Detailed financial statements for NextPlat Corp (NXPL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NextPlat Corp, along with its subsidiaries, specializes in providing advanced mobile satellite services (MSS). These offerings encompass satellite-enabled voice and data communication, comprehensive personnel and asset tracking, machine-to-machine (M2M) solutions, and Internet of Things (IoT) connectivity, serving clients across the United States and internationally.
Analysis Summary
NextPlat Corp reported revenue of $54.3M in the most recent fiscal year, growing at a 5-year CAGR of 57.0%.
Trailing-twelve-month margins: gross margin 26.2%, operating margin -13.8%, net margin -20.4%.
At the current price of $8.82, NXPL has negative trailing earnings (P/E not meaningful) and an ROE of -54.98%. Market capitalisation stands at $24M.
Balance sheet quality for NXPL: current ratio of 2.6, net cash position of $12.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.7M | $6.0M | $5.7M | $5.9M | $5.7M | $7.7M | $11.7M | $37.8M | $65.5M | $54.3M |
| Cost of Revenue | $3.6M | $4.9M | $4.7M | $4.6M | $4.5M | $5.9M | $9.2M | $26.4M | $49.3M | $43.4M |
| Gross Profit | $1.1M | $1.2M | $1.0M | $1.2M | $1.2M | $1.9M | $2.5M | $11.3M | $16.2M | $10.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.4M | $2.4M | $1.9M | $2.1M | $3.0M | $8.2M | $9.2M | $18.5M | $7.9M | $19.0M |
| Operating Expenses | $2.7M | $2.7M | $2.2M | $2.3M | $3.3M | $8.5M | $9.7M | $34.5M | $39.9M | $19.7M |
| Operating Income | -$1.6M | -$1.6M | -$1.1M | -$1.1M | -$2.0M | -$6.6M | -$7.2M | -$23.2M | -$23.6M | -$8.8M |
| EBITDA | -$1.7M | -$3.6M | -$897198 | -$800634 | -$1.4M | -$6.3M | -$6.7M | -$19.7M | -$20.2M | -$9.9M |
| Interest Expense | $603160 | $831 | $110 | $293495 | $1.0M | $1.5M | $24000 | $79000 | $81000 | $64000 |
| Pre-tax Income | -$2.6M | -$3.9M | -$1.2M | -$1.4M | -$2.8M | -$8.1M | -$9.1M | -$12.4M | -$23.1M | -$10.5M |
| Income Tax | 0 | $23459 | $8534 | $747 | 0 | 0 | $87000 | $28000 | $71000 | $1.2M |
| Net Income | -$2.6M | -$3.9M | -$1.2M | -$1.4M | -$2.8M | -$8.1M | -$9.2M | -$3.8M | -$14.0M | -$11.7M |
| EPS | $-5084.30 | $-3154.70 | $-956.80 | $-649.80 | $-142.30 | $-19.87 | $-9.51 | $-2.20 | $-6.80 | $-4.50 |
| EPS (Diluted) | $-5084.30 | $-3154.70 | $-956.80 | $-649.80 | $-142.30 | $-19.87 | $-9.51 | $-2.20 | $-6.80 | $-4.50 |
| Shares Outstanding (Diluted) | $509 | $1249 | $1249 | $2124 | $26791 | $408083 | $962959 | $1.7M | $2.1M | $2.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $114733 | $233326 | $142888 | $75362 | $728762 | $17.3M | $18.9M | $26.3M | $20.0M | $13.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $151102 | $384010 | $257606 | $320404 | $252587 | $450258 | $959000 | $11.6M | $6.2M | $6.6M |
| Inventory | $335267 | $332895 | $269024 | $366298 | $361422 | $1.0M | $1.3M | $5.1M | $4.9M | $3.4M |
| Total Current Assets | $802107 | $1.1M | $715157 | $877446 | $1.4M | $19.4M | $21.2M | $43.6M | $31.5M | $24.2M |
| Property, Plant & Equipment | $2.0M | $1.8M | $1.5M | $1.4M | $1.2M | $1.1M | $2.1M | $5.6M | $4.2M | $2.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $731000 | $156000 | $156000 |
| Intangible Assets | $250000 | $225000 | $200000 | $125000 | $100000 | $75000 | $50000 | $14.4M | $524000 | $422000 |
