NextPlat Corp
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
NXPL$8.24+8.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001437749-25-026604
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001437749-25-034525
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 84 current paragraphs.
36 unchanged; 42 reworded; 6 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Total Other Expense (Income)
Current report
Total other expense was approximately $0.2 million for the three months ended September 30, 2025, compared to total other income of approximately $0.4 million for the three months ended September 30, 2024. The change was primarily due to a loss on settlement of litigation in the amount of approximately $0.3 million; a loss on sale or disposal of property and equipment recognized in the amount of approximately $36,000, compared to a gain on sale or disposal of property and equipment in the amount of approximately $0.1 million in the prior year period; a decrease in interest earned of approximately $0.1 million due to the decrease in cash on hand; and a favorable change in foreign currency rates of approximately $0.1 million.
Current report
Selling, general and administrative expenses decreased by approximately $0.2 million to $4.4 million for the nine months ended September 30, 2025 from approximately $4.7 million in the prior year period. The decrease was primarily due to a decrease in computer equipment purchases.
Current report
Total other income was approximately zero and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease was primarily due to a loss on settlement of litigation in the amount of approximately $0.3 million; loss on sale or disposal of property and equipment recognized in the amount of approximately $0.2, compared to a gain on sale or disposal of property and equipment in the amount of approximately $0.1 million in the prior year period; a decrease in interest earned of approximately $0.3 million due to the decrease in cash on hand; and an unfavorable change in foreign currency rates of approximately $0.1 million.
Current report
Share Repurchase Program
Current report
On December 16, 2024, our Board of Directors authorized a $2.0 million share repurchase program valid for one year. We may repurchase shares from time to time under the program through various methods, including in open market transactions, block trades, privately negotiated transactions, and otherwise. The timing, as well as the number and value of shares repurchased under the program, will depend on a variety of factors. We are not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. During the nine months ended September 30, 2025, we repurchased approximately $0.1 million of common stock, and had approximately $1.9 million remaining under the share repurchase program as of that date. The repurchased shares are held as treasury stock.
Removed paragraphs (8)
Previous report
Our total other income slightly decreased by approximately $0.1 million for the three months ended June 30, 2025, when compared to the prior year period.
Previous report
Comprehensive Loss
Previous report
We recorded comprehensive loss for foreign currency translation adjustments of approximately $58,000 and $27,000 for the three months ended June 30, 2025 and 2024, respectively. The change was primarily attributed to exchange rate variances.
Previous report
Selling, general and administrative remained flat at approximately $2.9 million for the six months ended June 30, 2025, when compared to the prior year period.
Previous report
Total Other Income
Previous report
Our total other income remained flat at approximately $0.1 million for the six months ended June 30, 2025, when compared to the prior year period.
Previous report
Comprehensive Loss
Previous report
We recorded comprehensive loss for foreign currency translation adjustments of approximately $69,000 and $9,000 for the six months ended June 30, 2025 and 2024, respectively. The change was primarily attributed to exchange rate variances.
Reworded paragraphs (42)
Previous wording
Historically, the business of NextPlat has been the provision of a comprehensive array of Satellite Industry communication services, and related equipment sales. The Company operates two main e-Commerce websites as well as 25 third-party e-Commerce storefronts such as Alibaba, Amazon, and Walmart. These e-Commerce venues form an effective global network serving thousands of consumers, enterprises, and governments. Leveraging the e-Commerce experience of the Company’s management team and the Company’s existing e-Commerce platforms, the Company has embarked upon the rollout of a state-of-the-art e-Commerce platform to collaborate with businesses to optimize their ability to sell their goods online, domestically, and internationally, and enabling customers and partners to optimize their e-Commerce presence and revenue, which we expect will become the focus of the Company’s business in the future.
Current wording
Historically, the business of NextPlat has been the provision of a comprehensive array of satellite enabled communication services, and related equipment sales. The Company operates two main e-Commerce websites as well as 25 third-party e-Commerce storefronts such as Alibaba, Amazon, and Walmart. These e-Commerce venues form an effective global network serving thousands of consumers, enterprises, and governments. Leveraging the e-Commerce experience of the Company’s management team and the Company’s existing e-Commerce platforms, the Company has embarked upon the rollout of a state-of-the-art e-Commerce platform to collaborate with businesses to optimize their ability to sell their goods online, domestically, and internationally, and enabling customers and partners to optimize their e-Commerce presence and revenue, which we expect will become the focus of the e-Commerce operating business segment in the future.
