NXPL

NextPlat is a two-segment reseller — satellite-comms e-Commerce plus a Progressive Care pharmacy — and the numbers don't support the price. FY2025 revenue fell 17.8% to $54.3M, and management is explicit that the decline was a ~$12.6M drop in Healthcare, 'largely reflecting lower pharmacy 340B contract revenue.' That matters because 340B is precisely the piece the MD&A credits for pharmacy margins, so the revenue that left was the profitable revenue. Gross margin is just 20.1% and gross profit fell 35.9% — this is a thin-margin distribution model, not a software platform, yet the stock trades at 3.5x sales and roughly 11x its $17.3M book value.

The company has never made money. Losses run FY2021–FY2025 every year, the accumulated deficit is -$60.1M and deepened again, and ROE is -60.5%. The one bright spot bulls will point to — net loss halving from -$22.5M to -$10.5M and operating loss improving 60.9% — is real cost discipline, but it was achieved on a shrinking top line, which is the hard way to reach breakeven. Operating cash flow is still -$6.13M and worsened 12.2%.