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• A global e-commerce marketplace, similar to a niche Amazon.
• A business telecom provider, like a smaller Vonage or RingCentral.

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• E-commerce Marketplaces: NextPlat develops and operates online marketplaces for digital products, software, and various services, connecting consumers and businesses globally.
• Satellite Communications: Through its subsidiary Global Telesat Communications (GTC), NextPlat provides satellite phones, airtime, data plans, and other satellite communication devices and services for global connectivity across land, sea, and air.
• Wireless Connectivity Solutions: NextPlat offers various wireless connectivity services and related mobile communication solutions, often integrated with its digital platforms.

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Based on NextPlat's (NXPL) public filings, specifically its Form 10-K for the fiscal year ended December 31, 2022, and subsequent investor communications, the company explicitly states that no single customer accounted for 10% or more of its total revenue. Therefore, NextPlat does not have "major customers" that are individually named or disclosed in its financial reports.

NextPlat operates with a diversified customer base, serving both businesses and individuals across its various segments. Since specific major B2B customers are not identified, the following categories describe its customer base:

• Residential Smart Home Consumers: Individuals and families who utilize NextPlat's smart home services and solutions for security, automation, and convenience, typically purchasing these services through the company's network of dealers. This represents a direct-to-consumer (B2C) aspect of their business.
• Enterprise and Organizational Clients: Various businesses and organizations across diverse industries that engage NextPlat for its Internet of Things (IoT) solutions, enterprise software development, cloud-based services, and data analytics. This represents a business-to-business (B2B) aspect, but without concentration in any single client.
• Digital Merchants and Payment Users (MobiquityPay): This category encompasses the two primary user groups for NextPlat's MobiquityPay platform:
  • Merchants: Businesses of various sizes that leverage MobiquityPay for digital payment processing services, including potentially Web3 and blockchain-related payment solutions.
  • Digital Payment Users: Individuals who utilize MobiquityPay's digital wallet and payment services for their online and offline transactions.

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David Phipps, Chief Executive Officer

David Phipps was appointed Chief Executive Officer of NextPlat on September 3, 2025, having previously served as Interim CEO since May 2025. He is the founder of NextPlat's UK subsidiary, Global Telesat Communications, and its US subsidiary, Orbital Satcom Corp. Mr. Phipps previously held the roles of CEO and Chairman of NextPlat from 2015 to 2021, during which time he guided the company from its inception to its listing on Nasdaq. He possesses over 20 years of experience in the communications industry and more than 35 years in investment management, finance, and operational capacities across various private and public companies, overseeing acquisitions, mergers, and capital-raising activities.

Ms. Ferrio, Chief Financial Officer

Ms. Ferrio brings over 15 years of accounting and finance expertise from both Nasdaq-listed and private companies. Before joining NextPlat, she served as Vice President of Accounting & Finance at Progressive Care LLC, a company acquired by NextPlat in October 2024. In that role, she managed various aspects of the accounting department, including financial reporting, analysis, budgeting, forecasting, and SEC filings. Her prior experience includes serving as Controller at BBC International, LLC; Senior Manager, Financial Reporting & Compliance at Willis-Lease Finance Corporation (NASDAQ: WLFC); Senior Accountant at BioMatrix Specialty Pharmacy; and Senior Accountant at FedNat (NASDAQ: FNHC). Ms. Ferrio holds both a Master of Science and a Bachelor of Science in Accounting.

Rodney Barreto, Chairman of the Board

Rodney Barreto was appointed Chairman of the Board on September 3, 2025, having served as Interim Chairman since May 2025. He has been a director of NextPlat since January 2022. Mr. Barreto's career spans over 35 years in business and civic leadership, including his role at the Barreto Group and as a partner at Capital City Consulting. He currently serves as the Chair of the FIFA Miami World Cup Host Committee 2026 and has chaired multiple Super Bowl Host Committees.