Previous wording
During the first half of 2025, the introduction of U.S. and Chinese tariffs on certain imported goods did not have a material impact on our e-Commerce business operations or financial results. However, starting in the second quarter of 2025, certain goods we sell in the U.S. that are imported became subject to these tariffs which affected our costs and pricing strategies. Only approximately 33% of our total e-Commerce sales take place within the United States. The OPKO products sold by us in China are manufactured in Spain and are not currently impacted by Chinese tariffs, however, the ongoing trade tensions may impact the potential success and execution of future projects planned in China under our Florida E-Commerce Development Program, including the launch of our Florida Sunshine range of vitamins.
Current wording
During 2025, the introduction of U.S. and Chinese tariffs on certain imported goods did not have a material impact on our e-Commerce business operations or financial results. However, starting in the second quarter of 2025, certain goods we sell in the U.S. that are imported became subject to these tariffs which affected our costs and pricing strategies. Only approximately 32% of our total e-Commerce sales take place within the United States. The OPKO products sold by us in China are manufactured in Spain and are not currently impacted by Chinese tariffs, however, the ongoing trade tensions may impact the potential success and execution of future projects planned in China under our Florida E-Commerce Development Program, including the launch of our Florida Sunshine range of vitamins.
Previous wording
For the six months ended June 30, 2025 and 2024, we recognized overall revenue from operations of approximately $27.8 million and $34.5 million, respectively, an overall decrease of approximately $6.7 million for the six months ended June 30, 2025, when compared to the six months ended June 30, 2024. The decrease in revenue was primarily attributable to the decrease of approximately $7.5 million from Healthcare Operations, partially offset by the increase of approximately $0.8 million from e-Commerce Operations.
Current wording
For the three months ended September 30, 2025 and 2024, we recognized overall revenue from operations of approximately $13.8 million and $15.4 million, respectively, an overall decrease of approximately $1.6 million for the three months ended September 30, 2025, when compared to the three months ended September 30, 2024. The decrease in revenue was attributable to the decrease of approximately $1.5 million from Healthcare Operations and the decrease of approximately $0.1 million from e-Commerce Operations.
Previous wording
Gross profit margins decreased from approximately 34.5% for the three months ended June 30, 2024, to approximately 21.8% for the three months ended June 30, 2025. The decrease in gross profit margins during the second quarter of 2025 compared to the same period in 2024, was attributable to the overall decline in gross profit in both operating segments. The gross profit margins for Healthcare Operations decreased for the second quarter of 2025 to approximately 19.9% from 35.2% when compared to the same period in 2024 and was primarily attributable to the decrease in pharmacy prescriptions filled and 340B revenue as well as the continued industry-wide impact of drug price increases outpacing reimbursement rate adjustments. The gross profit margins for e-Commerce Operations decreased for the second half of 2025 to approximately 25.9% from 31.6% when compared to the same period in 2024 due to a service provider airtime contract that expired on December 31, 2024, which introduced new airtime costs beginning January 1, 2025, and temporary rate reductions for some customers affected by ongoing service interruptions.
Current wording
Gross profit margins decreased from approximately 23.2% for the three months ended September 30, 2024, to approximately 19.9% for the three months ended September 30, 2025. The decrease in gross profit margins during the third quarter of 2025 compared to the same period in 2024, was attributable to the overall decline in gross profit in both operating segments. The gross profit margins for Healthcare Operations decreased for the third quarter of 2025 to approximately 18.4% from 21.5% when compared to the same period in 2024 and was primarily attributable to the decrease in pharmacy 340B contract revenue. The gross profit margins for e-Commerce Operations decreased for the third quarter of 2025 to approximately 23.7% from 28.1% when compared to the same period in 2024 due to a service provider airtime contract that expired on December 31, 2024, which introduced new airtime costs beginning January 1, 2025, and temporary rate reductions for some customers affected by ongoing service interruptions.
Previous wording
Loss before other (income) expense decreased by approximately $9.1 million for the three months ended June 30, 2025, when compared to the three months ended June 30, 2024, as a result of the decrease in operating expenses of approximately $12.0 million and the decrease in gross profit of approximately $3.0 million See detailed discussion below.
