NextPlat
NXPL on Nasdaq. Market value $24m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 9 funds in all.
Largest holders overall
- EverSource Wealth Advisors$391,952
- Geode Capital Management$148,456New
- Vanguard Capital Management$144,599New
- Citadel Advisors$125,429New
- Vanguard Fiduciary Trust$61,128New
- Tower Research Capital LLC (TRC)$4,334New
- Vanguard Global Advisers$1,782New
- SBI Securities$34Cut
- UBS Group AG$7New
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in NextPlat’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 8 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“The material weaknesses related to the PBM performance bonus receivable and PIPE warrant modification remained unremediated as of June 30, 2026.”
Show the full paragraph
As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, management identified material weaknesses related to (i) the accounting estimate of a PBM performance bonus receivable and (ii) the accounting for the valuation of the modification of certain PIPE warrants. The material weaknesses related to the PBM performance bonus receivable and PIPE warrant modification remained unremediated as of June 30, 2026.
From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 31.1% last year. Losing that customer would hurt.
“Amazon accounted for 31.1% and 32.8% of the Company’s net revenues during the years ended December 31, 2025 and 2024, respectively.”
From the 10-K filed 31 March 2026, Item 3. Legal Proceedings. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.