| Total Assets | $3.0M | $3.1M | $2.4M | $3.4M | $4.7M | $20.6M | $28.6M | $64.5M | $36.5M | $27.5M |
| Accounts Payable | $373288 | $659285 | $625157 | $901244 | $747476 | $846380 | $1.2M | $12.1M | $6.6M | $5.8M |
| Short-term Debt | $67453 | $6998 | $39027 | $53720 | $193804 | $91699 | $60000 | $312000 | $380000 | $416000 |
| Total Current Liabilities | $720617 | $1.2M | $1.1M | $1.4M | $1.5M | $2.8M | $2.1M | $14.2M | $8.2M | $9.1M |
| Long-term Debt | 0 | 0 | 0 | $291515 | $529949 | $253757 | $156000 | $1.2M | $1.0M | $876000 |
| Total Liabilities | $720617 | $1.2M | $1.1M | $2.8M | $4.1M | $3.0M | $2.9M | $16.4M | $9.7M | $10.0M |
| Retained Earnings | -$4.6M | -$8.5M | -$9.7M | -$11.1M | -$13.9M | -$22.0M | -$31.1M | -$34.9M | -$49.0M | -$60.1M |
| Total Equity | $2.3M | $1.9M | $1.4M | $639709 | $565189 | $17.5M | $25.8M | $32.2M | $26.7M | $17.3M |
| Total Debt | $67453 | $6998 | $39027 | $396855 | $746327 | $365219 | $1.1M | $3.0M | $2.3M | $1.5M |
| Net Debt | -$47280 | -$226328 | -$103861 | $321493 | $17565 | -$16.9M | -$17.8M | -$23.3M | -$17.7M | -$12.2M |
| Working Capital | $81490 | -$122634 | -$341130 | -$567022 | -$144058 | $16.6M | $19.1M | $29.4M | $23.3M | $15.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +27.8% | -4.6% | +2.5% | -3.1% | +36.0% | +51.3% | +222.4% | +73.4% | -17.0% | |
| Net Income Growth (YoY) | -52.1% | +69.7% | -15.5% | -100.3% | -193.4% | -13.0% | +58.8% | -271.2% | +16.5% | |
| EPS Growth (YoY) | +38.0% | +69.7% | +32.1% | +78.1% | +86.0% | +52.1% | +76.9% | -209.1% | +33.8% | |
| Shares Change (YoY) | +145.4% | +0.0% | +70.1% | +1161.3% | +1423.2% | +136.0% | +81.7% | +17.8% | +26.1% | |
| Gross Margin | 22.9% | 19.2% | 18.1% | 20.8% | 21.5% | 24.0% | 21.3% | 30.0% | 24.8% | 20.1% |
| Operating Margin | -34.7% | -26.3% | -19.7% | -18.9% | -35.7% | -85.6% | -61.5% | -61.5% | -36.1% | -16.1% |
| EBITDA Margin | -36.1% | -60.5% | -15.7% | -13.6% | -24.9% | -81.3% | -57.3% | -52.1% | -30.8% | -18.1% |
| Net Margin | -55.1% | -65.6% | -20.9% | -23.5% | -48.6% | -104.8% | -78.2% | -10.0% | -21.4% | -21.6% |
| Effective Tax Rate | -0.0% | -0.6% | -0.7% | -0.1% | -0.0% | -0.0% | -1.0% | -0.2% | -0.3% | -11.9% |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -54.98% |
| Return on Invested Capital | -36.90% |
| Return on Assets | -34.33% |
| Gross Margin | 26.23% |
| Operating Margin | -13.80% |
| Net Margin | -20.38% |
Financial Health
| Debt / Equity | 0.10 |
| Current Ratio | 2.29 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -0.65 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.27 | -0.14 | -0.03 | -0.05 | -0.18 | -1.63 | -1.32 | -7.50 | -1.59 | -1.19 |
| P/B | 0.30 | 0.30 | 0.02 | 0.10 | 1.23 | 0.75 | 0.47 | 0.90 | 0.83 | 0.80 |
| P/S | 0.15 | 0.09 | 0.01 | 0.01 | 0.12 | 1.71 | 1.04 | 0.76 | 0.34 | 0.26 |
| Gross Margin | 22.9% | 19.2% | 18.1% | 20.8% | 21.5% | 24.0% | 21.3% | 30.0% | 24.8% | 20.1% |
| Operating Margin | -34.7% | -26.3% | -19.7% | -18.9% | -35.7% | -85.6% | -61.5% | -61.5% | -36.1% | -16.1% |
| Net Margin | -55.1% | -65.6% | -20.9% | -23.5% | -48.6% | -104.8% | -78.2% | -10.0% | -21.4% | -21.6% |
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Explore sector: Technology · Software - Application
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