Current wording
Loss before other income decreased by approximately $6.0 million for the three months ended September 30, 2025, when compared to the three months ended September 30, 2024, as a result of the decrease in operating expenses of approximately $6.8 million, which was partially offset by the decrease in gross profit of approximately $0.8 million See detailed discussion below.
Previous wording
Revenue, net for the three months ended June 30, 2025, consisted of e-Commerce sales of satellite phones, tracking devices, accessories and airtime plans, pharmacy prescription revenues, and 340B contract revenues. For the three months ended June 30, 2025, overall revenues were approximately $13.2 million compared to $17.0 million for the three months ended June 30, 2024, a decrease in of approximately $3.8 million or 22.1%.
Current wording
Our net revenues consist of e-Commerce sales of satellite phones, tracking devices, accessories and airtime plans; pharmacy prescription revenues; and pharmacy 340B contract revenues. For the three months ended September 30, 2025, overall revenues were approximately $13.8 million compared to $15.4 million for the three months ended September 30, 2024, a decrease of approximately $1.6 million or 10.5%.
Previous wording
Total e-Commerce revenues were approximately $4.1 million and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, an increase of approximately $0.6 million driven primarily by growth in hardware sales of approximately $0.4 million, and a favorable foreign currency impact of approximately $0.2 million.
Current wording
Total e-Commerce revenue was approximately $3.7 million and $3.8 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of approximately $0.1 million primarily due to a decrease in hardware sales of approximately $0.3 million and a favorable foreign currency impact of approximately $0.1 million.
Previous wording
Total pharmacy prescription and other revenue, net of PBM fees, was approximately $18.3 million and $21.9 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of approximately $3.6 million, primarily attributable to the decrease in pharmacy prescriptions filled of approximately 198,000 versus 266,000 in the prior year period. The decline in prescription volume during the first half of 2025 was influenced in part by the continued changes in provider relationships and shifts in patient flow due to insurance network adjustments or provider decisions to align with different pharmacy partners.
Current wording
Total pharmacy prescription and other revenue, net of PBM fees, was approximately $9.5 million and $9.1 million for the three months ended September 30, 2025 and 2024, respectively, an increase of approximately $0.4 million. The increase was due to an increase in reimbursement rates per prescription filled of approximately $2.5 million, which was offset by the decrease in the number of total prescriptions filled of approximately $2.1 million. During the third quarter of 2025, we filled approximately 96,000 prescriptions versus 128,000 in the prior year period. The decline in prescription volume during the third quarter of 2025 was influenced in part by the continued changes in provider relationships and shifts in patient flow due to insurance network adjustments or provider decisions to align with different pharmacy partners.
Previous wording
Pharmacy 340B contract revenues were approximately $2.4 million and $6.3 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of approximately $3.9 million, due to certain relationships transitioning to other pharmacy partners, some covered entities opened in-house pharmacies, and another covered entity no longer participates in the 340B program.
Current wording
Pharmacy 340B contract revenue was approximately $0.6 million and $2.5 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of approximately $1.9 million. The decrease was due to certain relationships transitioning to other pharmacy partners, some covered entities opened in-house pharmacies, and another covered entity no longer participates in the 340B program, when compared to the prior year period.
Previous wording
Total operating expenses for the three months ended June 30, 2025, were approximately $4.7 million, a decrease of approximately $12.0 million, or 71.9%, from total operating expenses for the three months ended June 30, 2024, of approximately $16.8 million. Factors contributing to the decrease are described below.
Current wording
Total operating expenses for the three months ended September 30, 2025, were approximately $4.7 million, a decrease of approximately $6.8 million, or 59.2%, from total operating expenses for the three months ended September 30, 2024, of approximately $11.6 million. Factors contributing to the decrease are described below.
Previous wording
Selling, general and administrative expenses slightly decreased to approximately $1.5 million for the three months ended June 30, 2025 from approximately $1.6 million when compared to the prior year period.
Current wording
Selling, general and administrative expenses decreased approximately $0.2 million to approximately $1.5 million for the three months ended September 30, 2025 from approximately $1.7 million when compared to the prior year period. The decrease was primarily due to a decrease in computer equipment purchases.
Previous wording
Salaries, wages and payroll taxes were approximately $2.6 million and $3.5 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of approximately $0.9 million or 26.2%. The decrease was attributable to the decrease of stock-based compensation for non-recurring grants fully vested of approximately $0.5 million, a decrease in executive compensation of approximately $0.1 million, and a decrease in total headcount of approximately $0.3 million.
