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Side-by-side financial comparison of CSP INC (CSPI) and NextPlat Corp (NXPL). Click either name above to swap in a different company.
NextPlat Corp is the larger business by last-quarter revenue ($12.8M vs $12.0M, roughly 1.1× CSP INC). CSP INC runs the higher net margin — 0.8% vs -40.2%, a 40.9% gap on every dollar of revenue. On growth, NextPlat Corp posted the faster year-over-year revenue change (-21.1% vs -23.2%). NextPlat Corp produced more free cash flow last quarter ($-339.0K vs $-3.0M). Over the past eight quarters, CSP INC's revenue compounded faster (-6.3% CAGR vs -14.4%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
CSPI vs NXPL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $12.8M |
| Net Profit | $91.0K | $-5.1M |
| Gross Margin | 39.3% | 14.3% |
| Operating Margin | -0.9% | -28.9% |
| Net Margin | 0.8% | -40.2% |
| Revenue YoY | -23.2% | -21.1% |
| Net Profit YoY | -80.7% | -70.6% |
| EPS (diluted) | $0.01 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $12.0M | $12.8M | ||
| Q3 25 | $14.5M | $13.8M | ||
| Q2 25 | $15.4M | $13.2M | ||
| Q1 25 | $13.1M | $14.5M | ||
| Q4 24 | $15.7M | $16.2M | ||
| Q3 24 | $13.0M | $15.4M | ||
| Q2 24 | $13.1M | $17.0M | ||
| Q1 24 | $13.7M | $17.5M |
| Q4 25 | $91.0K | $-5.1M | ||
| Q3 25 | $-191.0K | $-2.2M | ||
| Q2 25 | $-264.0K | $-1.8M | ||
| Q1 25 | $-108.0K | $-1.3M | ||
| Q4 24 | $472.0K | $-3.0M | ||
| Q3 24 | $-1.7M | $-4.2M | ||
| Q2 24 | $-185.0K | $-5.3M | ||
| Q1 24 | $1.6M | $-1.5M |
| Q4 25 | 39.3% | 14.3% | ||
| Q3 25 | 36.6% | 19.9% | ||
| Q2 25 | 28.8% | 21.8% | ||
| Q1 25 | 32.0% | 23.8% | ||
| Q4 24 | 29.1% | 16.8% | ||
| Q3 24 | 28.4% | 23.2% | ||
| Q2 24 | 35.0% | 34.5% | ||
| Q1 24 | 47.3% | 27.8% |
| Q4 25 | -0.9% | -28.9% | ||
| Q3 25 | -3.7% | -14.5% | ||
| Q2 25 | -7.9% | -13.8% | ||
| Q1 25 | -7.6% | -10.2% | ||
| Q4 24 | -2.3% | -14.1% | ||
| Q3 24 | -15.7% | -52.1% | ||
| Q2 24 | -5.5% | -64.1% | ||
| Q1 24 | 9.0% | -10.5% |
| Q4 25 | 0.8% | -40.2% | ||
| Q3 25 | -1.3% | -15.9% | ||
| Q2 25 | -1.7% | -13.5% | ||
| Q1 25 | -0.8% | -9.2% | ||
| Q4 24 | 3.0% | -18.6% | ||
| Q3 24 | -12.7% | -27.4% | ||
| Q2 24 | -1.4% | -31.3% | ||
| Q1 24 | 11.6% | -8.5% |
| Q4 25 | $0.01 | — | ||
| Q3 25 | $-0.02 | — | ||
| Q2 25 | $-0.03 | — | ||
| Q1 25 | $-0.01 | $-0.05 | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $-0.17 | $-0.22 | ||
| Q2 24 | $-0.02 | — | ||
| Q1 24 | $0.16 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.9M | $13.7M |
| Total DebtLower is stronger | — | $1.3M |
| Stockholders' EquityBook value | $44.8M | $17.3M |
| Total Assets | $69.2M | $27.5M |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $13.7M | ||
| Q3 25 | $27.4M | $13.9M | ||
| Q2 25 | $26.3M | $16.6M | ||
| Q1 25 | $29.5M | $17.7M | ||
| Q4 24 | $30.7M | $20.0M | ||
| Q3 24 | $30.6M | $20.4M | ||
| Q2 24 | $28.9M | $24.9M | ||
| Q1 24 | $27.1M | $23.5M |
| Q4 25 | — | $1.3M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | — | $1.4M | ||
| Q3 24 | — | $1.5M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $1.4M |
| Q4 25 | $44.8M | $17.3M | ||
| Q3 25 | $44.6M | $21.4M | ||
| Q2 25 | $47.5M | $23.5M | ||
| Q1 25 | $47.5M | $25.3M | ||
| Q4 24 | $47.5M | $27.3M | ||
| Q3 24 | $47.3M | $22.5M | ||
| Q2 24 | $48.1M | $26.5M | ||
| Q1 24 | $48.2M | $31.2M |
| Q4 25 | $69.2M | $27.5M | ||
| Q3 25 | $71.2M | $30.0M | ||
| Q2 25 | $66.8M | $31.0M | ||
| Q1 25 | $67.1M | $35.2M | ||
| Q4 24 | $67.5M | $37.1M | ||
| Q3 24 | $69.4M | $41.1M | ||
| Q2 24 | $66.8M | $51.5M | ||
| Q1 24 | $64.2M | $65.1M |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.05× | ||
| Q1 24 | — | 0.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.9M | $-302.0K |
| Free Cash FlowOCF − Capex | $-3.0M | $-339.0K |
| FCF MarginFCF / Revenue | -25.1% | -2.6% |
| Capex IntensityCapex / Revenue | 0.9% | 0.3% |
| Cash ConversionOCF / Net Profit | -32.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $-302.0K | ||
| Q3 25 | $1.9M | $-2.7M | ||
| Q2 25 | $-3.3M | $-1.0M | ||
| Q1 25 | $1.9M | $-2.1M | ||
| Q4 24 | $1.7M | $-476.0K | ||
| Q3 24 | $-1.5M | $-4.6M | ||
| Q2 24 | $2.4M | $2.3M | ||
| Q1 24 | $1.7M | $-2.7M |
| Q4 25 | $-3.0M | $-339.0K | ||
| Q3 25 | $1.7M | — | ||
| Q2 25 | $-3.3M | $-1.1M | ||
| Q1 25 | $1.9M | $-2.1M | ||
| Q4 24 | $1.7M | $-508.0K | ||
| Q3 24 | $-1.5M | $-4.7M | ||
| Q2 24 | $2.4M | $2.2M | ||
| Q1 24 | $1.6M | $-2.7M |
| Q4 25 | -25.1% | -2.6% | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | -21.7% | -8.0% | ||
| Q1 25 | 14.5% | -14.3% | ||
| Q4 24 | 10.8% | -3.1% | ||
| Q3 24 | -11.7% | -30.6% | ||
| Q2 24 | 17.9% | 13.2% | ||
| Q1 24 | 11.9% | -15.7% |
| Q4 25 | 0.9% | 0.3% | ||
| Q3 25 | 1.6% | 0.0% | ||
| Q2 25 | 0.4% | 0.1% | ||
| Q1 25 | 0.1% | 0.2% | ||
| Q4 24 | 0.3% | 0.2% | ||
| Q3 24 | 0.1% | 0.6% | ||
| Q2 24 | 0.3% | 0.4% | ||
| Q1 24 | 0.1% | 0.4% |
| Q4 25 | -32.04× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.69× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
NXPL
| Healthcare Operations | $9.0M | 70% |
| Ecommerce Revenue | $3.8M | 30% |