Birute Norkute, Chief Operating Officer, Progressive Care Inc. (a NextPlat subsidiary)

Birute Norkute has more than 20 years of experience in the hospital and healthcare sector. She has been instrumental in establishing and leading the operations of Progressive Care Inc., a NextPlat subsidiary.

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The key risks to NextPlat's business include:

1. Financial Health and Profitability Challenges: NextPlat faces significant financial challenges, indicated by a low Altman Z-Score of 0.42, which suggests a potential risk of bankruptcy within two years. The company also has a Piotroski F-Score of 2, reflecting poor business operations. NextPlat consistently reports negative operating and net margins, with a -14.33% operating margin and a -14.58% net margin, and has experienced persistent net losses, approximately $2.2 million in Q3 2025. The company's gross profit margin of 19.9% and operating margin of approximately -14.16% are significantly below industry benchmarks.
2. Operational and Regulatory Headwinds in Healthcare Segment: The healthcare operations segment, which is NextPlat's largest revenue driver, is experiencing significant operational and regulatory challenges. A decline in pharmacy 340B contract revenue directly contributed to an 11% year-over-year decrease in consolidated revenue in Q3 2025. The healthcare segment continues to face industry headwinds, including declining 340B revenue, reduced prescription volumes, and lower payer reimbursement rates.
3. Impact of Tariffs on E-commerce Growth: U.S.-China tariffs pose a significant risk to NextPlat's e-commerce growth, particularly for products like Florida Sunshine. These tariffs could delay or entirely prevent planned e-commerce expansion in China, making product launches economically unattractive. This situation is expected to materially impact the anticipated significant growth and contributions from the e-commerce segment through late 2025 and into 2026. The e-commerce segment has also seen a decline in gross margin due to new airtime costs and temporary rate adjustments for some customers.

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The rapid growth and mainstream adoption of Free Ad-supported Streaming TV (FAST) services (e.g., Pluto TV, Tubi, Freevee). These platforms offer extensive content libraries for free, supported by advertisements, directly competing with NextPlat's nxtVOD platform for viewership and advertising revenue, particularly among price-sensitive consumers or those seeking a broad range of library content without a subscription.

The ongoing and accelerating shift in the digital advertising ecosystem towards greater privacy and reliance on first-party data, exemplified by Google's impending deprecation of third-party cookies in Chrome and Apple's App Tracking Transparency (ATT) framework. This trend challenges the business models of ad tech companies, including NextPlat's nxtMIA, that traditionally relied heavily on third-party data for targeting and measurement, necessitating costly adaptation and potentially eroding competitive advantage.

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Healthcare Services

• The global healthcare e-commerce market is projected to expand at a compound annual growth rate of 16.8% from 2022 to 2030, reaching a value of over $1.37 trillion by the end of the forecast period.

Satellite Communications and IoT Connectivity

• The global Internet of Things (IoT) market size was valued at $714.48 billion in 2024 and is projected to grow to $4,062.34 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.30% during the forecast period. North America held the largest share of the IoT market, valued at $232.86 billion in 2024.
• The global IoT platform market size was an estimated $11.10 billion in 2023 and is projected to reach $27.15 billion by 2030, growing at a CAGR of 12.7% from 2024 to 2030.

Global E-commerce

• Global e-commerce sales are expected to reach $6.31 trillion worldwide in 2023, accounting for approximately 20.8% of all retail purchases, and are projected to grow to 24% of all retail purchases by 2026.
• China's e-commerce sales are projected to surpass $3 trillion in 2025, making it nearly three times the size of the U.S. market. In 2022, China's annual online retail sales of physical goods reached approximately 13.8 trillion yuan, nearly $2 trillion USD.