Current wording
Salaries, wages and payroll taxes were approximately $2.7 million and $3.5 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of approximately $0.8 million or 23.4%. The decrease was attributable to the decrease of stock-based compensation for non-recurring grants fully vested of approximately $0.3 million, a decrease in executive compensation of approximately $0.2 million, and a decrease in total headcount of approximately $0.3 million.
Previous wording
No impairment loss was recognized during the three months ended June 30, 2025. Impairment loss for the three months ended June 30, 2024 of approximately $9.8 million was related to the impairment of goodwill of approximately $0.7 million and the impairment of certain long-lived assets, primarily intangible assets, of approximately $9.1 million.
Current wording
No impairment loss was recognized during the three months ended September 30, 2025. Impairment loss for the three months ended September 30, 2024 of approximately $3.7 million was related to the impairment of goodwill.
Previous wording
Professional fees include expenses for legal fees, accounting services fees, consulting fees, and public company expenses. Professional fees were approximately $0.5 million and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of approximately $0.5 million or 48.7%. The decrease was mainly attributable to the decrease in accounting services fees of approximately $0.2 million, a decrease in director fees of approximately $0.1 million, and a decrease in legal and consulting fees of approximately $0.2 million.
Current wording
Professional fees include expenses for legal fees, accounting services fees, consulting fees, and public company expenses. Professional fees were approximately $0.4 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of approximately $1.8 million or 81.9%. The decrease was mainly attributable to the decrease in accounting services fees of approximately $0.1 million, a decrease in director fees of approximately $0.1 million, and a decrease in legal and consulting fees of approximately $1.6 million.
Previous wording
Depreciation and amortization remained flat at approximately $0.2 million for the three months ended June 30, 2025, when compared to the prior year period.
Current wording
Depreciation and amortization slightly decreased to approximately $0.1 million for the three months ended September 30, 2025, compared to approximately $0.2 million for the three months ended September 30, 2024.
Previous wording
Intangible asset amortization was approximately $25,000 and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of approximately $0.7 million or 96.4%. The decrease was attributable to the decrease in the carrying amount of intangible assets when compared to the prior year period. Intangible assets, net as of June 30, 2025 and 2024 were approximately $0.5 million and $4.6 million. Intangible assets related to our Healthcare Operations were fully impaired throughout the year ending December 31, 2024. Intangible assets, net as of June 30, 2025 were related to our e-Commerce Operations due to the Outfitter acquisition in April 2024.
Current wording
Intangible asset amortization was approximately $25,000 and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of approximately $0.3 million or 91.1%. The decrease was attributable to the decrease in the carrying amount of intangible assets when compared to the prior year period. Intangible assets, net as of September 30, 2025 and 2024 were approximately $0.4 million and $0.6 million. Intangible assets related to our Healthcare Operations were fully impaired throughout the year ending December 31, 2024. Intangible assets, net as of September 30, 2025 were related to our e-Commerce Operations due to the Outfitter acquisition in April 2024.
Previous wording
We recorded net losses of approximately $1.8 million and $10.7 million for the three months ended June 30, 2025 and 2024, respectively. The change in net loss was a result of the factors described above.
Current wording
We recorded net losses of approximately $2.2 million and $7.7 million for the three months ended September 30, 2025 and 2024, respectively. The change in net loss was a result of the factors described above.
Previous wording
Results of Operations for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (in thousands):
Current wording
Results of Operations for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 (in thousands):
Previous wording
For the three months ended June 30, 2025 and 2024, we recognized overall revenue from operations of approximately $13.2 million and $17.0 million, respectively, an overall decrease of approximately $3.8 million for the three months ended June 30, 2025, when compared to the three months ended June 30, 2024. The decrease in revenue was primarily attributable to the decrease of approximately $4.4 million from Healthcare Operations, partially offset by the increase of approximately $0.6 million from e-Commerce Operations.
Current wording
For the nine months ended September 30, 2025 and 2024, we recognized overall revenue from operations of approximately $41.5 million and $49.9 million, respectively, an overall decrease of approximately $8.3 million for the nine months ended September 30, 2025, when compared to the nine months ended September 30, 2024. The decrease in revenue was primarily attributable to the decrease of approximately $9.0 million from Healthcare Operations, partially offset by the increase of approximately $0.6 million from e-Commerce Operations.
