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Most of NextPlat Corp’s revenue comes from healthcare through its wholly owned subsidiary Progressive Care. Its Pharmco pharmacies serve patients and care facilities, primarily in Florida, supplying prescription medicines and helping patients manage their medication. Payments come largely through insurance reimbursement, including Medicare, Medicaid and pharmacy benefit managers that administer prescription benefits; patients remain responsible if insurers do not pay.
Pharmco also dispenses prescriptions for eligible healthcare organizations under the federal 340B drug-pricing program. It passes claim reimbursements through to those organizations and earns a dispensing fee for each prescription. These arrangements contribute materially to pharmacy gross profit. The business depends on reimbursement terms and compliance with pharmacy and healthcare rules to remain in operation and participate in payment programs. McKesson supplies nearly all its pharmaceutical purchases.
The other business sells satellite communications equipment to end users and resellers through businesses including GTC and Orbital Satcom. Customers use the devices for voice, data, tracking and emergency communications where land-based networks are unavailable or unreliable. Equipment sales provide most of this business’s revenue, while airtime and messaging subscriptions bring recurring payments. It sells through its own websites and third-party marketplaces, with Amazon accounting for a substantial share of e-commerce sales.
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NextPlat’s results depend chiefly on pharmacy reimbursements and 340B economics amid competition from CVS Caremark and others, rather than its smaller satellite communications business, where Iridium is an important supplier to watch.
NextPlat depends heavily on McKesson to supply drugs to its pharmacies: McKesson accounted for 98% of pharmaceutical purchases in the year ended December 31, 2025, when healthcare generated about 73% of NextPlat’s revenue. McKesson distributes drugs to pharmacies and hospitals, so disruptions to that supply matter directly to NextPlat if alternative drugs are unavailable.
Humana’s CenterWell pharmacy business competes with NextPlat’s Pharmco pharmacies to fill prescriptions and provide medication services. For this rivalry, CenterWell’s pharmacy results are more relevant to NextPlat than Humana’s health insurance sales.
NextPlat relies on Globalstar for satellite connectivity and products, and their long-standing contract gives its tracking business insight into system requirements and early access to opportunities. Globalstar sells satellite voice, data and location services to consumers, businesses and governments; developments in its tracking and connectivity services are the relevant news for NextPlat.
NextPlat buys satellite communicators and related equipment from Garmin, which accounted for 15% of its e-Commerce purchases in the year ended December 31, 2025. Garmin sells these devices through its outdoor business, making that product line more relevant to NextPlat than its fitness, aviation, marine or automotive offerings.
Garmin Ltd earningsGRMN
Garmin’s report will show how its outdoor satellite-communications device business is doing; NextPlat Corp bought 15% of its e-Commerce purchases from Garmin.
Focus on demand signals in Garmin’s outdoor business for satellite-communications devices, not its fitness, aviation or automotive lines. Strength there would suggest a firmer market for the related products NextPlat Corp resells; weakness could point to softer demand or supply conditions. Garmin’s results alone cannot establish how NextPlat Corp’s own sales or purchasing terms changed. The takeaway is whether the relevant device market has support, not whether NextPlat Corp has already sold more.
McKesson Corporation earningsMCK
McKesson’s report will show how its drug-distribution business is doing; NextPlat Corp gets about 98% of its pharmaceutical purchases from McKesson.
Look at operating signals in McKesson’s drug-distribution business, which supplies pharmacies and hospitals. A steady business would indicate a stable operating backdrop for a supplier on which NextPlat Corp depends; visible strain would make that concentrated sourcing more concerning. McKesson’s results do not prove that NextPlat Corp has faced shortages, price increases or changed terms. The takeaway is whether the supplier’s operating backdrop looks steady and whether NextPlat Corp’s reliance on one source merits greater attention.
Globalstar, Inc. earningsGSAT
Globalstar’s report will show demand for its satellite voice, data and location services, which relate to the satellite devices and connectivity plans NextPlat Corp sells.
Watch operating or demand signals in Globalstar’s satellite voice, data and location services. Strength would suggest customer need for satellite connectivity and tracking is supportive of the market for NextPlat Corp’s related devices and plans; weakness would make demand for those offerings less certain. Globalstar’s overall results cannot establish changes in NextPlat Corp’s contract, supply or sales. The takeaway is the direction of demand in the related services market, not NextPlat Corp’s own results.
Humana Inc. earningsHUM
Humana’s report will show how its CenterWell pharmacy business is doing; it competes with NextPlat Corp’s Pharmco for prescription and medication-services customers.
Focus on CenterWell’s prescription and medication-services business, not Humana’s insurance operations. Strength there could mean tougher competition for Pharmco’s customers and services; weakness could ease that pressure, but would not establish that Pharmco is gaining customers or revenue. The takeaway is whether competition in pharmacy services is intensifying, not whether NextPlat Corp’s pharmacy business has already improved or deteriorated.
NextPlat Corp earningsThis company
NextPlat Corp’s report will show whether pharmacy prescription and 340B contract revenue can stabilize, and whether its smaller e-Commerce business can keep growing to offset any shortfall.
Read pharmacy prescription and other revenue alongside 340B contract revenue, then compare both with e-Commerce revenue. If the pharmacy lines stabilize while e-Commerce grows, both operations are supporting revenue; if pharmacy revenue keeps weakening, e-Commerce growth may still be too small to fill the gap. A recovering gross margin would show that more revenue is turning into gross profit; continued pressure would mean pharmacy reimbursement and e-Commerce airtime costs are still weighing on it. The conclusion is whether the core pharmacy business has stopped weakening or the company still needs e-Commerce growth to offset pressure.
