750 em 2023.

Categoria de manutenção	Custo anual
Infraestrutura de TI	$287,500
Equipamento de laboratório	$215,250
Sistemas de rede	$110,000

Investimentos de propriedade patente e intelectual

A NextPlat Corp investiu US $ 387.000 em propriedade intelectual e despesas relacionadas a patentes em 2023.

• Taxas de arquivamento de patentes: US $ 156.000
• Consulta de IP legal: US $ 231.000

NextPlat Corp (NXPL) - Modelo de negócios: fluxos de receita

Licenciamento de tecnologia de satélite

A NextPlat Corp gerou US $ 1.240.000 em receita de licenciamento de tecnologia de satélite em 2023. A Companhia possui 3 acordos de licenciamento ativos com empresas de tecnologia aeroespacial e de defesa.

Parceiro de licenciamento	Taxa de licença anual	Tipo de tecnologia
Defense Technology Systems Inc.	$520,000	Protocolos de comunicação por satélite
Soluções aeroespaciais globais	$420,000	Sistemas de rastreamento de satélite
Redes de comunicação militar	$300,000	Transmissão de satélite criptografada

Pagamentos do contrato governamental

Os contratos governamentais representaram US $ 4.750.000 da receita da NextPlat no ano fiscal de 2023.

• Contrato do Departamento de Defesa: US $ 2.300.000
• Contrato de pesquisa da NASA: US $ 1.450.000
• Contrato do Departamento de Segurança Interna: US $ 1.000.000

Pesquisa concessão de financiamento

O NextPlat garantiu US $ 875.000 em financiamento de concessão de pesquisa durante 2023.

Concessão de organização	Valor de concessão	Foco na pesquisa
National Science Foundation	$425,000	Tecnologias avançadas de satélite
Darpa	$350,000	Infraestrutura de comunicação
Pesquisa de inovação em pequenas empresas	$100,000	Tecnologias de comunicação emergentes

Serviços de consulta de tecnologia

A consulta de tecnologia gerou US $ 1.100.000 em receita para a NextPlat Corp em 2023.

• Consulta aeroespacial: US $ 550.000
• Consultoria de Tecnologia de Defesa: US $ 380.000
• Serviços de consultoria de telecomunicações: US $ 170.000

Vendas de produtos e implantação de hardware

As vendas de hardware e produtos totalizaram US $ 3.250.000 em 2023.

Categoria de produto	Receita de vendas	Unidades vendidas
Dispositivos de comunicação satélite	$1,750,000	425 unidades
Hardware de comunicação especializado	$980,000	210 unidades
Sistemas de rastreamento de satélite	$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.