Previous wording
Gross profit margins decreased from approximately 31.1% for the six months ended June 30, 2024, to approximately 22.9% for the six months ended June 30, 2025. The decrease in gross profit margins during the second half of 2025 compared to the same period in 2024, was attributable to the overall decrease in gross profit in both operating segments. The gross profit margins for Healthcare Operations decreased for the second half of 2025 to approximately 22.1% from 31.3% when compared to the same period in 2024 and was attributable to the decrease in pharmacy prescriptions filled and 340B revenue as well as the continued industry-wide impact of drug price increases outpacing reimbursement rate adjustments. The gross profit margins for e-Commerce Operations decreased for the second half of 2025 to approximately 25.2% from 30.0% when compared to the same period in 2024 due to a service provider airtime contract that expired on December 31, 2024, which introduced new airtime costs beginning January 1, 2025, and temporary rate reductions for some customers affected by ongoing service interruptions.
Current wording
Gross profit margins decreased from approximately 28.6% for the nine months ended September 30, 2024, to approximately 21.9% for the nine months ended September 30, 2025. The decrease in gross profit margins during the nine months of 2025 compared to the same period in 2024, was attributable to the overall decrease in gross profit in both operating segments. The gross profit margin for Healthcare Operations decreased to approximately 20.9% for the current year period from 28.5% when compared to the same period in 2024 and was primarily attributable to the decrease in pharmacy 340B contract revenue. The gross profit margin for e-Commerce Operations decreased to approximately 24.7% for the current year period from 29.3% when compared to the same period in 2024 due to a service provider airtime contract that expired on December 31, 2024, which introduced new airtime costs beginning January 1, 2025, and temporary rate reductions for some customers affected by ongoing service interruptions.
Previous wording
Loss before other income decreased by approximately $9.4 million for the six months ended June 30, 2025, when compared to the six months ended June 30, 2024, as a result of the decrease in operating expenses of approximately $13.8 million and the decrease in gross profit of approximately $4.4 million See detailed discussion below.
Current wording
Loss before other income decreased by approximately $15.4 million for the nine months ended September 30, 2025, when compared to the nine months ended September 30, 2024, as a result of the decrease in operating expenses of approximately $20.6 million, which was partially offset by the decrease in gross profit of approximately $5.2 million. See detailed discussion below.
Previous wording
Revenue, net for the six months ended June 30, 2025, consisted of e-Commerce sales of satellite phones, tracking devices, accessories, and airtime plans, pharmacy prescription revenues, and 340B contract revenues. For the six months ended June 30, 2025, overall revenues were approximately $27.8 million compared to $34.5 million for the six months ended June 30, 2024, a decrease in of approximately $6.7 million or 19.5%.
Current wording
Our net revenues consist of e-Commerce sales of satellite phones, tracking devices, accessories, and airtime plans; pharmacy prescription revenues; and 340B contract revenues. For the nine months ended September 30, 2025, overall revenues were approximately $41.5 million compared to $49.9 million for the nine months ended September 30, 2024, a decrease of approximately $8.3 million or 16.7%.
Previous wording
Total e-Commerce revenues were approximately $7.1 million and $6.4 million for the six months ended June 30, 2025 and 2024, respectively, an increase of approximately $0.7 million driven by growth in recurring airtime revenue and hardware sales of approximately $0.6 million, and a favorable foreign currency impact of approximately $0.1 million.
Current wording
Total e-Commerce revenue was approximately $10.8 million and $10.2 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of approximately $0.6 million driven by growth in recurring airtime revenue and hardware sales.
Previous wording
Total pharmacy prescription and other revenue, net of PBM fees, was approximately $8.2 million and $10.5 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of approximately $2.3 million, primarily attributable to the decrease in pharmacy prescriptions filled of approximately 91,000 versus 133,000 in the prior year period. The decline in prescription volume during the second quarter of 2025 was influenced in part by the continued changes in provider relationships and shifts in patient flow due to insurance network adjustments or provider decisions to align with different pharmacy partners.
