NextPlat operates two businesses: a specialty pharmacy network in Florida and a satellite communications e-commerce distribution business. The pharmacy subsidiary, Pharmco, runs four retail and specialty pharmacies in Florida, dispensing medications to retail patients, long-term care facilities, and patients under the 340B Drug Discount Pricing Program, which allows federally qualified clinics and hospitals to purchase drugs at reduced prices. Pharmco also offers medication therapy management, unit-dose packaging for LTC patients, and free home delivery. NextPlat's ClearMetrX subsidiary provides data analytics and reporting tools to physicians and 340B covered entities. Healthcare accounts for roughly 73% of revenue, with Pharmco reimbursed by pharmacy benefit managers, insurers, and government programs like Medicare Part D and Medicaid. NextPlat has been shifting Pharmco toward 340B and LTC contracting, which carry better margins than traditional retail dispensing. The e-commerce segment, representing roughly 27% of revenue, distributes satellite phones, tracking devices, portable broadband terminals, and satellite Wi-Fi hotspots globally through three subsidiaries and roughly 25 third-party marketplace storefronts. Products are sold to recreational users, governments, militaries, maritime operators, and energy companies. Revenue comes from one-time hardware sales and recurring airtime subscriptions; the recurring airtime stream is higher-margin and growing. NextPlat has operated at a net loss since inception and is targeting operational breakeven in 2026.