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NextPlat (NXPL) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives across its healthcare, e-commerce, and communications divisions. These key drivers include:

1. Expansion of Healthcare Operations and High-Margin Contracts: NextPlat's healthcare segment is a significant contributor to revenue, with a strategic focus on expanding government prescription contracts and securing additional pharmacy service agreements with 340B covered entities. These contracts are expected to represent a larger proportion of healthcare revenue due to their higher profit margins compared to traditional retail pharmacy business. For instance, in November 2025, NextPlat's healthcare division was awarded a multi-state prescription fulfillment contract by virtual healthcare provider DevotedDOc. The company also aims to expand into high-value patient services.
2. Growth in Satellite Connectivity Products and Recurring Airtime Revenue: The communications division continues to be a strong revenue driver, experiencing sustained growth in satellite connectivity products and record-level recurring airtime revenue. NextPlat is actively securing new connectivity contracts and expanding its critical communications capabilities for enterprise, government, and humanitarian organizations, particularly in Europe.
3. Global E-commerce Expansion and New Product Launches: NextPlat is expanding its e-commerce presence internationally. A notable initiative is the global rollout of its Florida Sunshine brand of premium vitamins and supplements in Europe and North America. The brand has also received initial approval for sales in China through Alibaba's Tmall Global platform, with market entry anticipated in Q4 2025. The company officially launched its e-commerce program in China in March 2024, featuring OPKO Healthcare-branded products. NextPlat is also working to introduce OPKO pet health products.
4. Commercialization of ClearMetrX 4.0 AI-Powered Healthcare Analytics: NextPlat is developing ClearMetrX 4.0, an AI-enhanced healthcare data analytics and reporting software. This platform is scheduled for internal rollout in Q4 2025, with commercial deployment expected in the first half of 2026. This technological advancement is designed to improve healthcare operations efficiency and patient outcomes, creating a new revenue stream.
5. Strategic Acquisitions, Joint Ventures, and Collaborations: The company explicitly states its intention to grow through opportunistic acquisitions, joint ventures, and collaborations across its business segments. This strategy allows NextPlat to expand its market reach and product offerings, as demonstrated by past acquisitions like Outfitter Satellite, which significantly bolstered its e-commerce segment.

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Share Repurchases

• NextPlat's Board of Directors approved a share repurchase program on December 17, 2024, authorizing the repurchase of up to $2,000,000 of the company's outstanding common stock.
• Management has been actively repurchasing shares under the approved buyback program.
• The company anticipated becoming active in the share buyback market following the filing of its 2024 annual report.

Share Issuance

• In April 2023, NextPlat executed a private offering, selling 3,428,571 shares of common stock at $1.75 per share, which generated gross proceeds of approximately $6.0 million.
• The company completed a private placement in December 2022, issuing 4,575,429 units, each comprising one share of common stock and one warrant, for gross proceeds of approximately $8.0 million (net proceeds of $7.4 million).
• In December 2021, NextPlat issued warrants to purchase 4,575,429 shares of common stock at an exercise price of $1.75.

Inbound Investments

• NextPlat received approximately $6.0 million in gross proceeds from a private offering of common stock to a strategic, accredited investor in April 2023.
• In December 2022, the company completed a private placement that secured approximately $8.0 million in gross proceeds from institutional and accredited investors.

Outbound Investments

• NextPlat acquired Outfitter Satellite Inc. through an all-cash transaction, expected to close on April 1, 2024, aiming to significantly expand its North American e-commerce business.
• In August 2022, NextPlat completed a strategic $7 million investment in Progressive Care Inc., a company focused on personalized healthcare services and technology.
• The company finalized a merger and business combination with Progressive Care Inc. on October 1, 2024, to create a unified entity focused on healthcare services, technology, and personal health and wellness.

Capital Expenditures

• The company used $1.0 million in cash for investing activities during the quarter ended September 30, 2024, primarily associated with the acquisition of Outfitter Satellite, Inc.
• NextPlat is undertaking a technology upgrade for its ClearMetrX healthcare data analytics platform, incorporating artificial intelligence capabilities, with internal deployment anticipated in late 2025 and commercial availability in 2026.
• The Compound Annual Growth Rate (CAGR) of Capital Expenditures to Operating Cash Flow (CapEx/OCF) for NextPlat over the last five years is 0%.