Current wording
Total pharmacy prescription and other revenue, net of PBM fees, was approximately $27.8 million and $30.9 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of approximately $3.2 million. The decrease was attributable to the decrease in the number of total prescriptions filled of approximately $7.2 million, which was offset by the increase in reimbursement rates per prescription filled of approximately $4.0 million. During the nine months ended September 30, 2025, we filled approximately 294,000 prescriptions versus 395,000 in the prior year period. The decline in prescription volume during the current year period was influenced in part by the continued changes in provider relationships and shifts in patient flow due to insurance network adjustments or provider decisions to align with different pharmacy partners.
Previous wording
Pharmacy 340B contract revenues were approximately $1.0 million and $3.0 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of approximately $2.0 million, due to certain relationships transitioning to other pharmacy partners, some covered entities opened in-house pharmacies, and another covered entity no longer participates in the 340B program.
Current wording
Pharmacy 340B contract revenue was approximately $2.9 million and $8.7 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of approximately $5.8 million, due to certain relationships transitioning to other pharmacy partners, some covered entities opened in-house pharmacies, and another covered entity no longer participates in the 340B program.
Previous wording
Total operating expenses for the six months ended June 30, 2025, were approximately $9.7 million, a decrease of approximately $13.8 million, or 58.8%, from total operating expenses for the six months ended June 30, 2024, of approximately $23.5 million. Factors contributing to the decrease are described below.
Current wording
Total operating expenses for the nine months ended September 30, 2025, were approximately $14.4 million, a decrease of approximately $20.6 million, or 58.9%, from total operating expenses for the nine months ended September 30, 2024, of approximately $35.0 million. Factors contributing to the decrease are described below.
Previous wording
Salaries, wages and payroll taxes were approximately $5.3 million and $6.8 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of approximately $1.6 million or 22.8%. The decrease was attributable to the decrease of stock-based compensation for non-recurring grants fully vested of approximately $1.1 million, a decrease in executive compensation of approximately $0.1 million, and a decrease in total headcount of approximately $0.3 million.
Current wording
Salaries, wages and payroll taxes were approximately $7.9 million and $10.3 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of approximately $2.4 million or 23.0%. The decrease was attributable to the decrease of stock-based compensation for non-recurring grants fully vested of approximately $1.4 million, a decrease in executive compensation of approximately $0.2 million, and a decrease in total headcount of approximately $0.8million.
Previous wording
No impairment loss was recognized during the six months ended June 30, 2025. Impairment loss for the six months ended June 30, 2024 of approximately $9.9 million was related to a goodwill impairment of approximately $0.7 million, long-lived assets, primarily intangible assets, impairment of approximately $9.1 million, and the write-down of a right-of-use asset as a result of taking the leased equipment out of service and not returning to service in the future of approximately $0.1 million.
Current wording
No impairment loss was recognized during the nine months ended September 30, 2025. Impairment loss for the nine months ended September 30, 2024 of approximately $13.7 million was related to a goodwill impairment of approximately $0.7 million, long-lived assets, primarily intangible assets, impairment of approximately $12.8 million, and the write-down of a right-of-use asset as a result of taking the leased equipment out of service and not returning to service in the future of approximately $0.1 million.
Previous wording
Professional fees include expenses for legal fees, accounting services fees, consulting fees, and public company expenses. Professional fees were approximately $1.1 million and $2.0 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of approximately $0.9 million or 43.7%. The decrease was mainly attributable to the decrease in accounting services fees of approximately $0.2 million, a decrease in director fees of approximately $0.2 million, and a decrease in legal and consulting fees of approximately $0.5 million.
Current wording
Professional fees include expenses for legal fees, accounting services fees, consulting fees, and public company expenses. Professional fees were approximately $1.5 million and $4.1 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of approximately $2.6 million or 63.5%. The decrease was mainly attributable to the decrease in accounting services fees of approximately $0.3 million, a decrease in director fees of approximately $0.2 million, and a decrease in legal and consulting fees of approximately $2.1 million.
Previous wording
Depreciation and amortization was approximately $0.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Depreciation and amortization was approximately $0.5 million and $0.6 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Intangible asset amortization was approximately $51,000 and $1.4 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of approximately $1.4 million or 96.4%. The decrease was attributable to the decrease in the carrying amount of intangible assets when compared to the prior year period. Intangible assets, net as of June 30, 2025 and 2024 were approximately $0.5 million and $4.6 million. Intangible assets related to our Healthcare Operations were fully impaired throughout the year ending December 31, 2024. Intangible assets, net as of June 30, 2025 were related to our e-Commerce Operations due to the Outfitter acquisition in April 2024.
