NextPlat Corp

For Q1 2026, total net revenues were about $10 million, compared with about $14 million in Q1 2025 and about $13 million in Q4 2025. Consolidated gross profit was about $3.4 million versus about $2.9 million a year ago, and gross margin improved to about 35% from about 21% in Q1 2025 and about 18% in Q4 2025. Operating loss improved to about $1.1 million from about $2.1 million a year ago. Healthcare revenue was about $7 million, pharmacy contract revenue was about $1.9 million, and e-commerce revenue was about $3.2 million. Cash ended the quarter at about $11 million, working capital was about $14 million, and the company said it has no meaningful debt. Management did not give formal quarterly or full-year financial guidance, but said it expects new 340B customers to begin contributing in Q3, the new online healthcare site to go live before the end of Q2, and ongoing improvement in operating losses and profitability in the second half of 2026.

David Phipps framed the quarter as evidence that the turnaround is largely complete and that the business now has a more durable operating base. He highlighted dramatic margin expansion, a leaner cost structure, and a pipeline of new domestic and international opportunities, especially in healthcare and e-commerce. His tone was constructive and forward-looking, emphasizing growth, scale, and profitability in 2026 rather than defense of the prior business model.

Amanda Ferrio focused on the financial progression: gross profit of about $3.4 million, gross margin of about 35%, and operating expenses down to about $4.5 million from about $4.9 million a year ago and about $5.3 million in Q4 2025. She noted salaries and wages fell to about $2.4 million, operating loss improved to about $1.1 million, and healthcare produced positive segment operating income of about $24,000. She also highlighted about $11 million in cash, about $14 million in working capital, no meaningful debt, and the new ATM program as flexibility for potential joint ventures or acquisitions, while saying there are no specific plans to use it now.

Analysts/shareholders asked whether retail pharmacy still has opportunity, whether the turnaround is finished, why the company filed an ATM despite having cash and no debt, and whether there is any update on the lawsuit. Management said retail pharmacy can still be attractive if well-managed, especially in less dense or rural areas, and that the turnaround is largely complete but the company is now shifting toward growth. On the ATM, management said it is for strategic flexibility around JVs and M&A, but they would not consider using it at current levels and have no immediate plans to access it. On the lawsuit, they said there was no specific update and the matter remains with counsel and the insurance company.