NextPlat Corp (NASDAQ:NXPL) said Tuesday that its subsidiary Global Telesat Communications has been awarded a contract worth roughly $820,000 to provide satellite-enabled Internet of Things (IoT) equipment for a NATO military customer.
The two-year agreement was issued through a U.K. government prime contractor that supplies engineering and service solutions to both public sector and commercial clients. Under the deal, Global Telesat Communications will supply satellite IoT terminals along with related hardware designed to support the NATO end user’s operational needs.
The devices enable voice, data and asset tracking capabilities from virtually any location. They operate on Iridium Communications’ Certus satellite network and integrate dual-mode satellite and LTE connectivity.
“This order highlights the growing role of satellite IoT in supporting modern engineering, infrastructure, and service operations where uptime, visibility, and reliability are essential,” said David Phipps, CEO of NextPlat and Managing Director of Global Telesat Communications.
The contract marks another government-related project secured by Global Telesat Communications over the past year. NextPlat currently has a market capitalization of about $12.85 million and its shares have fallen roughly 48.5% over the past 12 months, reflecting ongoing financial pressures.
NextPlat operates a global e-commerce communications business offering satellite voice, data, tracking and IoT services. In addition, the company provides pharmacy and healthcare data management services in the United States through its subsidiary Progressive Care Inc..
The satellite-enabled IoT terminals used in the contract are certified as Iridium Connected devices and are designed to operate even when terrestrial communications networks are unavailable or disrupted.
In related developments, Pluri Inc. recently announced that it had regained compliance with Nasdaq Capital Market listing requirements after maintaining a market value of listed securities above $35 million for ten consecutive trading days under Nasdaq Listing Rule 5550(b)(2).
Separately, NextPlat has been expanding its commercial footprint. The company launched online storefronts for its subsidiary Orbital Satcom Corp on Mercado Libre across five Latin American markets, including Mexico and Brazil, to sell satellite communications products. Global Telesat Communications has also signed a distribution agreement with Telit Cinterion to broaden its IoT portfolio with new 5G connectivity solutions aimed at industrial and enterprise customers.