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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n \n\n☒\n\nQUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nOR\n\n \n\n☐\n\nTRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT\n\n \n\nFor the transition period from ______________to _______________.\n\n \n\nCommission File Number 001-40447\n\n \n\n**NEXTPLAT CORP**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Nevada**\n \n**65-0783722**\n\n(State or other jurisdiction of\n\nincorporation or organization)\n \n(I.R.S. Employer\n\nIdentification No.)\n\n   \n\n**400 Ansin Blvd, Suite A, Hallandale Beach, FL**\n \n**33009**\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n \n\n**(305)-560-5381**\n\nRegistrant’s telephone number, including area code\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\n**Title of each class**\n \n**Trading Symbol(s)**\n \n**Name of each exchange on which registered**\n\nCommon Stock, par value $0.0001\n \nNXPL\n \nThe Nasdaq Stock Market Inc.\n\nWarrants\n \nNXPLW\n \nThe Nasdaq Stock Market Inc.\n\n \n\nIndicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐\n\nAccelerated filer ☐\n\nNon-accelerated filer ☒\n\nSmaller reporting company ☒\n\n \nEmerging growth company ☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nIndicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date.\n\n \n\n**Class**\n \n**Outstanding at May 11, 2026 **\n\nCommon Stock, $0.0001 par value\n \n2,708,507 (excluding 13,054 shares held as treasury stock)\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n**FORM 10-Q**\n\n \n\nINDEX\n\n \n\n \n\n**Page**\n\n \n \n\n[PART I. FINANCIAL INFORMATION](#partonefininfo)\n\n \n \n\n[ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)](#finstmts)\n\n[2](#finstmts)\n\n \n \n\n[CONDENSED CONSOLIDATED BALANCE SHEETS](#bs)\n\n[2](#bs)\n\n \n \n\n[CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS](#comploss)\n\n[3](#comploss)\n\n \n \n\n[CONDENSED CONSOLIDATED STATEMENTS OF EQUITY](#se)\n\n[4](#se)\n\n \n \n\n[CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS](#cf)\n\n[5](#cf)\n\n \n \n\n[NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#notes)\n\n[6](#notes)\n\n \n \n\n[ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#mda)\n\n[24](#mda)\n\n \n \n\n[ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#quant)\n\n[30](#quant)\n\n \n \n\n[ITEM 4. CONTROLS AND PROCEDURES](#controls)\n\n[30](#controls)\n\n \n \n\n[PART II. OTHER INFORMATION](#parttwootherinfo)\n\n \n \n\n[ITEM 1. LEGAL PROCEEDINGS](#legal)\n\n[31](#legal)\n\n \n \n\n[ITEM 1A. RISK FACTORS](#ITEM_1A_RISK_FACTORS)\n[32](#ITEM_1A_RISK_FACTORS)\n\n \n \n\n[ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#Item_2)\n\n[33](#Item_2)\n\n \n \n\n[ITEM 3. DEFAULTS UPON SENIOR SECURITIES](#Item_3)\n[33](#Item_3)\n\n \n \n\n[ITEM 4. MINE SAFETY DISCLOSURES](#Item_4)\n[33](#Item_4)\n\n \n \n\n[ITEM 5. OTHER INFORMATION](#otherinfo)\n\n[34](#otherinfo)\n\n \n \n\n[ITEM 6. EXHIBITS](#exhibits)\n\n[37](#exhibits)\n\n \n \n\n[SIGNATURES](#sigs)\n\n[38](#sigs)\n\n \n\ni\n\n[Table of Contents](#toc)\n\n \n\n**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis quarterly report and other documents that we file with the Securities and Exchange Commission (“SEC”) contain forward-looking statements that are based on current expectations, estimates, forecasts and projections about our future performance, our business, our beliefs and our management’s assumptions. Statements that are not historical facts are forward-looking statements, including forward-looking information concerning sales trends, gross margins, number and location of new store openings, outcomes of litigation, the level of capital expenditures, industry trends, demographic trends, growth strategies, financial results, cost reduction initiatives, acquisition synergies, regulatory approvals, and competitive strengths. Words such as “expect,” “outlook,” “forecast,” “would,” “could,” “should,” “project,” “intend,” “plan,” “continue,” “sustain,” “on track,” “believe,” “seek,” “estimate,” “anticipate,” “may,” “assume,” and variations of such words and similar expressions are often used to identify such forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, those described in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 31, 2026 (“2025 Form 10-K”), this quarterly report on Form 10-Q for the three months ended March 31, 2026, and our other reports that we file or furnish with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, we undertake no obligation to update publicly any forward-looking statements after the date they are made, whether as a result of new information, future events, changes in assumptions or otherwise.\n\n \n\nii\n\n[Table of Contents](#toc)\n\n \n\n**PART I. FINANCIAL INFORMATION**"}