Current wording
Intangible asset amortization was approximately $0.1 million and $1.7 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of approximately $1.6 million or 95.5%. The decrease was attributable to the decrease in the carrying amount of intangible assets when compared to the prior year period. Intangible assets related to our Healthcare Operations were fully impaired throughout the year ending December 31, 2024. Intangible assets, net as of September 30, 2025 were related to our e-Commerce Operations due to the Outfitter acquisition in April 2024.
Previous wording
We recorded net losses of approximately $3.1 million and $12.4 million for the six months ended June 30, 2025 and 2024, respectively. The change in net loss was a result of the factors described above.
Current wording
We recorded net losses of approximately $5.3 million and $20.1 million for the nine months ended September 30, 2025 and 2024, respectively. The change in net loss was a result of the factors described above.
Previous wording
Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. As of June 30, 2025, we had a cash balance of approximately $16.6 million. Our working capital was approximately $20.7 million at June 30, 2025. We continue to closely monitor our cash position and operating expenditures. In response to recent trends and in alignment with our long-term strategic goals, we continue to implement a series of cost reduction measures aimed at improving operational efficiency and preserving liquidity. These measures include optimizing our delivery process and renegotiation of certain vendor agreements. While we remain committed to investing in key growth initiatives, we are prioritizing financial discipline to ensure we maintain adequate liquidity to support ongoing operations and strategic objectives. In addition, management is exploring various options with respect to strategic alternatives to diversify our business operations, including opportunities in additional services, joint ventures, and other collaborative structures.
Current wording
Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. As of September 30, 2025, we had a cash balance of approximately $13.9 million. Our working capital was approximately $18.9 million at September 30, 2025. We continue to closely monitor our cash position and operating expenditures. In response to recent trends and in alignment with our long-term strategic goals, we continue to implement a series of cost reduction measures aimed at improving operational efficiency and preserving liquidity. These measures include optimizing our delivery process and renegotiation of certain vendor agreements. While we remain committed to investing in key growth initiatives, we are prioritizing financial discipline to ensure we maintain adequate liquidity to support ongoing operations and strategic objectives. In addition, management is exploring various options with respect to strategic alternatives to diversify our business operations, including opportunities in additional services, joint ventures, and other collaborative structures.
Previous wording
Net cash flows used in operating activities totaled approximately $3.1 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively, and changed by approximately $2.7 million period-over-period. The unfavorable change of approximately $2.7 million was primarily attributable to the following:
Current wording
Net cash used in operating activities totaled approximately $5.8 million and $5.0 million for the nine months ended September 30, 2025 and 2024, respectively, and changed by approximately $0.8 million period-over-period. The unfavorable change of approximately $0.8 million was primarily attributable to the following:
Previous wording
● an increase in cash received from e-Commerce Operations of approximately $1.1 million due to the year-over-year sales increase;
Current wording
● an increase in cash received from e-Commerce Operations of approximately $4.0 million due to the year-over-year sales increase and collections of outstanding accounts receivable;
Previous wording
● a decrease in cash received from Healthcare Operations of approximately $8.0 million due to the year-over-year sales decrease;
Current wording
● a decrease in cash received from Healthcare Operations of approximately $13.2 million due to the year-over-year sales decrease;
Previous wording
● a decrease in cash paid for inventory purchases and other costs of revenue of approximately $4.1 million primarily due to the decrease in Healthcare Operations revenue;
Current wording
● a decrease in cash paid for inventory purchases and other costs of revenue of approximately $0.2 million;
Previous wording
● a decrease in cash paid for salaries and related expenses of approximately $0.4 million due to the decrease in executive compensation and decreased headcount;
Current wording
● a decrease in cash paid for salaries and related expenses of approximately $2.4 million due to the decrease in executive compensation and decreased headcount;
Previous wording
● an increase in cash paid for other recurring operating expenses of approximately $0.2 million due to the timing of payables; and
Current wording
● a decrease in cash paid for other recurring operating expenses of approximately $3.1 million due to the timing of payables and decreases in general legal and consulting fees; and
Previous wording
● an increase in cash paid for other non-recurring expenses of approximately $0.2 million.
Current wording
● a decrease in cash paid for other non-recurring expenses of approximately $3.0 million due to litigation matters and merger costs in the prior year period.
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